Home Sales Continue to Show an Increase in the WAAR Footprint

Home sales continue to show an increase in the WAAR footprintHomes sales continue to increase across most of the Williamsburg Area Association of REALTORS® footprint.

In the most recent report, there were 453 sales in the WAAR market in September, 40 more sales than last year, which is a 9.7% increase. September sales declined from August, which is typical for this time of year. New Kent County had strong sales growth this month, with 21.3% more sales than last September, as did James City County, with a 10.0% increase in sales. York County was the only local market with a cool down in sales this month, falling 6.9% compared to last September.

Pending sales declined for the second straight month in the WAAR region.

There were 319 pending sales in the WAAR area in September, 34 fewer pending sales than last year, a 9.6% decline. James City County had by far the largest drop in pending sales in the region, with 45 fewer pending sales than last September, a 21.6% decrease. New Kent County had four fewer pending sales, a 6.5% drop. The Williamsburg market had 12 more pending sales than a year ago, more than double the amount last year (+133.3%).

Home prices are rising rapidly in all local markets, reflecting low supply in the region. At $379,886, the average sales price in the WAAR region jumped up by nearly $39,000 compared to last September, an 11.4% gain. The average sales price in Williamsburg surged by nearly $46,000, representing a 14.0% increase.

Price growth was also strong in James City County and York County, where the September average sales price rose 11.5% and 10.9%, respectively, from last year.

Supply of active listings continues to shrink, new listings flat this month. There were 679 active listings in the WAAR footprint at the end of September, a 28.3% drop from last year, which is 268 fewer listings. There were 460 new listings in the region in September, which is the same number of new monthly listings a year ago.

This information was provided in a custom report prepared for the Williamsburg Area Association of REALTORS® by the Virginia REALTORS®