Strong Year for Williamsburg Home Sales in 2018?

Closed home sales for both single family detached and attached in the in the Williamsburg area were up 2.1% this year compared to 2016, representing a total of 1,715 homes sold during the year, according to the December 2017 home sales report from the Williamsburg Area Association of Realtors (WAAR). The single family attached market (condos, townhouses) fared better than the detached, up 3.7% this year compared to 2016, while closed sales in the detached market were down 2.6%. 

“Overall, it’s been a solid year for home sales in our area this year, with the exception of being November which saw a strong increase in new listings,” said Kimber Smith, 2018 WAAR president. “With growth in the stock market and job gains, plus mortgage interest rates still very low, we’re looking forward to another strong year for homes sales in 2018.” New listings were up 7.2% for the year compared to 2016, but down 9% for the month of December. “Most of our new listings come in the spring, and 2017 was no different,” added Smith. “March was our peak month for single family detached and listings peaked in the detached market in April.” 

Home sales moved more quickly in 2017 than the previous year, with median days on market for both attached and detached at 39 for the year compared to 50 in 2016, a 22% decrease. In December, homes sold in about 37 days compared to 59 for the same period last year. The price per square foot averaged $140 in 2017 for single family detached, and $129 for detached. 

Housing affordability continued to fluctuate in 2017 in the 92 to 107 range for single family detached, and 119 to 175 for detached. The index measures affordability for James City, New Kent and York Counties, and a higher number means greater affordability. For example, an index of 120 means the median household income is 120% of what is necessary to qualify for a median-priced home under prevailing interest rates. “Housing affordability continues to be an area of special interest for WAAR,” added Smith. “We have worked with James City County on a housing study that is now in use by the Workforce Housing Taskforce to look at the issue of providing housing for all income levels. We will continue to make this a priority area of concern and work with all our local governments to address ways we can promote greater affordability.”