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!
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…
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.
For the past year we have been writing about how few homes there are for sale on the market and how that is the largest driver behind our current seller’s market. An important point to make is that while the months supply of inventory is definitely down (December 2021 was less than one month), 38,276 homes – an impressive number – sold in 2021 across all of Hampton Roads. That is 4,579 more homes than sold in 2020 and more than double the number of homes that sold ten years ago in 2011. Here is a chart from our local MLS (Real Estate Information Network – REIN) with some more information:
To buyers it seems like there are not any homes for sale but the numbers show that there are, in fact, more homes selling than in past years. The real problem is that the demand from buyers is so high that the available houses are selling at a rapid pace and on an accelerated timeline. This is driving up prices across the board. The median sales price for the entire year of 2020 was $266,000. The median sales price for the month of December 2021 was $290,000. Can you guess what the median sales price was for the entire year of 2021? Reply back to this email and the three people with the closest guesses will win a Starbucks gift card.
As we head into spring, if you are thinking about selling your property, now is the time to get started. Sellers often make the mistake of waiting to list in the summer, but statistics show that early spring really is a better time. Based on a study we did a couple of years, the top five months with the highest number of homes going under contract are, in order: April, June, May, July, and March. Many people do move during the summer months but that is often because they listed their house in the spring, aiming for offers that might close 30 to 60 days later in time for a summer move. If you are considering selling, now is the time to start making plans and we are here to help. 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!
Masters of Soul is a celebration of the legendary songs and performers that defined Motown and soul music. Back by popular demand, this 90-minute show features stylishly costumed, fully choreographed performances of both male and female groups…
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…
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…
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…
For the past several months we have been writing about what the local Hampton Roads real estate market did in 2021 and we made a few predictions about where we think the market might be heading. This month we are sticking to the facts and next month will circle back with some market predictions. If you want to reread past newsletters and our previous predictions, you can find them on our blog at CallCrossRealty.com/Blog.
The median sales price continues to increase based on year over year numbers (November 2021 compared to November 2020) and was $295,000 for November 2021, up 6.88% from November 2020. Year over year, both pending sales and closed sales are up 10.43% and 5.44% respectfully. There were only 3,484 homes for sale in November 2021. That number is 13% fewer than October 2021 and about 20% fewer than November 2020.
Next month we will be back with more predictions and address the best time to list a home for sale based on a local market study. Many people believe that summer is the best time to list but they are mistaken. Stay tuned for next month’s newsletter to find out more. If you are thinking about selling, go ahead and give us a call because the best time to list is sooner than you think. We love talking real estate, so don’t hesitate to reply to this email or give us a call (757-726-7653 for Lee, 757-434-9084 for Harry).
Thanks,
Lee and Harry
What’s Happening in Suffolk
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…
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…
For the last two months, we have been watching the local market closely to see if there are signs of a ge in the strong seller’s market that has dominated in 2021. And this month, just like last month, we aren’t close to being ready to declare the seller’s market over. Using this month’s chart, a strong case could be made that October 2021 was an even better time to be a seller than October 2020!
That being said, both the number of settled sales and pending sales were higher in September 2021 than in October 2021. The median number of days on market (how many days it takes for a house to go under contract) was 17 days in October, which is two days higher than September. Most importantly to sellers, the median sales price was $290,000 in October, which is $3,000 lower than September. October’s monthly supply for inventory (how many months it would take for buyers to buy all of the current listings assuming no new homes are listed for sale) was down to 1.26 in October 2021 from 1.39 in September. In a balanced market, we have between 4 and 6 months of inventory. Despite the statistics showing the slight decline in price, we still feel that we are in a strong seller’s market.
It will be interesting to see what the next few months will bring for our local housing market. These statistics represent averages across Hampton Roads and your individual real estate needs might be different. If you are thinking about moving and you would like to discuss your personal real estate needs, please reply to this email, or give us a call (757-726-7653 for Lee, 757-434-9084 for Harry). We love talking real estate, so don’t hesitate to give us a call if you have questions.
Thanks,
Lee and Harry
What’s Happening in Suffolk
Juried Exhibition
Suffolk Art League’s popular Annual Juried Exhibition includes artworks in a variety of mediums by artists from throughout the Hampton Roads region and beyond. The exhibition will be on display from October 23 through December 3 at the Suffolk…
Welcome in the holidays with the 2nd Annual Suffolk Festival of Lights at Sleepy Hole Park! This FREE drive-through holiday light display runs for 1.2 miles and has over 35,000 bulbs-sure to put you in the festive spirit! The display is available …
Start your holiday shopping at the Suffolk Farmers’ Market Artisan Gift Fair! Join Suffolk Tourism for the annual outdoor holiday market in conjunction with the Suffolk Farmers’ Market, featuring 30+ vendors offering artisan-quality crafts,…
This beautiful art exhibition features 23 artists, with 57 paintings and three wood turned pieces. The Southside Artists Association was established in 1965 as the Chesapeake Art Guild. As the organization grew, members were added from Virginia…
The Suffolk Division of Tourism, in partnership with the Suffolk Center for Cultural Arts, is pleased to present the enchanting 2019 live-action film, Aladdin, at the Suffolk Center on Saturday, December 11, 2021, at 2pm. Admission is $1 per…
View the sights and sounds of the 2021 Suffolk Holiday Parade on Saturday, December 11, 2021, at 7pm. Find the best spot to watch the floats, equestrian units, marching bands, and festive vehicles as they make their way down West Washington…
Last month we asked this question: Is local demand cooling off? This month we have some statistics
suggesting that the local housing market is slowing down a hair, but if you are driving down the highway at 100 miles per hour, is going 97 miles per hour really slowing down?
We aren’t ready to sound the alarm yet, especially since our latest numbers are from September, meaning that the majority of the homes represented in the statistics went under contract in August. August is traditionally one of the slowest times of the year for real estate sales. Plus, as the chart shows, the year-over-year numbers (September 2020 compared to September 2021) are still trending in a positive direction for sellers.
Did you know that Cross Realty also manages rental properties and that we are active local investors ourselves? Last week Lee was asked to give a market update to a local real estate investors group. The link to his presentation is below if you would like to watch.
If you are thinking about moving and you would like to discuss your personal real estate needs, please reply to this email, or give us a call (757-726-7653 for Lee, 757-434-9084 for Harry). We love talking real estate, so don’t hesitate to give us a call if you have questions.
Thanks,
Lee and Harry
What’s Happening in Suffolk
Friday Night Frights
Suffolk Tourism, in partnership with the Suffolk Center for Cultural Arts, is pleased to present the Third Annual Friday Night Frights Classic Horror Film Series. Scream will return to the big screen on Friday, October 15, 2021; The Birds is…
Suffolk Art League’s popular Annual Juried Exhibition includes artworks in a variety of mediums by artists from throughout the Hampton Roads region and beyond. The exhibition will be on display from October 23 through December 3 at the Suffolk…
Bring your little goblins and ghouls to Touch a Truck, Train & Trick or Treat on Saturday, October 30, 2021! The event begins at 11am and ends at 2pm, rain or shine. Enjoy food, candy, games, trucks, trains and more! Children can see, touch, and…
Do you know what makes an agent successful? We do. Cross Realty welcomes queries from those who are interested in joining our award-winning team. Call Harry today at 757-434-9084 to schedule a confidential meeting.
Specializing in properties in South Hampton Roads, Virginia.
