Hampton Roads Market Remains Strong in March 2020

We will certainly see a slow down for the month of April but here’s an update from March 2020

Real Estate Information Network Inc (REIN), the region’s Multiple Listing Service, reports that as agents, buyers and sellers adjust to the practice of social distancing and virtual solutions to conduct real estate, March sales remained strong.
“Since the Coronavirus precautions began in mid-March, real estate business has continued to move forward. Real estate professionals have been able to adjust to work with buyers and sellers using virtual and online resources. This is now becoming a more regular part of business,” said Barry Nachman, REIN’s President. “At this time, it is too early to see what sort of impact COVID-19 will have on the real estate market. For March, comparing 2019 to 2020 numbers show that our region continued its recent trend of significantly decreasing inventory with increasing pending and settled sales. Ultimately, we will likely see a temporary slowdown in housing activity as the military has put all non-essential orders on hold and the banking industry, while trying to figure out how they will be affected, are raising costs/fees to borrow until we come through this pandemic.”
Residential sales were strong in March 2020, with 3,102 homes going under contract during the month (up 21.55% year-over-year), and settled sales increasing 14.75% compared to March 2019. This is the 18th consecutive month that pending sales have increased year-over-year, and 11 months in a row that settled sales have risen. The median sales price for the region rose 8.70% year-over-year to $249,900.
March’s residential active listings dropped 21.55% year-over-year with 6,820 homes on the market, as compared to 8,674 in March 2019. This downward trend has continued for 56 consecutive months, with the declines being as much as 15-22% over the past 6 months. March’s supply of residential home inventory is currently at 2.7 months, a decrease of 27.22% from March 2019.