The ten day forecast is showing that we are in for a lot more rain. While we can’t make the clouds go away, we can report a bright and sunny outlook for the housing market.
Statics from the Real Estate Information Network (our local MLS) showed that of all of the homes that sold last month, only 7.89% were labeled as distressed sales. A distressed sale is either a bank foreclosure (the bank owns the property and has listed it for sale through the MLS) or a short sale. A short sale is when the owner of the property owes more on the house than what it is worth today and the lender agrees to accept less to allow the owner to sell the property.
The highest percentage Hampton Roads had was in March of 2011 at 42.8%. June’s number of 7.89% was the lowest since August of 2008. Along with the positive news of the lower distressed sales, the number of homes pending (under contract) went up for the 49th straight month when comparing year over year sales (June 2018 to June 2017). Also, the number of homes listed for sale is down for the 35th straight month based on year over year numbers. The median sales price increased to $248,000 last month and that is 2.06% higher than in June 2017.
In other news, we are hiring! There is a real estate assistant position available and the job description is posted on our Facebook page and Indeed.com. Check it out there if you or someone you know is interested. Cross Realty is a great place to work!
Lee and Harry