Over the last couple of updates we have been writing about the months of supply (total number of homes listed for sale divided by the number of homes that go under contract that month) decreasing and the number of homes selling each month increasing. Both of these trends have been going on for years when looking at year over year (March 2019 versus March 2018) statistics from the Real Estate Information Network (our local MLS). Both of these are good for sellers, but of course this isn’t a trend that can continue forever.
The trend almost came to an end last month across Hampton Roads, with the number of homes sold increasing only 1.90% year over year. The months supply is still easily trending downward at 9.73% for the 47th consecutive month of a decrease when using year over year numbers.
Interestingly enough, the trend of increasing sales actually ended on the Southside, and it was only the statistics from Hampton (increase of 31.45%) and Newport News (8.77%) that kept Hampton Roads as a whole in the positive. Also, Suffolk’s months of supply is currently the highest of our local major cities at 4.49 months. This still means the real estate community needs more homes to sell, as an average market is normally thought to be between 5 and 7 months of supply.
Last time we asked a trivia question: 24.08% more homes went pending across Hampton Roads in January 2019 than January 2018, what was the percentage increase for just the homes in Suffolk? The answer is an amazing 50.52%.
Sellers often make the mistake of thinking that summer is the best time to list, but studies show that this isn’t the case. If you are thinking about selling your home, let Cross Realty put our 65 years of local experience to work for you.
Give us a call, Lee 757-726-SOLD (7653), Harry 757-434-9084, or reply back to this email and we will set up a time to talk. We are happy to do a quick, no obligation walk through on your home to tell you what your house could sell for in this market.
Lee and Harry
It’s Back for 2019
Suffolk Farmers Market returns on Saturday, May 4, at the Suffolk Visitor Center Pavilion at 524 North Main Street!
Enjoyed by all, the market features fresh locally grown fruits and vegetables, jams and jellies, eggs and milk, meats and poultry, honey, baked goods, pickles and relish, salsa, fresh-cut flowers, and a variety of artisan-crafted goods. You can also find the Teeny Tiny Farm Petting Zoo, Library2Go, live music by Justin Luke McCurry, a bounce house, and the opportunity to get creative with the Suffolk Art League with special themed days scheduled throughout the season.
Open from 9am to 1pm each Saturday though November 23, 2019 the Market is situated at the corner of Constance Road and North Main Street directly behind the Suffolk Visitor Center. All market activities, admission is free and open to the public.
For questions, please contact the Suffolk Visitor Center at 757.514.4130 or log to VisitSuffolkVa.com for details.
It’s a great time to purchase a home! If you would like to get rates quoted, or to see how much you qualify for, contact me- Bill Duggan, Sr. Mortgage Banker, Atlantic Bay Mortgage Group- 757-615-5172 or [email protected]
Suffolk Parks and Recreation….a Top 100!
Did you know that Suffolk Parks and Recreation is now nationally accredited and one of the top best 100 Parks and Recreation agencies in the nation?
From youth sports to senior activities and therapeutic recreation programs, the folks at Parks and Rec can even set you up with a doubles partner for tennis. Don’t forget, Suffolk Parks and Recreation offers 16 walking trails throughout our city. Trails are located in parks, along old railroad tracks and even inside city office buildings. You can find pleasant route to meet your health and recreation goals.
Visit the Parks and Recreation site at http://www.suffolkva.us/266/Parks-Recreation and take a look at all the activities that Suffolk has to offer!