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Skimino Landing Estates Sales - Williamsburg, Virginia 23188
January 24th, 2010 12:31 PM

I recently completed an appraisal in Skimino Landing Estates in upper York County, Virginia.  The table below shows trends for the subdivision over the past year.

Skimino Landing Estates

Prior 7 to 12 Months Prior 4 to 6 months Prior 3 Months
Total Number of Comparable Sales 2     1 2
Absorption Rate .33        .33 .67
Total Number of Comparable Listings 6
Months of Housing Supply 9
Median Comparable Sales Price     $559,000 $539,000 $481,500
Median Comparable Sales Days on Market 209 85 370
Median Comparable List Price $632,500
Median Comparable Listing Days on Market 49
Median Sales Price as % of List Price 94%     100% 93%

Absorption rates have increased from 0.33 for the first three quarters of the year, to 0.67 for the last quarter of 2009.  It appears the increased sales are attributed to the lowering of prices in the subdivision (median sales price trended down).  When priced correctly, it appears there is a market for the homes.  Based on an absorption rate of 0.67, and six current listings, this calculates to a 9 months supply of inventory.

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Posted by David Hertzler, II on January 24th, 2010 12:31 PMPost a Comment

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