Some buyers are starting to feel that finding a house for sale is beginning to approach a needle in the haystack level of difficulty in this market. Multiple offers are very common, especially for houses under $300,000, and it isn’t unusual for a home to sell within days or even hours of hitting the market.
This type of market would lead one to believe that there are fewer homes listed for sale but surprisingly, across Hampton Roads there were actually more homes listed for sale in July 2020 than in July 2019. The difference was only 2.79% more, but the current market feels as though there was a significant decrease in the number of homes for sale this July. What has actually occurred is a greater number of buyers are in the market for a home right now so, despite the increase, it feels like a decrease. Here is a chart with some additional real estate stats for Hampton Roads:
As you can see in the chart, even though more homes were listed, the percentage of active listings was down by almost 40% (38.40%). Demand from buyers was so strong in July that it drove the year over year median sales price up 7.84% and the months supply of inventory down to 2.19 months. An average market typically has between 5 and 7 months of inventory, and last month the median sales price was up a little under 3%. Clearly, we are in a seller’s market.
Last month, we asked a trivia question: Based on data from REIN (our local MLS); there is a single feature of some homes that is showing an extra 16% rise in sales for homes that have this feature. The answer – a swimming pool!
You may be pleasantly surprised by the price that your home will bring in this market. We are happy to provide you with a free custom market analysis for your home or property. Reply back to this email or call us at (757-726-7653 for Lee, 757-434-9084 for Harry). We love Real Estate and are always happy to talk. Lee and Harry
I may sound like a broken record but rates continue to be at historic lows which make it a great time to buy a house or consider refinancing your existing mortgage. Over the last 2 weeks we have seen a minor increase but rates continue to hover around 3%. The Hampton Roads area is definitely a seller’s market and since inventory is very low, your agent needs you to be ready with a lender pre-approval before starting the home search. I would be happy to chat with you about your financial situation and help you get ready to purchase a home.
Give us a call Bill Duggan Sr. Mortgage Banker 757-615-5172 or email billduggan@atlanticbay.com
Celebrating September
Sometimes the month of September can be a bit of a back-to-school bummer, especially after a carefree summer schedule. September has lots to offer to celebrate. From National Double Cheeseburger Day to National Beer Lover’s Day here is a list of a few of the wacky, weird, and wonderful holidays September has to offer. Here are a few reasons to celebrate during the month of September.
Sept. 4: Eat an Extra Dessert Day~Splurging on dessert isn’t always the healthiest choice to make. But today, go ahead and indulge in that second serving of your favorite dessert. After all, it’s good to treat yourself every now and then.
Sept. 5: National Cheese Pizza Day~It’s widely believed that the humble cheese pizza is the perfect food. It’s the ideal balance of carbs, protein, and fat. It reheats wonderfully. And it’s delicious for any meal. Dig into a homemade cheese pizza, or order one from your favorite restaurant today.
Sept. 7: National Beer Lover’s Day~Isn’t just the standard light lager bartenders sling across every American bar top. The craft beer movement has produced some incredibly creative and tasty brews that blend different styles, flavors, and inspirations. Check out your local brewery for some new-to-you beers today, or try brewing your own beer at home.
Sept. 13: National Kids Take Over the Kitchen Day~Let your kids do the cooking today for National Kids Take Over the Kitchen Day. This day is all about teaching young people some cooking skills and letting them be creative with food. So pick a recipe that’s suitable for your child’s age, and allow them to take the lead on the food prep.
Sept. 19: International Talk Like a Pirate Day~Shiver me timbers: It’s International Talk Like a Pirate Day! If you’re not sure exactly how to talk like a pirate, try adding a few “argggghs” and “walk the planks” into your everyday conversation. Whether you carry a parrot on your shoulder or wear an eye patch is totally up to you.
Sept. 27: Love Note Day~Everyone loves receiving a sweet love note. So for Love Note Day, skip the mushy store-bought card and get a little more creative. Add a cute note to your kid’s lunch, use old lipstick to write a message on your partner’s side of the bathroom mirror, or surprise your best friend with a note filled with compliments.
Sept. 29: National Coffee Day~Today, raise your coffee mug and toast to the roasted beans that keep us going. Looking for a few more ways to appreciate coffee? Try adding it to your favorite cocktail, coating coffee beans in chocolate, or blending a few beans into your favorite vanilla ice cream for a homemade coffee shake.
