Well it looks like most of October closings have been posted in the MLS so we can look at how we compare to the various media reports you may be seeing. Remember, real estate is local. So every market is different and even within most markets, there are mini markets that need to be watched and considered as you look for your next home.
The following live data chart shows the trend of closed sales (units) over the last 12 months. This data comes from the Williamsburg MLS and the following charts are live data charts so you can hover your mouse along the lines for monthly, quarterly or yearly details. Click on the images to activate the graph!
While the market nationally seems to be improving according to many of the reports I’ve been seeing, I think locally we are not as good as the numbers would indicate. As I try to get feedback from agents who have been showing my listings, and conversations with agents in general I am hearing that many buyers remain skeptical. In addition, many of todays buyers-especially the typical Williamsburg buyer lack a clear motivation to move or have any sense of urgency. This frustrates sellers who show the homes, get good feedback about, price, condition, but then hear the hasn’t decided when, if or where they want to move.
So locally, our MLS reported rising prices and rising sales and pending data. What I pick up from the above charts with regards to pricing and movement is we might be seeing rising prices on fewer sales as we near the holiday season. You can see the seasonality of the market in the above charts too. Just like a smaller home generally has a higher cost per square foot, fewer sales often create the illusion of higher prices.
Another important consideration when looking at the statistics of pricing and sales are whether they are averages or median. They are different numbers in all cases, and get intermingled some times! It is also important I believe to remember that what is selling TODAY only really affects you if your home is also for sale or you are actually in the market to buy !
SO HOW DOES THE MARKET DIFFER BETWEEN “GREATER WILLIAMSBURG” AND THE WHOLE MLS?
That is a great question and one that Zillow, Trulia, Realtor.com or any other search system a buyer or seller might employ, cannot address. That adds to a lot of confusion among buyers calling me for the first time! The geography of Williamsburg and the municipal boundaries, services and demographics make this a very interesting place to live. You can live in Williamsburg in any of three municipalities with substantial differences! The charts above reflect the “greater Williamsburg” market comprising zip codes 23168-23185-23188. Even though 23168 is actually referred to as Toano (p.Toe An O). These are the zip codes with the majority of activity between buyers and sellers. The entire MLS by comparison will includes listings and sales data for properties potentially anywhere in Virginia that an agent chooses to post through the Williamsburg Multiple Listing Service. A buyer looking to be in the” best Williamsburg school” needs to look at all of this data when making a purchase decision.
Click on each of these charts to see what differences there are between “Greater Williamsburg” and the whole MLS. When I look at specific neighborhoods, school districts, zip codes etc., we can really find the appropriate price ranges for buyers or sellers. This is where working with a LOCAL full time agent makes your life easier! Call me if you are interested in a thorough analysis of a particular segment of Williamsburg Real Estate!
Filed under: Buyer and seller representation, popular James City County Schools, real estate stats, Williamsburg area information | Tagged: #soldbyremax, Best Williamsburg Schools, Buying a home, Buyng Real Estate advice, fords colony, Governors Land at Two Rivers, Hiring a realtor, Home buying question, Homes for sale, Williamsburg Real Estate | Leave a comment »