Coastal Virginia Blog

Local Real Estate Diverges From National Trends For Now (Virginia Beach, Virginia September 2018)

9/12/2018
Real estate is local, and nowhere is that demonstrated more than in the Hampton Roads region. Even as experts report that nationally inventory is on the rise, sales are down and median sales prices are leveling off, on a local front, the real estate market reflects the opposite. For the month of August, residential active inventory is once again down year-over-year, sales are up, and home prices continue to climb, and this trend has not waivered for over three years. But could the tides be turning and the market changing? August’s stats do reflect softer increases compared to recent months. 

August’s supply of residential home inventory in the region is currently 4.29 months, down 13.16% from the same period of time last year. This marks the 40th consecutive time that the months’ supply of inventory has declined year-over-year, a trend that started in May 2015. Of the region’s seven major cities, six maintain inventories below 5 months (Suffolk was the only major city above at 5.21 months). Statistics like these do not suggest a softening to the inventory shortage for the immediate future.

Despite low inventory, the region’s sales continue to progress. Residential pending sales have risen yearover-year for 51 consecutive months (since May 2014). August 2018 recorded a moderate 3.59% increase, with 2,652 homes going under contract vs. 2,560 in August 2017. When comparing August 2017 with August 2016, residential pending sales rose a more robust 7.94% year-over-year, suggesting that the size of the increases may be waning. Four of the region’s seven major cities experienced year-over-year increases, with Norfolk undergoing the most dramatic upswing at 22.73%, and Newport News (-12.99%), Chesapeake (- 12.15%) and Hampton (-3.13%) experiencing year-over-year declines.

Similarly, residential settled sales experienced modest year-over-year growth in August 2018, up 1.85% for the region. Three of the region’s major cities underwent year-over-year increases, with Virginia Beach being the highest at 15.80%. Four cities (Portsmouth, Suffolk, Chesapeake & Norfolk) saw year-over-year
declines in settled sales. In recent months (June and July 2018), all seven major cities had year-over-year
increases, while August is split down the middle. As a region, sales are up, but for some individual cities,
sales are starting to temper.

The region’s residential median sales price rose to $238,000 in August 2018, up 2.15% from a year ago.
Of the major cities, Norfolk’s median sales price rose the most, up 14.07% year-over-year, and Chesapeake
exhibits the highest median sales price at $280,500.

The number of distressed homes in the Hampton Roads region, those that are either short sales or
foreclosures, have significantly decreased. In August 2018, distressed homes accounted for just 7.97% of all
residential settled sales, down 2.11% year-over-year. Similarly, distressed homes accounted for only 8.89%
of all residential active listings in August 2018, the lowest recording since REIN began tracking the data in
August 2009.

5 Ways to Get Your Coastal Virginia Home Fall-Ready

9/17/2014

 

 NORFOLK, VA, Sep 17, 2014—Now that fall has arrived, it's time to turn your attention to your home. The changing of the season always acts as a call to action for fine-tuning your home, and the onset of fall is no different. Below, Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty offers five tips for getting your home fall-ready.

Check out your furnace. “Nothing is worse than discovering your furnace is out-of-order on that first chilly fall night,” notes Eisenberg. Turn it on to make sure it's working, and consider calling a professional to have it cleaned. Update your windows. It's time to take those screens out and put those storm windows in, according to Eisenberg. This adds extra protection and warmth to your home during those chilly fall nights. Clean your gutters. After spring and summer, who knows what debris have taken lodging inside your gutters. “Give gutters a good cleaning before heading into fall and winter, where leaves can cause real problems, especially if you don't remove them before the arrival of snow and ice,” explains Eisenberg.

Reverse your fan. “This is a tip most people overlook when readying their home for fall,” says Eisenberg. By switching the direction your ceiling fans run, you will push warm air down into the home, which saves on energy bills and keeps you comfortable.

Look for leaks. Walk the perimeter of your home and survey the basement, keeping an eye out for obvious leaks. “Leaks and cracks not only allow destructive moisture into your home, but they can invite critters inside as well,” notes Eisenberg. Once you've found a leak, seal it up with weather-resistant caulk.

 

For more real estate information, please contact Louis Eisenberg at leisenberg@bhhstowne.com, (757) 572-7244, or www.LouisEisenberg.com.

 
           

 

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