School is out and the buyers are too! According to the Real Estate Information Network (Hampton Road’s multiple listing service), the number of homes that became pending (under contract) went up by 32.68% when comparing year over year numbers (May 2015 to May 2016). Interestingly, Portsmouth had a 78% increase, Norfolk’s was only 1.18%, and Suffolk’s pending sales went up by 22.86%.
The months’ supply of inventory across Hampton Roads continues to fall, and in May it was at 5.62 months. This is calculated by dividing the total number of homes currently listed by the average number of homes that have sold each month over the last year. A rule of thumb is that in an average real estate market, the months’ supply of inventory should be between 5 and 7 months. In May, Suffolk’s months’ supply was 7 months.
Studies show that July is the second most popular time for owners to list their home in Hampton Roads, but August is a very slow month for buyers. So, if you are going to sell your home this year, you should try to have it listed in the next week or two.
If you are wondering what effect the increase in buyer’s demand has on your personal home, give us a call/email/text for a free, no obligation, consultation to find out what your house is worth
By: Lee Cross