Williamsburg, VA

The following is a market report for Williamsburg for first week of November, 2009.

Eight homes went under contract in the Williamsburg area and there were thirty one new residential listings in the Williamsburg area during the first week of November 2009. These listings include single family residential homes, condos, townhouses, and mobile homes with land. To view the new listings and pending sales, click on this link.

Homes for sale in Williamsburg Va. are priced lower than they have been in years! In many areas the home prices are lower than they were in 2004 or 2005.

I often have people ask me if the home sales in Williamsburg, Va. are picking up and I am always honest with them about my observations about our real estate market in Williamsburg, Virginia.

Most property owners who ask about home prices in Williamsburg, Va. seem very discouraged when I tell them that I don't think their home's value is going to start increasing significantly very soon. Based on historic trends in home sales and the predictions of many economists, I believe it may be four or five years before we see home prices rise significantly.

Real estate trends have always been cyclical and the cycles tend to go up or down about every seven years. The last "up cycle" that we experienced was longer than normal and prices escalated at rates that our economy could not support. What we all need to accept, whether we like it or not, is that the value of our homes have more than likely dropped from what they were in 2005 or 2006.

Remember that all real estate is local. I posted a blog about home sales in WIlliamsburg, Va. a few months ago. I noted that the values of homes in some areas have remained relatively stable, while in other subdivisions they have dropped dramatically. To read this blog click here.

If you are considering buying a house within the next couple of months, you should probably buy now while the prices and interest rates are low. (Some economists predict that interest rates will start to rise in January). If you are going to buy and plan to stay in the house for at least four to six years, then you will probably see your property's value increase. If you get an especially good buy, the value of your home may begin to escalate more quickly.

When I searched our Williamsburg MLS for homes that have sold in the Stonehouse subdivision in the last six months, I found the data very interesting. If you are thinking of buying or selling a house in Stonehouse, you will probably find this spreadsheet helpful.

You can view a spreadsheet of all the homes that have sold in Stonehouse within the last six months by clicking on this link. You will no be able to view this link after December 8, 2009. The data in this spread sheet gives a lot of information about homes that have sold in Stonehouse. You can quickly see how long houses were on the market, the list price/sold price per square foot, age of the house, list date and sold date.

Other data includes number of bedrooms and bathrooms and heated square footage of the house.

If you would like to receive regular emails regarding home sales in Williamsburg Va. visit my website and register for the free MLS search.

Currently there are five homes for sale in Landfall at Jamestown. Check out the details on these homes by clicking here. There are several other homeowners in Landfall at Jamewtown who would possibly sell if a buyer was to come along and make an offer.

If you think that you might like to live in Landfall at Jamestown let me know and I will be happy to help you and provide you with additional information about this waterfront subdivision in Williamsburg/James City County.

If you are interested in buying a property in the future, you need to know that it is still a buyer's market in Williamsburg, Virginia.

According to data taken from the Williamsburg Area Association of Realtors and our local MLS, we had over 16 months of inventory of active homes listed for sale in the month of September. According to researchers 6 months of inventory is a balanced real estate market.

Although 16 months of inventory sounds really high, our MLS showed that we had over 28 months of inventory in November of 2008.

While in many area of the country sales have increased substantially, that is not the case in Williamsburg. The Williamsburg real estate market is still very much in favor of the buyer. I believe that this is partially due to the fact that the foreclosures in Williamsburg didn't happen as quickly as they did in the rest of the country.

So if you would like to buy a house in Williamsburg Virginia, you can get a great deal right now and this buyers market along with low interest rates cannot possibly last forever. So don't wait!