Category: Housing Numbers and Information

As fall arrives, it’s still a seller’s market

Even though activity in the housing market has slowed from the frenzy of the so-called “unicorn years,” it’s still a seller’s market because the supply of homes for sale is so low. But what does that really mean for you — and why are conditions so good if you want to sell your house?

The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows housing supply is still astonishingly low. Housing inventory is measured by the number of available homes on the market. It’s also measured by months’ supply, meaning the number of months it would take to sell all those available homes based on current demand. In a balanced market, there’s usually about a six-month supply. Today, we have only about 3 months’ supply of homes at the current sales pace (see graph below).

In Ford’s Colony, that number was 1.4 months supply at the end of the second quarter in June.

As the visual shows, given the current inventory of homes, it’s still a seller’s market.

Today, we’re nowhere near what’s considered a balanced market. In fact, the current months’ supply is half of what’s typical of a normal market. That means there just aren’t enough homes to go around based on today’s buyer demand.

As Lawrence Yun, Chief Economist for NAR, says:

“There are simply not enough homes for sale. The market can easily absorb a doubling of inventory.”

How Does Being in a Seller’s Market Benefit You?

These conditions give sellers a real edge. Right now, there are buyers who are ready, willing, and able to purchase a home. And, because there’s a shortage of homes up for sale, the ones that do hit the market are like magnets for those buyers.

If you work with me to list your home right now — in good condition and properly priced — it could get a lot of attention, particularly if listed at or below $750,000.

Bottom Line

Today’s seller’s market sets you up with a big advantage when you sell your house. Because supply is so low, your house will be in the spotlight for motivated buyers who are craving more options. Please call or text me so we can discuss current conditions in Ford’s Colony as you get ready to enter the market.

Local home sales continue strength

According to the Virginian-Pilot, there were 95 percent more homes under contract – 205 in all — in September in James City County than a year ago.

That increase is part of the boom that real estate in Hampton Roads continues to experience, despite lower-than-usual inventory levels.

In September, the median price for a home in Hampton Roads rose by more than 10 percent over the previous year. The Pilot said that’s the largest year-over-year growth since the Real Estate Information Network (REIN) began tracking the statistic in 2006. 

In Williamsburg, the median sale price increased 40 percent from a year ago, to $349,900. Eleven homes were sold in the city in September, 10 percent more than last year. 

You can read the entire report here.

A letter from Deelyn

Dear Ford’s Colony neighbor, 

I hope this letter finds you and your family safe and well. I have fielded many questions from my fellow Ford’s Colony residents regarding the effects of Covid-19 on our neighborhood’s real estate values. Let me share a few thoughts about that, in case you are wondering the same thing.

You might be surprised to learn that March actually was a record-setting month for Liz Moore and Associates – our 108 sales was a 60-percent increase from March 2019! At the onset of the pandemic, we were fortunate to pivot quickly and adapt safe practices so that almost all of our pending sales closed. April took an expected dip, but May rebounded well beyond our expectations – 95 sales overall, or 10 percent more than May 2019. June also is off to a great start.

That said, we have never seen the inventory of available homes in Ford’s Colony at such low levels. Sellers have been slow to put their homes on the market, but buyer demand remains very strong largely due to historically low interest rates. So if you are considering selling, NOW is the time to take action. Home values are rising in this hot market and show no sign of slowing.

If you are curious about your home’s current value, I can help.

I’d love to set aside 15 minutes to meet or talk with you to explore your specific situation, and to see whether taking advantage of this seller’s market makes sense for you at this time. There is no cost or obligation, of course. 

Please call (757-503-1999) or email me (deelyn@lizmoore.com) if I can be of service in any way. 

Thank you, and best regards!

Deelyn

2020 First Quarter sales stats

The 2020 first quarter sales numbers are in!

Following are statistics for first quarter of 2020 for Ford’s Colony:

Jan-Mar 2020 closed home sales – 32
Average months supply of inventory – 6.3
Average sold price – $516,244
Average sold price to original list price – 94.7%
Average price per square foot — $161
Average days on market for under-contract homes – 94.5
Active listings as of March 31, 2020 – 76
For more information about Ford’s Colony, click here.

And for further expert information on Ford’s Colony — or any others in the Williamsburg area — Deelyn is happy to help. Email her at deelyn@lizmoore.com.

Recapping ’19 sales numbers

The year-end numbers for Ford’s Colony home sales are in!

  • In 2019, 138 sales closed in the community. (Deelyn sold 15 percent of those, more than any agent in Williamsburg.)
  • Active listings as of Dec. 31 – 61
  • Average months supply of inventory – 7.2
  • Average sold price — $489,575
  • Average sold to original list price – 94.4 percent
  • Average price per square foot — $149
  • Average days on the market for under-contract homes – 83.9

For more information and discussion about the Ford’s Colony real estate market, please join me Thursday, Feb. 20 from 2-4 p.m. at the Ford’s Colony Country Club clubhouse for my annual FC Market Watch presentation. Please RSVP your attendance by Feb. 13 to Deelyn@Lizmoore.come or Christie@Lizmoore.com

Featured home — 1101 Eaglescliffe

2 Bedroom | 2.1 Bath | 2127 Sq Ft
Offered at $485,000.

Fabulous Eaglescliffe condo offering a very unique floorplan! 

You will love this sophisticated and extraordinarily well done home featuring a den or ‘flex” living space adjacent to the great room plus both a screened porch AND a covered porch.

Compare the costs of maintenance of a single-family home versus care-free condo living. On an annual basis, condo living has proved to be more cost effective!

For more information on this Ford’s Colony home, contact Deelyn at 757.503.1999 or deelyn@lizmoore.com.

#FordsColony #WilliamsburgVa

Third-Quarter ‘Market Watch’ numbers are in

Sales statistics I compile for my quarterly “Market Watch” update show the sale of 103 homes (including townhomes and condos) had closed in Ford’s Colony through Sept. 30. 

The average sold price in Ford’s Colony through the third quarter of 2019 was $499,698, at 94.2 percent of the original list price. (The range of sales prices in the third quarter alone was $278,000 to $770,000.)

FEATURED HOME
104 Worksop
3 Bedroom | 3 Bath | 2,209 SQ FT
Now offered at $370,000!

Other key statistics through Sept. 30:

  • Average months supply of inventory – 6.8
  • Average price per square foot — $148
  • Average days on the market – 81.1 (down from 94 through the second quarter)

In all 40 homes closed in the third quarter – 17 in July, 15 in August and eight in September.

I very much appreciate the kind words of my friend and client John Urban, whose sale closed during the third quarter: “For a major happening in your life you want a qualified, experienced professional – that is what Deelyn and her team bring to the table. With Deelyn as your representative — from the original walk through to the staging, to her extraordinary marketing and onto the closing negotiation — you are always in available good hands. She gets the job done!”

Thank you, John!

For information on buying or selling a home in beautiful Ford’s Colony, please call me at 757-503-1999 or email at deelyn@lizmoore.com.

The numbers:

New Price on 115 Red Berkshire!

New Price on 115 Red Berkshire.
Now offered at $479,000!

115 Red Berkshire

■ 3 BEDROOMS ■ 2.5 BATHS ■ 3295 SQ FT

Surround yourself in the warmth, tradition and character of Williamsburg in this superb rendering of William Poole’s Greenhow tenement cottage. True Colonial replica home features rustic beams, 3 fireplaces, pine floors, and Colonial millwork. Replica ‘Tavern’ (bonus/media room) with a ‘caged’ wet bar. Modern amenities include granite counters, whole house generator, and water filtration system. Private, fenced backyard.

For more information on this beautiful Ford’s Colony home, contact Deelyn at 757.503.1999 or deelyn@lizmoore.com.

Ford’s Colony Market Watch is today!

We are looking forward to seeing all who RSVP’d for the Ford’s Colony Market Watch. We will be meeting in the Banquet Room of the Ford’s Colony Country Club from 2-4 pm.

 

Just Sold by Deelyn – 159 Killarney

Recently Sold
Extraordinary Ford’s Colony Home
Listed and Sold in 14 Days!

159 Killarney
■ 4 BEDROOMS ■ 3.5 BATHS ■ 3665 SQ FT

If you are interested in selling or buying a Williamsburg area home, contact the area specialist, Deelyn, at 757.503.1999 or deelyn@lizmoore.com.

What’s happening in the Ford’s Colony Real Estate Market? – February 2014 Statistics

Ford’s Colony

Williamsburg, VA Homes for Sale

What are the latest market trends in Ford’s Colony, one of Williamsburg’s most popular neighborhoods and certainly the largest communities.

Comparing single family detached homes sales data month over month, February 2014 sales activity was down over February 2013.  During the month of February 2014, there were 89 active listings in Ford’s Colony with 1 homes going under contract and 6 homes closing. As a percentage, during the month of February 1.1% of the active listings went under contract and 6.7% of the listings closed.  Year over year, February 2013 saw 10.9% going under contract and 10.9% closing.

 

More interesting facts about the Ford’s Colony single family detached home area real estate market:

Using the past 12 months data, the current median sales price is $470,000 an increase of 1.5%.  The average sales price is $511,805, an increase of 6.1%.

 

 

 

The current Ford’s Colony market has an 8.7 months worth of inventory active.

 

 

Click here to explore homes for sale in Ford’s Colony, Williamsburg, VA.

Click here to learn more about one of Williamsburg’s favorite communities, Ford’s Colony.

Are you looking for a home in Ford’s Colony, Williamburg, VA?  Then, Deelyn Neilson is the Ford’s Colony real estate specialist!  Whether you are interested in buying or selling a Ford’s Colony home, Deelyn is the agent for you.  You can reach her at 757.503.1999 or Deelyn@lizmoore.com for your complimentary Ford’s Colony real estate consultation.  No charge or obligation for a meeting with one of Williamsburg, Virginia’s Top Real Estate Agents!

Would you like to receive free e-mail updates about new listings in Ford’s Colony, Williamsburg, VA?  Click here to sign up!

If you are interested in information about other Williamsburg neighborhoods, please let Deelyn know.  Either email deelyn@lizmoore.com or call 757.503.1999.

 

*Data was collected March 17 and 19, 2014 and includes single family, detached homes in Ford’s Colony.

Real Estate Market Trends for 23168, 23185 and 23188

What are the latest real estate market trends in Williamsburg-James City County, Virginia single family detached homes?

Comparing sales data year over year, February 2014 sales activity was down over February 2013.  During the month of February 2014, there were 649 active listings in the Williamsburg-James City County area (zip codes 23185, 23188,23168) with 47 homes going under contract and 51 homes closing. As a percentage, during the month of February 7.2% of the active listings went under contract and 7.9% of the listings closed. Year over year, February 2013 saw 11.2% of active listings go under contract and 8.4% of the total active listings going to closing.

NOW is the time to be buying as the market has been a little sluggish and sellers might be more anxious to sell. Interest rates are also at historical lows!

More interesting facts about the single family detached home Williamsburg area real estate market:

Using the past 12 months data, the current median sales price is $327,695 an increase of 1.9%.  The average sales price is $359,421, an increase of 2.1%.

There is currently a 7.2 months supply of inventory on the market in the 23185, 23188 and 23168 area, down from the 9.9 month supply in February of 2013.

Are you looking for a home in Williamburg, VA?  Deelyn Neilson is the area real estate specialist!  Whether you are interested in buying or selling a Williamsburg home, Deelyn is the agent for you.  You can reach her at 757.503.1999 or Deelyn@lizmoore.com for your complimentary real estate consultation.  No charge or obligation for a meeting with one of Williamsburg, Virginia’s Top Real Estate Agents!  Deelyn knows the market here inside and out!

Would you like to receive free e-mail updates about new listings in Williamsburg, VA?  Please email Deelyn  with your ideal home needs/wants and she will set you up with a personalized search sent right to your inbox.

*Data was collected March 17 and 19, 2014 and includes information on single family, detached homes in the zip code areas 23168, 23185 and 23188.

 

How to Search ALL Ford’s Colony Homes and Land

Ford’s Colony Clubhouse in Williamsburg VA

Ford’s Colony is one of the most highly sought after communities in Williamsburg, VA! With three championship golf courses, two Olympic sized pools, and a beautiful club house hosting over 50 community clubs, it’s easy to see why. There are about 3200 homes in Ford’s Colony, with approximately 5000 residents. But I’ve made it easy to search of ALL Ford’s Colony homes for sale.  Ford’s Colony real estate is my speciality–I’ve been a Ford’s Colony resident for 15 years!

Just follow these links to a custom search of ONLY homes for sale in Ford’s Colony:

Search Ford’s Colony Detached Homes

Search all Ford’s Colony Condos and Townhouses

Search all lots and land in Ford’s Colony

For more information, visit my information page on Ford’s Colony or contact Deelyn at 757.503.1999 or deelyn@lizmoore.com

Homes for sale in Ford’s Colony? Here is what is on the market in Ford’s Colony!

So how many homes ARE for sale in Ford’s Colony? We are beginning 2011 with 124 homes ‘active’ on the Williamsburg MLS. 105 of those are single family DETACHED homes. 19 of those are ATTACHED (condos or townhomes) properties.  There are currently 7 additional properties detailed as under contract and pended. Those are homes that are set to close. (There are a few more detailed as ‘under contract’ but may have contingencies that are yet to be remedied like a home inspection, buyer financing, third-party bank approval or sale of the buyer’s own home. Those homes are counted in the 124 homes that are active on the market)

The number of homes on the market is actually down significantly from some of the peaks that we saw in inventory in 2009 -2010. The number of re-sale properties actually spiked to the low 200’s (ACTIVE resale on MLS)  so a number as low as 124 is really good.  Also consider that Ford’s Colony has over 2400 completed home sites which would equate to roughly 5% of the market for sale.

Ford’s Colony Foreclosure Sales over the past year

Today, it seems that almost everyone is expecting a ‘deal’- a great deal. Sometimes the bank owned foreclosed properties can be a good buy. Most times they need tons of work (and money). The deals are certainly there, however, the properties don’t have to be bank-owned to get them.

What percentage of Ford’s Colony sales have been bank-owned over the past year? There have been 70 closed sales in the past 12 months. Of those, 7 were detailed as bank-owned properties. Exactly 10% of the sales in Ford’s Colony in the past 12 months were foreclosures. Certainly higher than in times past, but, much lower than the most recent statistic from Realty Trac that indicates that foreclosed properties make up 24.17 percent of all sales nationwide.