REGION’S MEDIAN SALES PRICE UP ALMOST 6%

(Virginia Beach, Virginia – April 2020) Real Estate Information Network Inc. (REIN), the regional Multiple Listing Service, reports a year-over-year rise in the region’s home price for April 2020. The median sales price was $255,000, up 5.81% from $241,000 in April 2019.

Residential pending sales dipped slightly year-over-year for April. 2,806 homes went under contract in April 2020, down just 5.14% from the same period of time last year. Settled sales rose for the 12th consecutive month, up 4.33% year-over-year with 2,482 homes closed in April.

“Considering the restrictions we have all faced in this environment, I am pleased that over 2,800 homes went under contract in April, which is a very small decline year-over-year as we tackle this pandemic. The market is extremely strong with the biggest obstacles being that we are in a 57th consecutive month of reduced inventory,” stated Barry Nachman, President of REIN. “The brokerage community anticipates a strong summer sales season as we slowly ease restrictions in our market and across the country, especially once the military lifts their hold on PCS moves, resulting in more available properties.”

April’s residential active listings dropped 25.40% year-over-year, with 6,695 homes on the market as compared to 8,974 in April 2019. This decline in inventory is a trend that has been ongoing for over four years. April’s supply of residential home inventory for the region is currently at 2.64 months, a decrease of 31.43% from April 2019, categorizing Hampton Roads as a seller’s market. In comparison, a six-month supply is considered a balanced market.

In April 2020, distressed homes (foreclosures and short sales) in the Hampton Roads region accounted for 5.25% of all residential settled sales, down 3.19% year-over-year.

VPAR Announces Endorsements for Upcoming Election – Tuesday, May 19th

Red, white, and blue vote buttons background

May 17, 2020             

FOR IMMEDIATE RELEASE

 

Hampton, Virginia — The Virginia Peninsula Association of REALTORS® (VPAR) announces today the following endorsements in the upcoming Hampton and Newport News City Council and Mayoral election that will be held on Tuesday, May 19, 2020.

 

Receiving the endorsement of the Association are the following candidates:

 

HAMPTON MAYOR

Donnie Tuck

 

HAMPTON CITY COUNCIL

Billy Hobbs

Lance “Woo” Jones

Chris Snead

 

NEWPORT NEWS CITY COUNCIL

Marcellus Harris, North District

Pat Woodbury, Central District

Tina Vick, South District

 

The endorsements were based on in-depth written surveys submitted by the candidates. The surveys covered a broad range of issues relevant to the housing and real estate industries, the business community in general and the quality of life in both Hampton and Newport News and here on the Peninsula. Specific topics included providing for increased housing opportunities and relevant pro-housing policies that will produce housing options at a variety of prices, protecting our communities from rising seas and subsiding lands, attracting and retaining young professionals, improving access to quality education — a major driver in housing choice –  strengthening our economic base, protecting our military and federal installations, transit and transportation, redevelopment and reuse of vacant properties, and rental inspection programs.

 

During these unprecedented and challenging times amidst a global pandemic, for the safety of the candidates and the Committee members, and in compliance with the COVID-19 guidelines ordered by Governor Northam, the customary in-person interviews did not take place this year. In one situation, the Committee did conduct separate candidate interviews with two candidates via Zoom.

 

Also, as a result of the current health crisis, inquiries were posed to the candidates on the questionnaire relevant to leadership, the novel COVID-19 virus, and building unity in our communities during these challenging days.

 

The vast majority of candidates submitted detailed, well-thought and well-written responses to the written questionnaire.

 

“It is the Association’s distinct pleasure to endorse these capable, hard-working and supportive candidates for local office,” said Lindsay Pennington Jackson, President of the Association.  “VPAR has very strong relationships with all of our elected officials, and that relationship begins at the time when a candidate connects to the Committee. This election cycle, that connection happened on paper or via Zoom rather than in person. The candidates and the Public Policy Committee rose to the occasion, and handled the process thoroughly and professionally. While we missed our usual two days of intense, in-person interviews that build great rapport with the candidates, VPAR certainly looks forward to having that opportunity at the time that it is safe to meet with these strong leaders. In the meantime, the Association will continue to be the trusted resource for data and policy information that no other organization can generate, and that leads to good public policy outcomes for all of us as residents.”

 

“The Public Policy Committee takes the matter of endorsing candidates very seriously,” stated Committee Chairman Bobby Jankovic. “Every Committee member has a vested interest in the outcome of these important election endorsements, both as REALTORS® who sell the region, and as members of the community who live here. They know the issues. They know the people. They know the Cities. They know that endorsing candidates is perhaps the single most important task that they undertake as a Committee.”

 

Pennington Jackson added, “This again is a very impressive slate of candidates in both Hampton and Newport News. We applaud all of the candidates who are running for Mayor and for Council. Their willingness to step up to the plate and serve the public is to be commended.”

 

“We were very impressed with the talent, qualifications and ideas brought forward during this unique election process, especially by a number of new candidates. They all are very creative and are so dedicated to our communities. With these candidates immersing themselves into the election process, it is reassuring to know that our future is in good hands.”

 

“We are excited about the prospect of working with everyone, both those who serve now, those who want to serve and those who at some point may be elected. We hope to work with them to increase their understanding of housing and real estate issues, business issues and economic development issues both now and into the future,” stated Jankovic.

 

“The Peninsula is going to be well-positioned moving into the next generation of leaders. We all should be proud of the many men and women who are willing to take on their roles as elected officials and decision makers.”

 

Endorsements include campaign contributions from the REALTORS® Political Action Committee (RPAC) of Virginia. Funding and endorsement decisions are based on support of the housing and real estate industries only; political party affiliation is not considered.

 

The Virginia Peninsula Association of REALTORSÒ, Inc. (VPAR) is a professional trade association representing the real estate profession and housing industry in the Cities of Hampton, Newport News and Poquoson as well as the Counties of Isle of Wight and York. The Association is one of many local REALTORÒ associations throughout the country affiliated with the NATIONAL ASSOCIATION OF REALTORSÒ, one of the nation’s largest professional associations and the cornerstone of one of the strongest Political Action Committees in the United States.

 

#  #  # 

MEDIA CONTACTS:         

James M. Wetzel, CEO                                             (757) 599-5222

Susan S. Gaston, Legislative Consultant        (757) 871-1445

 

Become an e-Pro® Now

There is no better time to earn a designation than the present. Take advantage of NAR’s Right Tools, Right Now program and get your e-PRO® certification. Technology may be intimidating, but this interactive class has an easy to follow format that keeps the attention of the participant. The class is split up into 12 different sections and you can pick up where you last left off at any time. There are short assessments at the end of each chapter to help prepare you for the comprehensive exam at the end.

Virtual tours, home automation, and apps are just some of the ever-changing technological advances we see today. Social media activities like blogging, Facebook groups, and Instagram posts are also increasing in popularity. Adding the e-PRO® designation to your name shows that you keep up with these changes as the course reviews all of these. It also reviews a special technique that helps you increase your internet presence and make technology work for you. You can turn your everyday activities and hobbies such as dining, entertainment, or photography into business leads using the Hub and Spokes method. Plus, you will learn how to increase your appearance at the top of an internet search. Not all top search results are paid advertisements. You can increase your ranking by the frequency of your posts and using the right content or keywords.

Being an e-PRO also shows that you are focused on data privacy and security. With this course you will learn all about the federal laws regarding data storage and retention. You will also be guided through creating a data privacy program, learning how to spot a data breach and being prepared when one happens.

Getting your e-PRO certification also gives you access to a Private Facebook group. This group is great for networking and asking technology-related questions. This course also counts as an elective for the ABR®, SRS, and PMN designations.

The best part of working on your e-Pro certification is the cost. Now through May 31, 2020 you can take the 12 hour e-PRO® course for FREE through NAR. This is a savings of $219. The one-time application fee was also reduced to $74.50 (from $149) until June 30, 2020. Best of all, there are no annual fees to maintain this designation (except those needed for NAR membership). Visit https://epro.realtor/ to sign up for this certification today!

By Kaitlyn Fritz, e-Pro®
MLS Staff
Bryan-College Station Regional MLS
mls@bcsrealtor.com

Virginia Peninsula Home Sales Report 1st Quarter 2020


Virginia Peninsula REALTORS®

Market Report Key Takeaways

Housing Market Conditions
• There were 1,354 sales in the Virginia Peninsula housing market during the 1st quarter, inching up 1% from last year, 14 additional sales.
• Home prices continue to climb in the region; at $205,450, the median sales price was 9% higher than the 1st quarter last year, a gain of $16,400.
• The supply of active listings continues to shrink in the Virginia Peninsula footprint. There were 1,894 active listings on the market at the end of the 1st quarter, a 6% decline from last year.

See the full report here Virginia Peninsula 2020-Q1 Housing-Market-Report