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

Second-Quarter ‘Market Watch’ update!

Sales statistics compiled for my quarterly “Deelyn Market Watch” update show 63 homes (including townhomes and condos) have sold in Ford’s Colony through June 30.

The average sold price in Ford’s Colony through the second quarter of 2019 was $515,730, at 93.8 percent of original list price.

Those numbers represent increases of seven and two percent, respectively, over the first quarter.

Other key statistics through June 30:

  • Average months supply of inventory – 5.9
  • Average price per square foot — $147
  • Average days on the market – 94

In all 40 homes closed in the second quarter – 10 in April and 15 each in May and June. 

I appreciated the kind words of clients Bill and Jody Coutros: “Deelyn made the logistical challenges of selling and buying manageable and found win/win situations that could work for all. If we are to move again, Deelyn will be our first choice in real estate agents.”

For information on buying or selling a home in beautiful Ford’s Colony, please reach me at 757-503-1999 or at 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.

What is the inventory in Ford’s Colony today?(What’s for sale?)

A beautiful Southern Living design on the 10th Fairway of the Blue Heron

As of today Tuesday, August 10, 2010, there are 122 single family homes for sale in the neighborhood. (This does not include lots, townhomes, or condos.) There is a price range from $349,900-$2,950,000. (Note- There are 2 homes in The Colony at that exact same  price of $2,950,000).

The breakdown on the 122 homes:

Price ranges:

$349,900-$400,000 – 9 homes listed
$401,000-$600,000 – 59 homes listed
$601,000-$800,000 – 31 homes listed
$801,000-$900,000 – 8 homes listed
$901,000-$1,000,000 -3 homes listed
$1,001,000-$2,000,000 -11 homes listed
And finally there are 2 homes priced at exactly $2,950,000

Those under contract? There are currently 9 (nine) homes under contract. Those range in price from $354,900- $584,000. The lower priced home at $354,900 is a foreclosure on Walton Heath.

So what REALLY is happening in Ford’s Colony Real Estate?

I hosted a seminar recently in Fords’ Colony that covered the most recent sales trends in Ford’s Colony. Home sales and home prices are always interesting and very useful information. Taken with a grain a salt, checking recent sales and comparing properties is as close as you can get to a “quarterly statement” on what could be your largest investment : your home. It is funny as I always hear people saying that they think that they are being “nosy” when they are curious as to what their neighbor’s home sold for, when in truth, you really should know the values around you. While you may not being selling your home right now, knowing the value of your home is just as important as knowing the value of your stocks/bonds or money market funds. The values of all certainly fluctuate but it is always good to know where you stand. 

  In our little corner of the world we have several items to contend with: the general state of the economy and housing, the end of the government tax credits and, finally, more specific to Ford’s Colony is the announcement on April 3, 2010 that the country club had filed for Chapter 11 bankruptcy protection. I always emphasize that the country club and the home owners association of Ford’s Colony are two VERY DIFFERENT and UNIQUE entities.  The HOA in Ford’s Colony is alive and well and functioning as a very strong and healthy congruent group. 

 I took sales in Ford’s Colony for the prior 12 months (June 2009- June 2010) and studied  what had sold, how much had sold and compared those sales prices to  the assessed values.( I always tell folks that assessed value and market value are two different animals, however, it is useful to see how those two figures compare.) SO for purposes of not getting too long on evaluating numbers, I will divide my findings into a couple of blog posts. There are few folks that enjoy looking at numbers we all just want the bottom line! 

Grits and Grasshoppers:   

So the first question how were sales during the past 12 months and what was the impact on sales from the April 3 country club bankruptcy filing?   

 The months supply of inventory in FC went from 28.8 months of inventory to 24.8 months of inventory in 2010. So- while not a fun number to see 2010 IS better than 2009. Here is the most interesting statistic from the Months Supply of Inventory: during the month of April 2010, the months supply of inventory declined to 11.4 and then in May 2010 it declined to 10.5. In April there were 12 homes that went under contract and in May there were also 12 homes that went under contract. June saw a huge drop to 5 homes under contract. Those are VERY important numbers as the country club announcement of the bankruptcy protection plan was made on April 3! The numbers immediately following that announcement were the best of the entire 12 month time period. We do have to consider the tax credit stimulus during those months also which, in the short-term anyway, certainly gave a jolt of energy to sales. The tax credit ended April 30,2010. Home buyers had to be under contract by the end of April to qualify. We saw a lot of buyers rushing at the end of the month to be under contract which resulted in a ‘trickle around’ effect in May as those month-end April sellers then became our May buyers.

 Bottom line? Sales seem to be more affected by the TAX credit ending versus any perceived issues with the country club. This is good news in and of itself.   

 NEXT BLOG: ASSESSED VALUE TO SALES VALUES in Ford’s Colony    

 For more information here are the charts for you:     

Homes under contract June 2009 to June 2010 The graph is difficult to read: it does show the trend of sales over the 12 month time period. Inventory declined (albeit slightly) year over year.  

  NEXT BLOG:ASSESSED VALUES TO SALES VALUES in Ford’s Colony

For more information on Ford’s Colony and other neighborhoods in Williamsburg, VA., please visit my website at www.PremierWilliamsburgRealEstate.com