I did a quick search in the Williamsburg Multiple Listing Service to see how the James City County real estate market was doing. The median sales price for detached homes from November 2011 through January 2012 was $317,000. This is down only 0.9% from the same period one year prior ($320,000). However, it was up 3.9% from February to July 2011 ($305,000), and up 2.6% from the quarter August to October 2011 ($309,000).
There were 124 closed sales in the most recent quarter, and the same period one year prior had 123 closed sales. There are 573 detached homes on the market in James City County, and therefore, based on an absorption of 41.33 units per month, there appears to be a 13.86 month supply of inventory. This is down from 15.15 month supply in the same quarter in the prior year.
Although these numbers are encouraging, there is no clear cut sign that we have reached the bottom of the market. There has been a slight bump in values since February 2011, but we are still below the values of November 2010 to January 2011.