Have Cake and Eat it too?
Last month we wrote about the potential for 2022 to bring in a new type of market and we suggested that a shift away from a seller’s market was unlikely. The latest market summary and statistics from Real Estate Information Network (REIN – our local MLS) confirm our predictions, at least for the month of 2022. Based on the January numbers, the months’ supply of inventory (MSI – a statistic that measures how long it would take the currently listed homes on the market to sell if we didn’t have any new listings) continued to drop. In an average market the MSI is between 4 and 6 months and about ten years ago it was pushing 10 months. In December 2021 it was 0.88 which was the lowest on record until last month. In January 2022 the MSI was only 0.79. It will be interesting to see what happens to inventory over the next couple of months as people being to list their homes for spring and summer sales.
Here is the chart which compares year over year numbers (January 2021 to January 2022):
As you can see the number of active listings is down by over 25%, but the settled sales and pending sales have barely moved. Clearly the demand from buyers is strong so if you are thinking about selling your property, now is the time to get started. Give us a call (757-726-7653 for Lee, 757-434-9084 for Harry) and put our experience to work to help make you more money!
What’s Happening in Suffolk
Suffolk Tourism, VA
The Suffolk Art League will hold its 38th Annual Antique Show and Sale on February 26 & 27, 2022, at Kings Fork Middle School. The hours are 10am to 5pm on Saturday and noon to 4pm on Sunday. Admission is $7.
Join the Suffolk Division of Tourism as they present the Annual Suffolk Mystery Authors Festival, to be held on Saturday, March 5, 2022. Whether you are an avid or casual reader, aspiring writer or published author, you will find something…
The Suffolk Division of Tourism, in partnership with the Suffolk Center for Cultural Arts, is pleased to present Star Wars at the Center, a series of epic space adventures that became a worldwide pop-culture phenomenon and defined a new…
Photography has been a part of our lives since the 1800’s and Suffolk boasts some great photographers through the years. Join the Suffolk-Nansemond Historical Society as they present “Through The Lens,” an exhibit that features thousands of…
Suffolk Tourism, VA
Indulge Yourself! From Suffolk’s best-kept culinary secrets to national award winning restaurants, Suffolk Restaurant Week promises a savory blend of the city’s signature flavors. The 2022 Spring Suffolk Restaurant Week is slated for March 19-26.