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Historic Triangle housing stock increases

tjefferson@vagazette.com

The Greater Williamsburg Area has more houses on the market and they’re selling, according to the Williamsburg Area Association of Realtors.

There were 122 closed home sales in November.

The median sale price for single-family detached homes decreased by 1.2 percent to $331,000 and was down 6.4 percent to $219,900 for single-family attached properties since last November, according to a news release from the Williamsburg Area Association of Realtors.

The median sale price in James City County was $320,000, which is about $18,000 more than this time last year. The City of Williamsburg’s median sale price decreased by about $69,000 to $266,500, and York County increased by about $8,000 to $283,968.

Compared to last November, there were 89 more new listings in James City and York counties and the city of Williamsburg.

James City County had 59 more houses available than it did in November 2016. York County had 26 more available and Williamsburg had four more.

Houses are on the market for about the same amount of time as they were a year ago. On average, houses spent 49 days on the market, compared to 46 days in 2016.

“We were surprised how strong November was, new listings went up substantially,” Kimber Smith, WARA president said.

Smith said he attributed a strong economy, the promise of tax reform and the stock market being at an all time high as reasons why listings increased.

“People who would be normally on the sidelines concluded that selling their houses now would be a good idea because of the economy,” Smith said.

Smith said November is normally a quiet month because people are occupied with the holidays.

Despite an unexpectedly busy November, Smith thinks housing sale statistics will return to the norm over the next few months.

“I expect December and January sales to bottom out,” Smith said. “That’s an annual cycle that we see every year.”

Jefferson can be reached by phone at 757-790-9313.

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