December 2023 Market Report
- info@movevateam.com
- Dec 27, 2023
- 3 min read
For Richmond
Low inventory, elevated sales prices, and decades-high interest rates continue to weigh on the housing market, causing sales of existing homes to fall to their slowest pace since August 2010. According to the National Association of REALTORS® (NAR), U.S. existing-home sales declined 4.1% month-over-month and 14.6% year-over-year as of last measure, as prospective buyers, faced with rising homeownership costs, wait for mortgage rates, and home prices, to drop.
New Listings decreased 2.0 percent for Single Family homes but increased 19.0 percent for Condo/Town homes. Pending Sales increased 25.4 percent for Single Family homes and 38.0 percent for Condo/Town homes. Inventory decreased 6.0 percent for Single Family homes but increased 20.5 percent for Condo/Town homes.
Median Sales Price increased 12.6 percent to $416,500 for Single Family homes and 6.3 percent to $366,750 for Condo/Town homes. Days on Market increased 5.6 percent for Single Family homes and 34.8 percent for Condo/Town homes. Months Supply of Inventory increased 15.4 percent for Single Family homes and 18.8 percent for Condo/Town homes.
Inventory remains at historically low levels nationwide, with only 1.15 million homes for sale heading into November, a 5.7% decline compared to the same time last year, for a 3.6 months’ supply at the current sales pace. The shortage of available properties for sale has kept pressure on home prices, which have continued to climb despite the slowdown in sales. According to NAR, the U.S. median existing-home sales price increased 3.4% from a year ago to $391,800, an all-time high for the month, with annual price gains reported in all four regions of the country
See the Full Report Here:
For Williamsburg
〉 Sales activity increased from last year in the WAAR housing market, the first increase in nearly two years. There were 273 sales in November across the WAAR region, up 5.4% from last year, which is 14 additional sales. Most of the additional sales were in James City County (+21 sales), and Williamsburg (+14 sales).
〉 In the WAAR region, the number of pending sales fell this month after climbing last month. There were 162 pending sales in the area, 13 fewer pending sales than the previous year, a 7.4% decrease in activity. Pending sales were down in New Kent County with six fewer pending sales (-14.0%) and York County with five fewer pending sales (- 12.5%). Both Williamsburg and James City County had one fewer pending sale than November last year.
〉 Home prices continue to climb in most local markets in the WAAR footprint. In November, the regionwide median sales price was $402,000 in the WAAR area, $19,935 more than a year ago, a 5.2% increase. In York County median home prices jumped up $62,660 from the year before (+18.0%) followed by Charles City County with a $60,000 price gain (+23.5%). The median price in James City County declined by $42,365 this month (-9.5%).
〉 Inventory remains tight, fewer active listings on the market in the WAAR region. At the end of November, there were 500 active listings in the area, declining by 12% from the year before, which is 68 fewer listings. Active listings dropped off the most in York County (-23.6%), Williamsburg (-42.1%) and in James City County (-9.9%). Active listings rose in New Kent County with 13 more listings than last year (+11.4%).
See the Full Report Here:
Sources:
Williamsburg Realtors®
Comments