Median Price, Months Supply, Supply & Demand
The amount of properties for sale is down 32.2% from last year and down 13.2% from last month. The inventory decreased for the third time from the previous month, however, this is fairly normal for this time of year. According to REIN, new listings in Virginia Beach for the month actually increased by 0.8% over last December, and the lowest number of new listings since April but still higher than previous years.
The unit amount for under contract increased 6.6% from last year but has decreased 13.4% from last month and was the second lowest for the year. The overall buyer demand is 5.6% higher in the past 12 months as compared to the previous 12 months. This demand has continued to drop but is still a strong demand. According to REIN, the number of sales in Virginia Beach for 2018 was 2.3% higher than in 2017.
The month’s supply of inventory shows 3.3, a decrease of 41.3% compared to last year which was 5.6. The days from Listing to contract are hovering in the 55 range which was about the average for 2018.
There have been some fluctuations in the average price with the For sale up 4.0% as compared to last year and the Under Contract was actually down 1.1% for the same time period. The current under contract price is 88.5% of the for sale price.
We are continuing to experience lower levels of inventory with a slight increase in our local listings which mean there is still a good demand. However, the demand has been weakening for the past few months and there has been little to no pressure on the sales price which is why the increase has been low. While our months’ supply shows it is still a seller’s market, it is not far away from being in a balanced market.
If you are in a position to sell, this is the time to sell! The low inventory provides more opportunity to sell your home quickly at are above market price. Call Ken Powell at PoHawk Realty Group, Keller Williams Realty at 757-533-1507 for more information.