Friday, April 12, 2024

Report: Encouraging Signs for Local Real Estate Market

Home sales. Photo by Maria Ziegler on Unsplash

HAMPTON — Despite slight increases in mortgage rates during February, the real estate market across the Peninsula continued to show encouraging signs according to the Real Estate Information Network (REIN), the multiple listing service in the Hampton Roads region.

Data from REIN shows that while the number of active listings increased month-over month and year-over-year, both pending sales and settled sales also increased month-over and year-over.

“These are some encouraging signs as we approach the spring season,” said Gary Lundholm of The Real Estate Group and REIN’s Board President. “Of course, things can change quickly in real estate, but the median number of days properties are on the market also declined from January, which is good news for home sellers.”

Lundholm said that the median sales price of homes sold across the Peninsula also increased when compared to January, and when compared to February 2023.

“For homebuyers, as long as they have sufficient inventory to choose from, they will buy when they find the right home, regardless of mortgage rates,” Lundholm said.

(REIN)

REIN’s February data points for the Peninsula: (Hampton, Newport News, James City County, York County, Poquoson, Williamsburg, Gloucester, Mathews County, and Middlesex County)

  • Active residential listings during the month totaled 962. That’s up from 937 in January and up 15.6% from 832 in February 2023.
  • Pending sales stood at 608, up from 528 last month and up 8.7% from 559 last year.
  • Settled sales for the month of February were 474, up from 395 in January and up 5.8% from 448 in February 2023.
  • Median sale price (MSP) of homes sold during the month was $314,000. That’s up 4.7% from $299,900 in January and up 10.4% from $284,500 during the same month last year.
  • Month’s Supply of Inventory (MSI) was 1.63, a slight increase from 1.59 last month and up from 1.18 last year. 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 22, down from 31 in January.
  • Residential new construction sold via the MLS during the month was 54, compared to 39 last month and 57 last year.

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