Monthly Market Report (July)
- info@movevateam.com
- Jul 26, 2023
- 3 min read
For Richmond
Temperatures are heating up, yet the U.S. housing market remains cooler than usual for this time of year due to a combination of low inventory and higher borrowing costs, which have restricted market activity going into the summer homebuying season. According to the latest data from the National Association of REALTORS® (NAR), national existing-home sales climbed 0.2% from the previous month but were down 20.4% compared to the same time last year, as fluctuating mortgage rates and a near all-time low level of inventory continue to influence home sales.
New Listings decreased 35.2 percent for Single Family homes and 8.4 percent for Condo/Town homes. Pending Sales decreased 21.9 percent for Single Family homes and 7.2 percent for Condo/Town homes. Inventory decreased 21.7 percent for Single Family homes but increased 30.5 percent for Condo/Town homes.
Median Sales Price increased 3.8 percent to $410,000 for Single Family homes and 10.3 percent to $367,390 for Condo/Town homes. Days on Market increased 40.0 percent for Single Family homes and 68.8 percent for Condo/Town homes. Months Supply of Inventory remained flat for Single Family homes but increased 50.0 percent for Condo/Town properties.
Nationwide, total housing inventory increased 3.8% from the previous month, for a 3-month’s supply at the current sales pace. The shortage of homes for sale has kept prices high for remaining buyers, with a national median sales price of $396,100 as of last measure, a 3.1% decline from the same time last year and the largest annual decrease since December 2011, according to NAR. As demand continues to outpace supply, properties are selling quickly, with the majority of homes listed for sale on the market for less than a month.
See the Full Report Here:
For Williamsburg
〉 Sales activity continues to be sluggish in the WAAR region. In May, there were 328 sales in the area, 68 fewer sales than the year prior, falling by 17.2%. Most of the drop in sales happened in James City County with 59 fewer sales compared to the same time last May (- 31.6%). In Williamsburg, there was an increase in sales with eight more sales than a year ago (+26.7%).
〉 Pending sales cooled in the WAAR area this month, signaling a continuation of slower market conditions. There were 349 pending sales in May, down 3.3% from the previous year, which is 12 fewer pending sales. New Kent County had the biggest decrease in pending sales (-15.7%) followed by James City County (-4.6%) and York County (-6.7%). Pending sales activity jumped in Williamsburg with 14 more pending sales than last year (+53.8%).
〉 Prices continue to climb in the WAAR housing market despite fewer sales due to tight inventory. The median sales price was $435,000 this month, a gain of $17,000 or 4.1%. The median price of a home in James City County was $484,830 in May, a price increase of $34,839 (+7.7%). In Charles City County, the median sales price was $190,000, declining by 64.7%, a drop of $347,500. Home prices in the county can fluctuate widely due to low transaction volume.
〉 New listings were down while active listings grew this month. At the end of May, there were 581 active listings on the market regionwide, 34 more listings than a year ago, a gain of 6.2%. James City County saw the most growth in listings with 35 more active listings than last year (+18.2%). Listings
See the Full Report Here:
Comentários