Hampton Roads is a Rising Market!
The Hampton Roads real estate sales statistics from April continue to show a rising market. According to numbers from the Real Estate Information Network (our local MLS), 19.30% more homes went under contract (pending) in April 2018 than in April 2017. This continued what is now a four year trend of the year over year pending numbers rising (comparing the same month in different years to allow us to compare apples to apples).
But, interestingly enough, Suffolk was the only city in Hampton Roads to go down in pending sales. The 19.30% was Hampton Road’s average. Newport News had the largest increase at 34.24%, and Suffolk’s fell 0.62%. A tiny decline, but still well below the average for the area. It is our opinion that part of this large difference in numbers is that buyers are having trouble finding the house that they want.
If you are thinking about selling don’t wait! Sellers often make the mistake of waiting until summer to list their houses (studies show that July is the second most popular month to list your home). It is true that more people typically move over the summer, but that is because the buyer found and put the home under contract 30 to 60 days earlier. August is one of the slower times of year for sales because no one wants to move during the first few weeks of the school year.
We are happy to come out and give you a free comparative market analysis so you can know what your home can sell for in our current market. Give us a call Lee 757-726-SOLD (7653), Harry 757-434-9084, or reply back to this email.
Enjoy your weekend,
Lee and Harry