2016 was a solid year for local real estate. Here on the Peninsula, closed sales finished up 9.5% for the year, with pending sales up just under 10% in December, which is activity higher than we typically see during the holidays. The New Year has started off with a bang, which I believe is indicative of another strong year for our market.
We are entering 2017 with only slightly over 5 months of active inventory, and homes selling, on average, in only 97 days. That is good news for sellers who are priced properly and in good condition. The exception here is the luxury market, where sellers need to be significantly more patient – there is currently 10 months of inventory priced at $750,000 and up. Prices remained remarkably steady during the past 12 months, with the median sales price on the Peninsula hovering…
Oyster Point in Newport News
11801 Canon Boulevard, Suite 100
Newport News, VA 23606
(757) 873-2707 (800) 825-2707
New Town Williamsburg
5350 Discovery Park Blvd.
Williamsburg, VA 23188
(757) 645-4106 (800) 825-2707
Richmond
1020 Old Bon Air Road
Richmond, VA 23235
(804) 594-5870
Licensed in Virginia
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