Local housing stock looking healthy

tjefferson@vagazette.com

The Greater Williamsburg Area has plenty of options to offer home buyers as the fall comes to an end.

“In the last three months, we’ve seen inventories increase, which indicates the market is evening out. This means the rates of new houses going on the market is outpacing closed sales. It’s a good trend,” said Kimber Smith, president of the Williamsburg Area Association of Realtors.

The median sale price for single-family detached homes was up 5.8 percent to $350,200 and was down 8.1 percent to $229,400 for single-family attached properties since last October, according to a news release from the Williamsburg Area Association of Realtors.

There were 144 home sales in October.

“October was a strong month in terms of sales both locally and nationally,” Smith said.

But houses are also selling a little slower than they did a year ago. On average, houses spent 60 days on the market, compared to 50 days in 2016.

The median sale price in James City County was $310,000, which is about $10,000 more than this time last year. The City of Williamsburg’s median sale price increased by about $38,000 to $281,500, and York County increased by $77,000 to $342,500.

The area also has seen an increase in the housing supply since this time last year.

Smith attributed the increased stock to low unemployment rate, low interest rates and mild weather, which has allowed people to get out and see more homes.

The current inventory is at 664 houses, which is 41 more than at this time last year.

James City County has 64 more houses available than it did in October 2016. York County has one fewer available and Williamsburg has eight fewer.

Smith said he expects sales to taper off as winter approaches.

“Usually in November and December you see lower sales because people are occupied with the holidays and we expect that trend to continue,” Smith said.

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

Copyright © 2017, The Virginia Gazette
46°