Category: Market Updates

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Virginia Peninsula 2019-Q3 Housing-Market-Report

Virginia Peninsula Realtors®
Market Report Key Takeaways
Economic Conditions

 The strong Virginia Peninsula economy slowed somewhat at the end of 2018, with job growth fueled primarily by the relatively lower-wage Accommodation & Food Services and Administrative & Building Support Services sectors.

 Interest rates are even lower now than they were at the beginning of the year, and there is no indication of significant increases in the months to come.
Housing Market Conditions

 Home sales continue to increase in the Virginia Peninsula region and were up 5% in the 2nd quarter compared to last year. Hampton led all jurisdictions in sales growth, with 73 more sales than a year ago, representing a 13% gain.

 After moderating during the start of the year, home prices in the region are back on the rise, continuing a trend that has been relatively consistent for more than two years. At $212,000 the median sales price in the Virginia Peninsula footprint is $12,000 higher than last year, a 6% increase.

 Overall, the inventory of active listings is expanding slowly; however, the growth is only occurring in York and Isle of Wight Counties. The number of active listings in other jurisdictions in the region continues to shrink, which is having an impact on pricing in some local markets.

View the full Report Here: VPAR 2019-Q2 Housing Market Report

 

 

 

 

 

 

 

Virginia Peninsula Realtors® Market Report Key Takeaways

Economic Conditions

• 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!

October 2016 residential real estate sales performed steadily relative to prior year benchmarks, re balancing from a third quarter balloon and still reflecting high buyer demand. The value of transactions for October 2016 was $2.815 billion, up 1 percent from the same month in 2015 ($2.787 billion). Volume through the end of October 2016 exceeded $31.970 billion, a gain of 6.4 percent from last year’s accumulation of $30.050 billion.

 

As high demand overcame typical seasonal trends, October median price was unchanged month-over-month and was 5.0 percent higher than in the same month last year ($262,500 over $250,000 in October 2015). Typically, price drops month-to-month from June through the end of the year. Average length of time on the market decreased markedly year-over-year, by 16.7 percent (from 78 days last October to 65 this year). The number of October transactions in 2016 was slightly fewer than in 2015, declining 0.9 percent from 8,870 to 8,789. October sales reflect buyer eagerness to absorb inventory and take advantage of continued low financing rates.

 

Click here to view the October Home Sales Report.