April 2020 Residential Market Update|Hampton Roads Real Estate
Our team at CGP Real Estate Consulting has compiled the monthly housing statistics from the Hampton Roads Real Estate Information Network. Here’s what we see for April 2020:
Despite people staying at home, home sales have maintained their YOY increase in April.
1,731 homes sold in Virginia Beach - a 4.97% increase year over year.
The median sales price was $262,000 - 4.85% increase in median price YOY.
The average market time was 44 days.
Supply decreased slightly from March to April. There were 4,321 active residential listings, of which 2,296 were new listings.
This is a 27.75% decrease in active listings for the month of April YOY.
The median list price was $299,000 for all listed properties.
The “absorption rate” per month is the average number of listings that have sold per month in the last year. The absorption rate at the end of April was 1,779.58 units per month.
If no new listings were put on the market, there would be no inventory left after 2.43 months at the current rate properties are selling.
Bottom Line: Supply. Supply. Supply. New listings for the entire Hampton Roads area dropped by 4.5% from March 2020. COVID-19 seems to be keeping potential sellers from listing their homes during the historically busy real estate season.
*Hampton Roads Southside is defined as: Southside Norfolk, Virginia Beach, Portsmouth, Chesapeake, Suffolk, Smithfield, Isle of Wight, Franklin, Southampton, Surry, Sussex, Emporia, and Greenville
***Disclosure: The Hampton Roads Real Estate Information network (REIN) is the sole source of Listings Information for the statistics or analytics above. All interpretations, analytics, or derivations