(Virginia Beach, Virginia – January 2020) Real Estate Information Network Inc. (REIN), the regional Multiple Listing Service, reports a rise in the region’s residential home sales and median sales price in December 2019. The Hampton Roads region’s sales increased in December, recording larger than usual year-over-year gains in pending and settled sales for the month, and bucking a common trend of slow real estate activity during the holiday season (between Thanksgiving and New Year).
The region saw 2,051 homes go under contract in December 2019, a year-over-year increase of 30.30%, up from 1,574 the previous year, and the largest year-over-year gain since REIN began tracking this statistic. Residential settled sales also rose a substantial 19.67% year-over-year with 2,427 closed units. The region’s median sales price was $246,000, up 5.41% from December 2018.
The number of available homes for sale dropped 20.86% year-over-year in December 2019, a downward trend for 53 consecutive months. December’s supply of residential home inventory is currently at 2.58 months, down 26.50% from last year and the lowest months’ supply of inventory since the tracking of this statistic began in January 2009. A six-month supply is considered a balanced market.
“The rise in sales is a good sign for our local economy as the confidence factor is up, but it may also lead to increased pricing for available housing due to shortages in inventory,” said Barry Nachman, President of REIN. “We have also seen a downward trend in available rental properties which could also lead to higher rental costs moving into Spring.”
In December 2019, distressed homes (foreclosures and short sales) in the Hampton Roads region accounted for 5.77% of all residential settled sales, down 3.65% year-over-year.
About Mr Williamsburg
Psssst! I wanted to let you in on a little secret. While I am a real estate agent…I am a different kind of real estate agent. I am creating a revolution in realty by combining everything you love about this area all into one place. Known around town as Mr. Williamsburg, I combine my extensive knowledge of the Williamsburg, Richmond, and Hampton Roads areas with my expertise in helping buyers and sellers navigate the ever-changing local real estate market to create a top-notch experience that checks all of your boxes.
Are you a homeowner searching for someone innovative and committed to selling your home? Allow Mr. Williamsburg to tell your story. With my unique marketing approach, your home will be seen from your eyes, not described in a few sentences by someone who doesn’t know it well.
Curious in finding the value of your existing home? Ask me here.
Interested in learning more about neighborhoods in the Williamsburg area? Check out my resources on specific communities in the surrounding areas of Williamsburg and Hampton Roads here.
Looking somewhere other than Williamsburg? In addition to my affinity for Williamsburg, I have helped hundreds of folks find their dream home and community in areas outside of the ‘Burg, such as Yorktown, New Kent, Virginia Beach, Chesapeake, Suffolk, Isle of Wight, Poquoson, and Richmond. I’m committed to helping you find your perfect fit and the place you’re happy to call home. Fill out this form and I’ll get back to you so we can connect.
Want to learn more about what working with me is like? While I can tell you all day why I love what I do so much, hearing directly from previous clients is the best way to see this. To read real client reviews and learn more about what it’s like working with me on your team, visit my reviews page here.
Your real estate journey is just that…yours. I get that it’ll be unique. It needs a marketing plan and a committed real estate professional to guide you every step of the way. To talk further, you can reach me via phone or text at 757-254-8136 or through email at John@MrWilliamsburg.com.
I look forward to serving your real estate needs and welcoming you to this place that I’m lucky enough to call home!
John Womeldorf, Mr. Williamsburg