Momentum 2019: The Virginia REALTORS® Annual Convention, September 17-19, will be held at the Williamsburg Lodge. Take advantage of the opportunity to explore, discover, and connect with fellow REALTORS®. Momentum 2019 will feature sessions on marketing your business, trends in business and sales, legal updates, housing forecasts, & much more. Register today for only $99!
The Virginia Peninsula REALTORS® recognize Kaera Mims who has recently completed the REALTOR® Institute of Virginia program, thus earning the GRI designation! Completion of the coursework for the GRI designation represents a commitment to industry knowledge and professionalism that not all agents make. Please join us in congratulating Kaera Mims, GRI for this wonderful achievement in her career.
Virginia Peninsula Realtors® Market Report Key Takeaways
- The Virginia Peninsula region has experienced robust job growth over the past year which has supported a strong housing market. However, the region’s economy remains somewhat vulnerable to actions taken by the Federal government, including budget cuts and shutdowns.
- Mortgage interest rates remains at historically low levels. Potential homebuyers and sellers should expect rates to remain low, at least through the spring and into the summer.
Housing Market Conditions
- Sales activity surged 17% in the Virginia Peninsula footprint compared to this time last year, the fastest sales growth in nearly 3 years.
- Home prices moderated somewhat, and the 1st quarter median sales price remained flat compared to last year.
- Homes continue to sell faster in the Virginia Peninsula market compared to a year ago, a reflection of a low inventory of homes on the market and continued buyer demand.
- After more than 2 years of shrinking inventory, the level of active listings has increased for 3 consecutive quarters in the Virginia Peninsula region compared to last year, evidence of changing market conditions that could possibly start to impact prices in the coming months
READ THE FULL REPORT HERE!