Our team at CGP Real Estate Consulting breaks down the monthly housing stats provided by the Hampton Roads Real Estate Information Network. Here’s what we see:
In December, 2019, there were 4,096 active residential listings, of which 1,541 were new listings.
This is a 23.45% decrease YOY and the lowest number of active & new listings in a single month in all of 2019.
The median list price was $295,000 for all listed properties.
The number of homes sold was 1,802 - a 20.62% increase year over year.
Remarkably, this is the highest number of homes sold in the month of December over the past 10 years.
The median sales price was $249,900.
The “absorption rate” per month is the average number of listings that have sold per month in the last year. The current absorption rate as of December 2019 was 1,742.25.
If no new listings were put on the market, there would be no inventory left after 2.35 months at the current rate properties are selling.
THE BOTTOM LINE:
The low inventory can mainly be attributed to the time of year. If history is to repeat itself, the housing supply will increase significantly over the next 6 months. Whether or not the seasonal boost in supply will be able to keep up with the increased demand is yet to be seen. Buyers should be prepared to act quickly when the perfect house hits the market.
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*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 thereof are the sole responsibility of the CGP Real Estate Consulting and Anchor Realty Group, and not attributable to REIN.