Summertime and the Housing Market is Fine!
I love summertime. The days are longer, kids are out of school, people seem to be happier overall, and houses are selling.
Across Hampton Roads 9.36% more homes were sold in May 2018 than in May 2017, and even more impressive, the number of homes that went under contract in May 2018 was up 19.30% from May 2017. These numbers are from the Real Estate Information Network (our local MLS), and the ones under contract match last months numbers. In fact, in Hampton Roads this is the 48th month in a row that the year over year numbers have increased in the number of homes under contract each month.
Inventory (the number of homes for sale), continues to get tighter and Suffolk was the only city last month that had more than five months of inventory, though that number was only 5.05 months. Five to seven months is considered average, and when it fall below five months economists say we are leaning towards a “seller’s market.” Locally, the inventory shortage is mostly in homes priced below $225,000.
In more good news for sellers, our area’s residential median sales price increased 4.35% when comparing May 2018 to May 2017. If you are thinking about buying, we would sugguest that it is definitely time to get the ball rolling right away. With both prices and interest rates going up, buyers will most likely be paying more in future for the same house. However, every situation is different, so give us a call Lee 757-726-SOLD (7653), Harry 757-434-9084, or send us an email (firstname.lastname@example.org or email@example.com) and we can help you decide what might work for you!
Enjoy the summer days! Lee and Harry