For Richmond
Existing-home sales slid for the second consecutive month, falling 3.4%
nationwide as of last measure, according to the National Association of
REALTORS® (NAR), as higher interest rates continue to impact buyer
affordability. Sales are down 23% compared to the same period a year ago,
while contract signings dropped 20.3% year-over-year. With sales cooling,
buyers in some parts of the country have found relief in the form of
declining sales prices, which are down 1.7% year-over-year nationally,
although more affordable markets continue to see price gains.
New Listings decreased 23.8 percent for Single Family homes and 11.3
percent for Condo/Town homes. Pending Sales decreased 24.0 percent for
Single Family homes but increased 10.3 percent for Condo/Town homes.
Inventory decreased 4.4 percent for Single Family homes but increased
36.2 percent for Condo/Town homes.
Median Sales Price increased 2.6 percent to $400,000 for Single Family
homes and 4.2 percent to $343,945 for Condo/Town homes. Days on
Market increased 60.0 percent for Single Family homes but remained flat for
Condo/Town homes. Months Supply of Inventory increased 25.0 percent for
Single Family homes and 50.0 percent for Condo/Town homes.
While fluctuating interest rates have pushed some buyers to the sidelines, a
shortage of inventory is also to blame for lower-than-average home sales
this time of year, as current homeowners, many of whom locked in
mortgage rates several percentage points below today’s current rates, are
delaying the decision to sell until market conditions improve. With only 2.9
months’ supply heading into May, available homes are moving fast, with the
typical home spending just over three weeks on the market, according to
NAR.
See the Full Report Here:
For Williamsburg
〉 In the WAAR area, sales activity dropped this month in all local markets. There were 253
sales in April, 115 fewer sales than a year ago, a 31.3% decrease. Sales fell the most in
James City County with 69 fewer sales than last April ( -37.5%) and in York County with 34
fewer sales (-32.4%). Williamsburg had three fewer sales than last April (-11.1%).
〉 Pending sales moderated in the WAAR market in April, signaling continuation of slower
spring market. In April, there were 271 pending sales in the area, 65 fewer pending sales
than the previous year, decreasing by 19.3%. Pending sales had the biggest decline in
James City County with 47 fewer pending sales (-28.0%) and in New Kent County with 24
fewer pending sales (-36.4%). Williamsburg was the only local market where pending sales
grew, with 20 more pending sales compared to the previous year (+87.0%).
〉 Home prices continue to climb in all parts of the WAAR footprint. The median price of a
home was $412,193 in April in the WAAR area, $23,352 more than the year before, a 6%
price increase. The median sales price in Williamsburg went up by $51,000, which is 15.8%
higher than last year followed by York County (+13.7%) and James City County (+5.3%).
〉 The inventory of listings is building up in the WAAR footprint. There were 594 active
listings at the end of April regionwide, 92 more listings than the previous year, an increase
of 18.3%. Most of the increase in active listings occurred in Williamsburg with 48 more
listings than last year (+82.8%) and New Kent County with 41 more listings (+43.6%). York
County had listings go down with nine fewer listings than the same time a year ago (-5.9%).
See the Full Report Here:
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