In the News for Buyers and Sellers

April Update and win a gift card!
Last month we were worried about sounding like a broken record.  This month, it is the same song, but a different tune.
The recognizable part is the year over year numbers continue to swing towards a seller’s market.  According to numbers from the Real Estate Information Network (our local MLS) there were 9,244 homes for sale in March 2018, which is 8.67% less than in March 2017.  March 2018 is the 32nd consecutive month of a decline in the number of homes for sale when looking at year over year numbers.  The number of homes under contract (pending) has also increased based on year over year numbers for the last 46 months.
The change has occurred in the absorption rate.  The absorption rate, also called the months’ supply of inventory, is calculated by dividing the total number of homes listed for sale by the number of homes that go under contract.  For example, if 100 homes are listed and 10 go under contract, that months’ supply of inventory would be 10 months.   A balanced market is between 5 and 7 months.    From December 2017 through February 2018, the absorption rate decreased each month, but it went up some in March 2018 to 4.11 months.  However, when you compare the year over year March 2018 is 12.37% less than March 2017.
We have been writing this monthly update for a couple of years now and are looking for some feedback.  We would love to hear what you like about the newsletter and what you think we should change.   Is there other information you think we should include?  In an effort to get you to hit reply and tell us, we will send Starbucks gift cards to the first five people who give us their thoughts.  We will put in everyone else who responds and draw out five more names to send Starbucks cards to as well.
Good luck, and even if you are like Harry and don’t like Starbucks coffee please respond as we can always send you to Sweet Frog instead.
By: Lee Cross

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Specializing in properties in South Hampton Roads, Virginia.

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