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LISTINGS ARE CREEPING UP!

 
 
 

We are still navigating record low inventory, multiple offers, and discouraged buyers. However there is hope in sight, there is a sign that the region's unprecedented low inventory may finally be on the rise. According to REIN, Southeastern Virginia’s Multiple Listing Service (MLS) and the source of statistical real estate data in Hampton Roads, higher numbers of listings have been input into the MLS since February of this year showing signs of an increase in availability. In April 2021, there were 3,780 active listings on the market compared to just 3,552 homes in March 2021 and even fewer homes for sale in February at 3,350 homes. This small increase cannot compare to the 6,695 homes for sale from April 2020, but this upturn could signal a new trend worth watching.  

 “We didn't experience a traditional spring market last year due to the pandemic,” said REIN President Harry Cross. “It’s nice to see more properties coming into the MLS database, even if it's just a few hundred more than the previous months. With many clients getting above-asking price offers, other homeowners are realizing that now is the ideal time to sell their homes.” Cross goes on to explain, “Over the years I have seen similar markets — I call them ‘auction markets’ because multiple offers create an auction-type environment for buyers and sellers. It is a tough market. We are all looking forward to a more stable marketplace, and getting everyone vaccinated will definitely help!”

 In April 2021, pending sales saw a 40% increase year-over-year. Residential properties labeled as pending or under contract rose in April 2021 to 3,703 homes from just 2,645 homes in April 2020. Sales continued a positive trend as REIN saw settled sales rise 28.69% with 3,194 homes sold in April 2021 versus 2,482 homes sold in April 2020. The median sales price for residential properties in the Hampton Roads region for April 2021 was $285,000, an 11.76% increase from this time last year, and saw a 3.55% increase from March 2021. The months’ supply of inventory also increased slightly from 1.21 months in March 2021 to 1.27 months in April 2021. In April 2021, the city of Hampton saw a months’ supply of inventory of 1.01 months, officially surpassing Virginia Beach’s once lowest number of 1.02 months’ supply of inventory. These numbers indicate that inventory in these cities would deplete in just one month if no new listings hit the market.   

 

With the numbers increasing, we can see more movement by folks that have been putting off selling houses because they were unable to buy a new home. If you have been thinking of selling your home, let’s talk and I can help you make a plan on how to move forward.

 

From my home to yours,

Dana

 

 

Curious what your home's value is today? Check out our Home Valuation tool on our website

https://bhhstowne.findbuyers.com/DanaRobbins

 
 
 

Open House this Sunday!

132 Woods Road, Newport News, VA 23601

This brick ranch home is move in ready! Home has been freshly painted to include new features such as new crown molding, doors & window framing, and new interior doors. High ticket items such as new a roof ,new vinyl windows & new hot water heater add value and save you money. Living room & hallway are freshly carpeted. Kitchen, dining & mudroom have new vinyl plank flooring. Mudroom has been updated with new track lighting, cabinetry, & new half bath. Main bathroom has been updated. All bedrooms have original hardwood floors & expansive closets with built-in storage. The sunken den has new marble floors & recessed lighting. Inviting large yard with gorgeous custom hardscaped sitting area with lighting & a fire pit. Detached workshop with electric, lighting, illuminated attic storage, and AC. Additional shed for yard storage has an additional grilling fire pit behind. Solar lights along the entire wooden privacy fence & two new outdoor outlets installed for easy landscaping. Contact us for a showing!

Berkshire Hathaway HomeServices Towne Realty
Dana Robbins
Realtor
757-268-6675
dana@robbinsnestrealtor.com
www.RobbinsNestRealtor.com

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1 Old Oyster Point Rd. Ste. 210 Newport News, VA 23602 | (757) 873-6900

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