The Real Estate Information Network Inc. (REIN), our regional Multiple Listing Service, reports a year-over-year rise in the total number of new listings added to the market in July 2020, up 2.79% from July 2019 with 4,204 new listings.
Despite this increase, overall residential active listings are down 38% year-over-year for July, with just 5,576 active homes for sale vs. 9,052 last year.
Strong and steady sales have reduced the average days on market for a listing from 46 days in July 2019 to 41 days in July 2020.
The current months’ supply of inventory is 2.19 months, the lowest recording since REIN began tracking this statistic in January 2009. Six months is considered a balanced market.
In July 2020, residential pending sales rose a significant 25.33% compared to July 2019, with 3,746 homes going under contract. Residential settled sales also saw a steady increase, rising 14.21% year-over-year for July.
The residential median sales price for July 2020 was $275,000, up 7.84% from the same period of time last year, when it was $255,000.
“The Hampton Roads region is seeing unprecedented sales activity in both existing and new construction properties. This trend will continue for the foreseeable future, due in part to low inventory, lifestyle changes, more competition with multiple offers being received, and interest rates as low as we have ever seen, resulting in higher overall sales activity and prices,” said Barry Nachman, President of REIN. “The downward trend in inventory is, of course, due to increased sales, as well as some apprehension on the part of sellers who may be uncomfortable allowing others into their homes due to COVID-19.”
In July 2020, distressed homes (foreclosures and short sales) in the Hampton Roads region accounted for 3.09% of all residential settled sales, down 2.32% year-over-year and the lowest percentage of sales since REIN began recording distressed statistics.