LPF HOA

Real Estate Market Update

By Rolf Kramer. December 2009 sales of 52 residential homes were lower than the 60 sales in December 2008. However, sales in October and November 2009 were more than double that of the 2008. This was most likely due to the $8,000 credit for new home buyers that was originally going to expire at the end of November. Even when we ignore December and focus on the seven prior months in 2009, the number of months of inventory, at over 10, is still high indicating we are still in a buyer's market. A normal market occurs when there are about 6 months of inventory. The complete two-year comparison chart of sold, active, new listings and months of inventory can be viewed below.

Williamsburg Residential Real Estate Market Update

 

 

"February sales brought some good news and bad news. There were 44 homes that closed in February 2009 vs. 66 in February 2008. However we did have 56 properties go under contract this past month."

 

Real Estate Update - October 2008

 

 

Here is my first real estate update since June. I thought I would spare everyone the relatively poor real estate sales reports for the summer months. September 2008 sales were similar to last September. 70 homes closed in 2008 vs. 79 in 2007. The number of current homes for sale is still high at 1147 resulting in 16.4 months of inventory. The two-year chart of sold, active, new listings and months of inventory can be viewed on the back page. The average sale price for all of 2008 is $367,124 while the average sale price was almost identical at $368,141 for the same period in 2007. However, the average number of Days on Market for 2008 is 127 days while it was 93 days in 2007. For 2008 the Sales Price to List Price ratio is 92.93. That means a home listed for $400,000 will likely sell for $372,000.

 

 

 

Real Estate Update - June 2008

"The increase in sales in April appears to have been short-lived. The number of homes sold in May 2008, in the greater Williamsburg area, is 25% lower than the number sold in May 2007. There were 112 homes that closed in May 2008 and 150 in May 2007. Although the number of current homes for sale is still high at 1164, the number of months of inventory is at 10.4, well below its peak of 17.2."

Real Estate Update - Feb 2008

 

 

"January 2008 was the slowest month for closings of resale homes in the last two years with only 58 closings in greater Williamsburg. Good news is that the number of homes currently for sale continued to decrease to 1025 as more sellers took their homes off the market. However, we still have over 17 months of inventory creating great buying opportunities, but making it more difficult to sell a house. 61 Residential properties went under contract in January 2008. Contracts normally result in closed sales within one to two months. The two-year comparison chart of sold, active, new listings and months of inventory can be viewed at on the backside of this newsletter."

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Real Estate Update - January 2008

 

The local Williamsburg market changes for December were mixed. The number of homes currently for sale in greater Williamsburg decreased for the sixth straight month as fewer sellers listed their homes during the Holidays and more sellers took their homes off the market. A total of 68 homes closed in December, driving the months of inventory up to 15.6 months. 57 Residential properties went under contract in December. Contracts normally result in closed sales within one to two months. The two-year comparison chart of sold, active, new listings and months of inventory can be viewed at www.rolfkramer.net.

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Real Estate Update - October

"At the end of September, the number of homes currently for sale in greater Williamsburg stayed about the same at 1,159. However, only 75 homes closed in September. This is about half the number of homes that closed in August and is the lowest total for any month in the last two years. "

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Real Estate Update - September

"At the end of August, the number of homes currently for sale in greater Williamsburg stayed about the same at 1,162. 141 homes closed in August. We had 121 homes go under contract in August."

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Real Estate Update

 

 

The July Lake Powell Forest Real Estate Update and two-year chart are available by clicking on Read More.