Wednesday, July 24, 2024

Peninsula Pending Sales Show Increase

Photo by Maria Ziegler on Unsplash

HAMPTON — Pending sales for the month of January were up from the month prior according to numbers released by the Real Estate Information Network (REIN), a multiple listing service (MLS) for the region and provider of real estate data in Hampton Roads. 

That is an encouraging sign for the local real estate market, according to REIN. Pending sales often indicate the level of buyer interest and demand, said REIN Board President Gary Lundholm of The Real Estate Group. 

“For potential home buyers on the Peninsula, the spring market is showing several positive factors,” Lundholm said. “Active listings are up over both last month and last year; we’re seeing mortgage rates trending down for the most part; and January’s median sales prices were the lowest they’ve been in some time.” 

At 31 days for the month, the median days on market was the highest it has been in the past couple of years, REIN said.

“The winter months are typically a bit slower in real estate,” Lundholm said. “And with interest rates being higher than usual and prices also staying level, it’s not surprising to see some properties sitting on the market longer than they normally would. We’ll see improvement though as the weather warms — especially if mortgage rates continue to drop.” 

(Real Estate Information Network)

January data points for the Peninsula (Hampton, Newport News, James City County, York County, Poquoson, Williamsburg, Gloucester, Mathews County, and Middlesex County), according to REIN: 

  • Active residential listings during the month totaled 937. That’s up 2.85% from 911 in December, but up slightly from 888 in January 2023. 
  • Pending sales stood at 528 for the month. That’s up 34.4% from 393 the month prior, but down slightly year-over-year from 550. 
  • Settled sales for the month of January were 395, down from 489 in December, and down slightly from 410 in January 2023. 
  • Median sale price (MSP) of homes sold during the month was $299,900. That’s down from $312,000 but up from $280,000 year-over-year. 
  • Month’s Supply of Inventory (MSI) was 1.59, compared to 1.54 in December and 1.24 during January 2023. MSI is a calculation of how many months there would be homes on the market if no new inventory was added. 
  • Median days on market (DOM) for the month was 31, compared to 28 in December. 

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