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City of Williamsburg Real Estate Market for the Past Year
January 27th, 2010 3:12 PM

Real estate sales figures from the City of Williamsburg show a decline in values over the past year.  I researched sales over the past year for detached single family dwellings built prior to 1981.  Here are the results:

Prior 7 to 12 Months Prior 4 to 6 Months Prior 3 Months
Total Number of Sales 6 4 3
Absorption Rate Per Month 1 1.33 1
Total Number of Listings 25
Months of Housing Supply 25
Median Sales Price $337,500 $229,125 $215,000
Median Sales Day on Market 139 109 137
Median List Price $554,500
Median Listing Days on Market 180
Median Sales Price as % of List Price 92.6%     89.9% 93.5%

Although the information listed above looks real bad with the drop of median sales price in the first half of 2009 at $337,500, and the last quarter of 2009 at $215,000, it is not as bad as it seems.  It appears that the homes under $250,000 are still selling well, and the higher end homes are not moving.  This is shown in the active listings with a median price of $554,500, and a days on market of 180.  In order to increase sales in the upper end homes, some will need to be priced more reasonably. 

Based on appraisals of properties at the high of the market, and again in the current market, it appears there has been a depreciation of value of the higher end homes (built prior to 1981), in the City of Williamsburg, between 10 and 15%.

There are several houses currently on the market, within the City limits, that I can't believe haven't sold yet, at the current pricing.  If you are interested in moving into the City, now might be the time.

Posted in:General
Posted by David Hertzler, II on January 27th, 2010 3:12 PMPost a Comment

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