Good Williamsburg Realtor in Williamsburg
 © 2014 Bob Gasink LLC

Williamsburg Real Estate Market Studies
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Williamsburg Real Estate Trends and Analysis
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Bob Gasink is Associate Broker with Long & Foster Realtors, 5324 Monticello Avenue, Williamsburg, VA 23188
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What about home prices in some of our Williamsburg communities? 
  • This graph shows Ford's Colony home values by year in $/sf (lot included). Contrary to what we hear, the bottom never fell out of the market in even our more expensive neighborhoods. 
  • Consumer confidence remains low nationally, and the somewhat low sales rate impacts our sellers adversely.  But not so adversely as to prevent one more example that home prices may be beginning to firm up.


        Click on the graph to see the full sized version:
Average Price of Williamsburg Homes Sold

  • This graph shows the average price of Williamsburg homes sold by calendar quarter.
  •  The Federal new homebuyer tax credit has been in effect for recent periods, and may have caused additional activity in lower priced market segments.   Many homebuyers in the program might have purchased anyway, but the attached graph remains rooted in reality.


        Click on the graph to see the full sized version:


Williamsburg Home Values vs the S&P 500
  • Speaking of the people at S&P, this graph shows the value of Williamsburg real estate vs. the S&P 500 stock average for the calendar years from 2002 to 2009.  It's similar in concept to the graphs provided with mutual fund annual reports.   A home in a desirable area remains a valuable asset with remarkably resilient long term performance, all considered.  Home values shown  are computed from monthly average $/sf data from closed sales in zip codes 23185 and 23188 as reported in the Williamsburg Association of Realtors Multiple Listing Service, and the S&P data are the end of month S&P 500 closing prices as reported on Yahoo.com.
  • The S&P500 is one of the most reliable stats for measuring consumer confidence, and consumer confidence is one of the most important factors in buyer behavior.  Continuing year to date weakness in the S&P 500 remains a strong factor in our local real estate market.

        Click on the graph to see the full sized version:
When will prices rise again?
  • This graph shows Williamsburg home values by calendar quarter in $/sf (lot included) for Zip Codes 23185 and 23188 (the places you'd write "Williamsburg, VA" on the envelope). One quarter under the influence of a federal tax credit is not enough to claim a reversal in a long trend.  But, reversals always begin with a single data point, right?


        Click on the graph to see the full sized version:
Williamsburg Home Sales Rate Improving.  But how much of this is the federal tax credit?
  • Unbelievable as it may seem, Q1 and Q2 of 2010 are the first quarters in FIVE YEARS to show higher unit sales than the same quarter in the year before. 
  • Analysis of the contracts written suggests that Q2 of 2010 offers signs of improvement independent of the Federal tax credit. 
  • We remain  in a very buyer-friendly market condition, because Unit Sales are still low due to the difficulties in selling houses in major US real estate markets elsewhere.  Rent the darned thing where you are, and come on down!
  • Unbelievable as it seems, Q1 and Q2 of 2010 are the first quarters in FIVE YEARS to show higher unit sales than the same quarter in the year before. 

        Click on the graph to see the full sized version: