The Long & Foster Market Minute

Focus On: Hampton Roads/Southeast Virginia Housing Market November 2017

Units Sold
1,867
Active Inventory
8,000
Median Sale Price
$230,000
Days On Market
68
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Up 8%
Vs. Year Ago
Down -36%
Vs. Year Ago
Up 2%
Vs. Year Ago
Down -4%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in November, with 1,867 sold this month in Hampton Roads/Southeast Virginia Real Estate versus 2,027 last month, a decrease of 8%. This month's total units sold was higher than at this time last year, an increase of 8% versus November 2016.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 4,527 units or 36%. The total number of active inventory this November was 8,000 compared to 12,527 in November 2016. This month's total of 8,000 is lower than the previous month's total supply of available inventory of 8,911, a decrease of 10%.

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Median Sale Price
Last November, the median sale price for Hampton Roads/Southeast Virginia Homes was $225,000. This November, the median sale price was approximately the same at $230,000. The current median sold price is 2% higher than in November 2016.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.

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New Listings
2,614
Current Contracts
2,272
Sold Vs. List Price
98.2%
Months of Supply
4.3
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Up 4%
Vs. Year Ago
Up 34%
Vs. Year Ago
Up 0.5%
Vs. Year Ago
Down -41%
Vs. Year Ago

Months of Supply
In November, there was 4.3 months of supply available in Hampton Roads/Southeast Virginia, compared to 7.2 in November 2016. That is a decrease of 41% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

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New Listings & Current Contracts
This month there were 2,614 homes newly listed for sale in Hampton Roads/Southeast Virginia compared to 2,522 in November 2016, an increase of 4%. There were 2,272 current contracts pending sale this November compared to 1,694 a year ago. The number of current contracts is 34% higher than last November.

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Sale Price to List Price Ratio
In November, the average sale price in Hampton Roads/Southeast Virginia was 98.2% of the average list price, which is 0.5% higher than at this time last year.

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Days on Market
This month, the average number of days on market was 68, lower than the average last year, which was 71, a decrease of 4%.

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The Long & Foster Market Minute *Defined as the counties of Hampton City, Isle of Wight, James City, Southampton, Surry, York and the cities of Chesapeake, Franklin, Williamsburg, Newport News, Norfolk, Poquoson, Portsmouth, Suffolk, Virginia Beach in VA.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by REIN/WAAR and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of REIN/WAAR or Long & Foster Real Estate, Inc.