Months of Supply is determined by dividing the total number of homes for sale by the number of sales per month. This number has dropped from roughly 15 months to 9 months in the past 12 months. Definitely a sign of an improving market.
Another metric that gives you an idea of the velocity of the market is the Days on Market. This is basically the average number of days it took for a house to sell from the time it is listed. This number has decreased by 22% year over year as of December 2012. A person listing their home today can expect it to sell roughly a month faster than someone listing a home a year ago.
Based on these, and other, metrics it appears that the Williamsburg is rapidly improving. I hope this information is helpful.
In Fords Colony, we have less than 5% of the homes on the market. That's not a huge number. Kingsmill is similar.
I've been doing some research for clients in VA Beach and also in Richmond. Both of those areas have a slower market than the Williamsburg market.
Let me know what sort of info you are looking for and I'll pull it together for you. It's definitely a better time to be a buyer than a seller, but I don't think it's accurate to say the Williamsburg market is "terrible".
in a more general response, the market has been bad nationwide since 2007 and unemployment followed. I suppose those two thing have affected your Asheville area one way or another as well.