Last month we wrote about commonly asked questions as we head into what many (including us) believe is a changing real estate market. Interest rates are going up and buyer demand is going down but by just about all other market measures, we are still in a strong seller’s market. So, is the market slowing down? Yes, but in the same way people tap their brakes on the interstate when they pass a state trooper… just a little.
REIN (our local multiple listing service) recently released the data to the right that provides an interesting comparison of the data from the first halves of 2019 and 2022. As you can see from the numbers, other than the number of active listings, the rest of the numbers are all in the same ballpark. The real estate market works just like any other market; when you have limited supply, the price increases. This assessment helps delineate why we are still in the midst of a strong seller’s market.
In the second graphic below, comparing June 2021 to June 2022, you see the impact of the reduced buyer demand. Here is the chart:
Despite the fact that sales fell, the median sale price was up 9.17% in June 2022 to $325,750 when compared to June 2021. As one more point of reference, back in June 2019 the median sale price was $255,575.
In our mind one of the most important statistics is the months supply of inventory. This number is calculated by dividing the total number of homes listed for sale by the number of homes that go under contract. For example, if 100 homes are listed and 10 go under contract, that months’ supply of inventory would be 10 months. A balanced market is between 5 and 7 months. In June 2022 it was 1.33 months, which is up from 1.10 months in May 2022.
While the last couple of months show a trend away from a seller’s market, based on the months supply of inventory we still have a long way to go before we get to what would be considered a balanced market.
As the market changes, different price ranges and neighborhoods are starting to trend away from the rest of the market. Each price range and neighborhood are different, so give us a call (757-726-7653 for Lee, 757-434-9084 for Harry) or reply back to this email. We love talking real estate and are happy to give you a no-obligation market analysis on your home.
What’s Happening in Suffolk
TGIF Summer Concert Series: Buckshot
The summer is here and Suffolk Parks & Recreation wants you to kick off your weekend right with the TGIF Summer Concert Series of 2022, at Bennett’s Creek Park. The park will open at 6pm and the bands will take the stage at 6:30pm. The music will …
Read more
www.visitsuffolkva.com
Mindscapes: One-Person Exhibit by John Alan Stock
The Suffolk Art League will present “Mindscapes,” a one-person show by John Alan Stock, winner of the SAL 2021 Annual Juried Exhibition. The show brings together several series, all of which are derivative of the brain/mind/sensing, and will be…
Read more
www.visitsuffolkva.com
Two-day Native American cultural celebration including music, dance, food, and crafts. The pow wow is located at the end of Pembroke Lane which runs off Godwin Boulevard (across from Oakland Elementary School) in the Chuckatuck area of Suffolk….
Read more
www.visitsuffolkva.com
Great Dismal Swamp Safari
The Great Dismal Swamp is anything but dismal. The narrated Swamp Safari, one of Suffolk’s most popular attractions, fills up quickly. This three-hour tour is led by a biologist specializing is the unique habitat of the Great Dismal. Learn about…
Read more
www.visitsuffolkva.com
Historic Suffolk Narrated Bus Tour
See Suffolk through the eyes of years gone by! Suffolk’s rich heritage dates back to the early 17th century, when Captain John Smith first encountered the Nansemond Indians on the Nansemond River. Even now, you can trace Suffolk’s legacy through…
Read more
www.visitsuffolkva.com
Kayak Excursion of Bennett’s Creek
Explore the tidal wetlands along Bennett’s Creek while viewing a variety of bird and plant species. Guided kayak excursions are facilitated by a water adventures outfitter with years of experience. All equipment is included with registration fee. …
Read more
www.visitsuffolkva.com
Cedar Hill Cemetery Stroll
An official Virginia Civil War Trail site, Cedar Hill Cemetery has long been an attraction for history buffs and even walking groups. The Suffolk Division of Tourism offers a guided stroll through the pleasant 32-acre cemetery, rich in history…
Read more
www.visitsuffolkva.com
Legends of Main Street: A Suffolk Ghost Walk
A hair-raising encounter with the spirited side of Suffolk. Follow a costumed guide through the shadows of historic Main Street discovering stories, legends and “unexplained occurrences” by lantern light. Tales of unsolved mysteries and…
Read more
www.visitsuffolkva.com
Suffolk Farmers’ Market Season Opening Celebration
The Suffolk Farmers’ Market kicks off the 2022 season on Saturday, May 7, in the Suffolk Visitor Center Pavilion at 524 North Main Street. The weekly market is enjoyed by locals and visitors searching for fresh locally grown fruits and…
