As the real estate market experiences fluctuations, it is essential to stay informed about the latest trends and developments. In this blog post, we will examine the most recent report April 2023 of sales activity, pending sales, home prices, and inventory in the WAAR (Williamsburg Area Association of Realtors) area, which incudes New Kent County, Charles City County, York County, James City County and Williamsburg Virginia. Tia Stanley - RE/MAX CAPITAL, an expert in the local market, brings you valuable insights into the changing dynamics of the real estate market.
Sales Activity in the WAAR Area: The past month witnessed a decline in sales activity across all local markets in the WAAR area. In April, a total of 253 sales were recorded, indicating a decrease of 115 sales compared to the previous year, representing a significant drop of 31.3%. Notably, James City County experienced the most substantial decline with 69 fewer sales than last April (-37.5%), followed by York County with 34 fewer sales (-32.4%). Williamsburg, though affected, saw a relatively smaller decrease with three fewer sales compared to last April (-11.1%).
Pending Sales in the WAAR Market: The trend of a slower spring market continued in April, as indicated by the moderation of pending sales in the WAAR market. The total number of pending sales stood at 271, showing a decline of 65 pending sales compared to the previous year, reflecting a decrease of 19.3%. Among the local markets, James City County experienced the most substantial decline with 47 fewer pending sales (-28.0%), followed by New Kent County with 24 fewer pending sales (-36.4%). However, Williamsburg stood out as the only local market where pending sales showed growth, with 20 more pending sales compared to the previous year (+87.0%).
Home Prices on the Rise: Despite the decrease in sales and pending sales, home prices in the WAAR area continued their upward trajectory. In April, the median price of a home reached $412,193, marking an increase of $23,352 compared to the previous year, reflecting a substantial growth of 6%. Among the local markets, Williamsburg experienced the most significant increase, with the median sales price rising by $51,000, representing a growth of 15.8% compared to last year. York County followed suit with a notable increase of 13.7%, and James City County experienced a more modest growth of 5.3%.
Inventory Building Up: Another noteworthy trend in the WAAR area is the increasing inventory of listings. At the end of April, the regionwide active listings totaled 594, indicating an addition of 92 listings compared to the previous year, showcasing a notable increase of 18.3%. Williamsburg contributed significantly to this surge with 48 more listings than last year (+82.8%), followed by New Kent County with 41 more listings (+43.6%). On the other hand, York County witnessed a decrease in listings, with nine fewer listings than the same time a year ago (-5.9%).
Conclusion: As we analyze the recent data, it becomes evident that the WAAR area has experienced a decline in sales activity and pending sales. However, the market has compensated for this with a rise in home prices. Additionally, the inventory of listings has been steadily increasing. These insights provide valuable information for buyers, sellers, and real estate professionals alike, helping them navigate the evolving market conditions. Tia Stanley - RE/MAX CAPITAL, with her in-depth knowledge and expertise, is well-equipped to guide you through these market changes and assist you in making informed decisions. 757-243-3245 cell/text or email@example.com
Sources: Virginia REALTORS®, data accessed May 15, 2023 Freddie Mac