It is March and the Madness has begun on both the basketball court and the local housing market in a very positive way. Over the last couple of weeks, Lee has been involved in five different home sales that all had multiple offers, and as the numbers show below, our local sales market is picking up steam.
According to the Real Estate Information Network (Hampton Road’s multiple listing service), the number of homes under contract continues to show strong year over year gains. Hampton Roads had a 30% increase in the number of homes under contract in February 2016 compared to February 2015. At the end of February, the month’s supply of housing inventory was at 5.39 months. This is calculated by taking the numbers of homes on the market for sale and dividing it by the number of homes sold in the month. The month’s supply of housing inventory has been trending down for each of the last ten months. In an average market, this number is typically between 5 and 7 months. Different home types and price ranges are experiencing a different amount of demand. So as Lee’s recent multiple offers show, homes that are priced aggressively, especially in the first and second time buyer price range, are selling fast.
Mostly importantly, studies show that in our market, April is the month that your home is most likely to sell. If you are thinking of selling this year, give us a call for a free, no obligation consultation.