Record Low Supply of Housing Inventory in Hampton Roads
Real Estate Information Network Inc. (REIN), the regional Multiple
Listing Service, reports that the region’s supply of inventory stood at just 1.97 months for August 2020, down 46.90% year-over-year from August 2019, and the lowest recording since REIN began tracking this metric in
September 2008. Simply stated, if no new listings were added to the market after August 31st, it would take less than two months for the current inventory to sell out. New listings are added to the market every day, so the risk of running out of inventory is unlikely, but this does help to gauge if the market is balanced or if it favors buyers or sellers. The region had just 5,105 residential active listings in August 2020, down 42.15% from the 8,824
listings in August 2019.
While news of such reduced inventory may sound daunting, the region’s sales tell a much more positive story regarding our local market. Residential pending sales (homes that went under contract) for August 2020 rose a
significant 34.78% year-over-year, up to 3,600 units vs. last year’s 2,671. Residential settled sales also rose considerably, up 15.37% with 3,385 homes closed as compared to 2,934 last year. The residential median sales
price increased 7.84% year-over-year, up to $275,000 from $255,000 in August 2019.
“Usually the real estate market begins to slow as the summer months wind down, vacations wrap up, and kids head back to school,” said Barry Nachman, President of REIN. “But if 2020 has taught us anything, this year is not ‘usual.’ Our region’s sales remain strong and there is no sign of a market slow down in terms of how quickly homes sell once listed in the MLS. Demand from buyers coupled with a low availability of homes on the market suggests that 2020’s current sales trends will continue through the end of the year.”
In August 2020, distressed homes (foreclosures and short sales) in the Hampton Roads region accounted for 3% of all residential settled sales, down 2.34% year-over-year and the lowest recording since REIN began
recording distressed statistics.
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.
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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