Williamsburg regains some price losses

Posted by Virginia Real Estate

July 31, 2007

Although the Williamsburg area made some gains in June on prices that had been eroding, it’s more of the same for existing home sales in Hampton Roads.

For the fifth straight month, home prices in Hampton Roads were about 4 percent higher than a year ago. The number of homes sold continued the typical seasonal climb for the month, but still lagged 11 percent behind the year before, according to the Virginia Association of Realtors.

Prices in the Williamsburg market, which includes James City and upper York counties, have significantly lagged 2006 levels so far this year by $21,000 to $27,000. But the gap narrowed in June, when the $322,500 median price was only $5,750 lower than June 2006.

Although the pricing recovered some in Williamsburg, it took 101 days to sell a house - a 58 percent increase over last year.

Inventory also remains high in the rest of Hampton Roads, where the 64 days it took to sell a house is stuck at the same level it has been for four months - 42 percent longer than it took in 2006.

BY CHRIS FLORES, Daily Press

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