In October we pointed out that it was the first time in our memory that all of the major statistics we track had double digit percentage changes based on year over year numbers. This month’s update also has them solidly in double digit territory. Here is the chart that compares November 2020 to November 2019.
As you can see, prices have continued their steady increase, inventory (the number of homes listed) continued to decline, and the median sales price continues to increase. Using the statistics from the Real Estate Information Network Inc. (our local MLS), the median sale price increased 13.69% when comparing November 2019 to November 2020 sales. This meant sellers got on average an extra $33,175 for their home.
The number of active listings across Hampton Roads declined by 40%, however roughly 5.5% more homes were listed for sale across Hampton Roads in November 2020 than in November 2019. Houses are just selling so much faster that the active inventory has declined greatly.
People believe that summer is the best time to sell your home but that is misconception, especially in our area. If you are thinking about selling, give us a call and we can tell you what the local statistics show is the best time to list your home – it’s probably much sooner than you think. We love talking real estate and are always happy to chat. Reply back to this email, or give us a call (757-726-7653 for Lee, 757-434-9084 for Harry).
Happy New Year!
Lee and Harry
In 2020 we hit record lows a few times throughout the year; we saw rates of 2.5% and lower for a 30 year fixed rate. A quick
review of predictions from Fannie Mae, Freddie Mac, Mortgage Banker Association and other organizations reveal rates in 2021 in the high 2’s and low 3’s. There are many factors contributing to these predictions – the primary one being Covid. With all of the bailout and stimulus packages putting the federal government deeper in debt, the expectation is for rates to stay low for the foreseeable future. The low rates are helping to make housing more affordable and could help offset the increasing property values we are seeing due to the lack of inventory.
IGive us a call to discuss your homeownership goals and we can get you pointed in the right direction- Bill Duggan Sr. Mortgage Banker 757-615-5172 or billduggan@atlanticbay.com
More Americans, including in Hampton Roads, are experiencing food insecurity for the first time in their lifetimes since the COVID-19 pandemic began. Data released this month by Feeding America shows food insecurity in Virginia Beach increased by 40 percent from 2018 to 2020. In Chesapeake, the number rose by 37 percent; 30 percent in Hampton; 32 percent in Suffolk; 31 percent in Newport News, and 28 percent in Norfolk.
You can help end hunger in your neighborhood.
For every $10 donated, the Foodbank can distribute up to $60 worth of grocery products- how amazing is that!
Welcome 2021!
New Year’s Traditions
Did you know that iis believed that the Babylonians were the first to make New Year’s resolutions, and people all over the world have been making andd breaking them ever since!
Noisemaking and fireworks on New Year’s eve is believed to have originated in ancient times, when noise and fire were thought to dispel evil spirits and bring good luck.
We here in the south have the traditional New Year’s dish of Hoppin’ John. A one pot dish of rice, black-eyed peas (or field peas), smoked pork, and onions that cooks all day. Black eyed peas are supposed to bring you luck if you eat them on New Year’s Day, and it is traditionally eaten with collard greens. An old saying goes, “Eat peas on New Year’s day to have plenty of everything the rest of the year.”
As we usher 2020 out, let’s all wish for health and prosperity for 2021!
