Home Buying in Williamsburg>Question Details

Capeprimrose, Home Buyer in Asheville, NC

The Williamsburg market looks terrible--so many homes for sale, so few selling. Unemployment seems very high too. Does anyone know what is going on?

Asked by Capeprimrose, Asheville, NC Fri Jun 29, 2012

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I agree with Memorie's answer--especiall if you're considering homes in Colonial Heritage--a gated, Active Adult Community. Just before Christmas the inventory was 31 homes...today it is 19. Homes are selling in this market segment.
0 votes Thank Flag Link Wed Jan 30, 2013
Here at Long & Foster, we recently compiled the data for the 2012 year end and found that the market seems to be turning up. It's appears as though we are past the bottom, and multiple metrics showed improvement over 2011.

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.
0 votes Thank Flag Link Thu Jan 17, 2013
Wait another year to buy, prices are declining. Good Luck
0 votes Thank Flag Link Fri Oct 26, 2012
Brilliant, thoughtful response to a 5 month old question
Flag Fri Oct 26, 2012
Are you looking at any particular neighborhoods? The market is not "terrible". In fact, our market hasn't taken as big of a hit as the market in other popular areas of the country. We are down with our prices by about 25% from the peak, but the peak was really a sharp value spike that would never have been maintainable.

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".
0 votes Thank Flag Link Sat Jun 30, 2012
I think you may be confused. You certainly can't be talking about the Williamsburg Virginia market I am helping people buy and sell in! I suggest you read my blog at http://www.JimMellen.com/WilliamsburgBlog for some information. The market is far from terrible and unemployment in our area is reflective of the demographics. With a college and predominantly retired community our unemployment numbers may never be lower than the national average.But we have no large employers risking wholesale unemployement . We are a vacation destination with lots of seasonal jobs so unemployment is very seasonal and expected around here. Virginia is consistently ranked as one of the most business friendly states.

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.
0 votes Thank Flag Link Fri Jun 29, 2012
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