Is the Market in Suffolk Really Better?
I think the answer is YES. We have experienced more buyers in the market and more good listings that are not “short sales”. We actually had two homes with multiple offers. That was a shocker. The overall number of residential listings is going down and in Hampton Roads the number of pending and under contract reports is up over last year. The current supply of inventory is 6.02 months according to the REIN MLS system. We would like to see it in the five range.
All good news for a seller. The region’s residential median sales price is $199,250.00 which is up slightly from last month.
Short sales and bank owned listings are still 27.76% of the market, which is way too high for the market to be in balance.
The challenges are still in the bank owned properties holding values down. Having a better over all economy will help with a lot of issues. Interest rates are still great at around 3.375% for 30 years and 2.7% for 15 years. Refinance now, because the prediction is, these are going to go up.
How can we help you or a friend? Referrals are how we do most of our business.
Summer is coming, as soon as we get over global cooling!!!