Sales Fall But Prices Increase in WAAR Real Estate Footprint
Sales activity slowed down in August, but home prices went up during the same period, according to a monthly report on area real estate activity that is provided by the Williamsburg Area Association of REALTORS® (WAAR).
There were 354 sales in the WAAR footprint, 46 fewer sales than in August of 2022. Sales prices continued to rise with the median price listed at $410,913, $25,913 more than the same time the year before. James City County sales dropped by 22.1% compared to the same time last year, which is 42 fewer sales. York County saw a surge in sales this month with 39 more sales than the previous year, a 45.3% increase.
Pending sales continue to soften in the region. In the month of August, there were 264 pending sales regionwide, down 13.2% or 40 pending sales from last year. New Kent County had 18 fewer sales than the year before, followed by James City County with 12 fewer pending sales. Williamsburg had 16 fewer pending sales.
“The market has definitely slowed down,” says Ellen Smith Gajda, Broker / Owner of Williamsburg Realty, noting that a lack of inventory, rising prices and higher interest rates have had an adverse effect on the real estate market. “However, homes that are priced right and show well are still selling.”
Expectations have changed in some cases.
“There are still homes for those who want to move to the Williamsburg area,” adds Smith Gajda, whose 55Places.com sales team helps to promote active senior living in the region. “It takes a little longer to find the kind of home or community that satisfies your needs, but people are always moving, and we stay up with what’s available.”
The number of active listings also dropped in August and fewer new listings are coming onto the market in the WAAR region. There were 515 active listings at the end of August across the WAAR area housing market, 64 fewer listings than the year before.
Real Estate statistics provided by the Williamsburg Area Association of REALTORS®