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Williamsburg Home Sales Continue to Increase
Home sales continue to surge across the entire Williamsburg Area Association of REALTORS® region. There were 433 sales in the WAAR area housing market in April, a 42.0% spike in activity from last year, which is an additional 128 sales. Last April, the housing market slowed down considerably as stay-at-home orders were put in place to slow the spread of COVID-19. Therefore, it is not surprising that sales this month significantly outpaced last year.
However, April 2021 sales are much higher than even non-pandemic years. For example, sales this month are 37.9% higher than April 2019. Williamsburg had strong sales numbers in April, up 80.0% from a year ago. New Kent County and James City County also had strong sales activity, climbing 42.1% and 41.8%, respectively, from a year ago.
Pending sales are on the rise in most local markets. There were 376 pending sales in the WAAR footprint at the end of April. This is a 60.7% surge from a year ago, which is an additional 142 pending sales. Like sales, pending sales activity a year ago moderated due to the market impacts of COVID-19, which means that the April 2020 pending sales numbers are lower than a typical April. Pending sales this month are back to pre-pandemic levels, inching up 2.7% compared to April 2019. Pending sales in both Williamsburg and York County doubled from last April (+100.0%).
The WAAR area housing market remains competitive, which is driving up prices. The average sales price in April in the region was $363,501, a 7.2% increase from last year, which is a gain of more than $24,000. All local markets had higher average sales prices compared to last April. The strongest growth occurred in Williamsburg (+25.1%) and New Kent County (+17.4%).
The report is provided by the Virginia Association of REALTORS® for the Williamsburg Area Association of REALTORS®