Hampton Road’s Pending Home Sales Rise Despite Low Inventory

(Hampton Roads, Virginia – June 2020) REIN, the regional Multiple
Listing Service, reports a year-over-year rise in the region’s home price for May 2020. The median sales price was $267,000 up 6.69% from $250,250 in May 2019.

Residential active listings for May dropped 32.88% year-over-year, with 6,348 on the market as compared to 9,457 in May 2019. While active inventory has been trending down for 58 consecutive months, this month’s
decrease was the most significant yearly change to date. May’s supply of residential inventory for the region was 2.54 months, a decline of 36.97% from May 2019, categorizing Hampton Roads as a seller’s market. ( A balanced market is defined as six months of inventory)

Despite the reduced number of homes available for sale, Residential pending sales rose slightly, with 3,070homes going under contract in May 2020. This is a year-over-year increase of 2.16%, up from 3,005 the same
period of time last year. Closed sales declined 14.80% year-over-year for the month, with 2,527 homes closed in May 2020. The stay-at-home order issued in March most certainly impacted sales volume, as well as new
listings coming on the market.

Low inventory has impacted the region’s real estate market in many ways, from multiple offers on some listings to an increased median sales price. The market remains strong in spite of the issues we have all faced over the last few months, and I see this trend continuing as Virginia and the rest of the country open back up.

This information is derived from the Real Estate Information Network, Inc., (REIN) A MLS serving real estate brokers in the Tidewater / Hampton Roads area of Virginia from Williamsburg east to Virginia Beach and south to the North Carolina border.

REIN MLS database primarily lists homes, condos, townhomes, and land for sale in Carrolton, Chesapeake, Gloucester, Hampton, Isle of Wight, Portsmouth Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry, Va Beach, Yorktown, and York County Virginia as well as other outlying areas of VA and NC.

There are four MLS’s covering Hampton Roads, Williamsburg, Gloucester and the metro Richmond area. REIN, WAAR, CBRAR and CVRMLS

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