For Richmond
U.S. existing-home sales declined 2.4 percent month-over-month as of last
measure, according to the National Association of REALTORS® (NAR),
reversing February’s sales gain of 14.5%. Fluctuations in mortgage interest
rates have caused buyers to pullback, with pending sales dropping 5.2%
month-over-month. Meanwhile, the median existing-home sales price
declined for the second month in a row, falling 0.9% nationally from the
same time last year, the largest year-over-year decline since January 2012,
according to NAR.
New Listings decreased 28.0 percent for Single Family homes but
increased 20.9 percent for Condo/Town homes. Pending Sales decreased
15.4 percent for Single Family homes but increased 17.2 percent for
Condo/Town homes. Inventory decreased 10.1 percent for Single Family
homes but increased 77.3 percent for Condo/Town homes.
Median Sales Price increased 2.4 percent to $389,000 for Single Family
homes and 7.4 percent to $348,970 for Condo/Town homes. Days on
Market increased 66.7 percent for Single Family homes and 16.0 percent
for Condo/Town homes. Months Supply of Inventory increased 12.5 percent
for Single Family homes and 114.3 percent for Condo/Town homes.
Housing inventory remains tight nationwide, with only 980,000 units
available for sale heading into April, a 5.4% increase from one year earlier,
although the number of homes for sale is down compared to the same
period in 2019, prior to the pandemic. The lack of existing inventory
continues to impact home sales, and with only 2.6 months’ supply of
homes at last measure, competition for available properties remains strong,
especially in certain price categories, with multiple offers occurring on
about a third of properties, according to NAR.
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For Williamsburg
Sales activity continues to slow down in the WAAR market. In March, there were 304
sales in the area, down 51 sales from the previous year, falling by 14.4%. All local
markets experienced a drop off in sales with James City County having 28 fewer sales
(-18.4%) and York County down 10 sales from the same time last year (-9.0%).
〉 Pending sales continued to trend down in the WAAR region. There were 267 pending
sales in March, 39 fewer pending sales compared to last year, a 12.7% decrease.
James City County had the biggest decline in pending sales with 39 fewer pending
sales (-25.5%) while New Kent County had 19 fewer pending sales than a year ago (-
25.0%). Pending sales in York County went up the most with 14 more pending sales
than last March (+26.4%).
〉 In the WAAR footprint, sales prices continue to climb. The median sales price in March
was $394,788, up 7.3% from a year ago, a price gain of $26,798. Home prices
increased the most in York County going up by 18.0% from last year, a gain of
$61,270. Charles City County saw the median price of homes go down by $8,750 or
2.9% from the previous year.
〉 The inventory of active listings continues to build up in the WAAR market. There were
543 active listings on the market at the end of March, 141 more listings than last year
(+35.1%). Every local market saw the number of active listings grow this month with
James City County (+47.2%) and New Kent County (+40.2%) experiencing the biggest
jumps in active listings from last March.
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