The Long & Foster Market Minute

Focus On: Hampton Roads/Southeast Virginia Housing Market December 2018

Units Sold
1,849
Active Inventory
6,676
Median Sale Price
$229,950
Days On Market
62
Down -8%
Vs. Year Ago
Down -35%
Vs. Year Ago
Up 1%
Vs. Year Ago
Down -6%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in December, with 1,849 sold this month in Hampton Roads/Southeast Virginia Real Estate versus 1,943 last month, a decrease of 5%. This month's total units sold was lower than at this time last year, a decrease of 8% versus December 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 3,517 units or 35%. The total number of active inventory this December was 6,676 compared to 10,193 in December 2017. This month's total of 6,676 is lower than the previous month's total supply of available inventory of 7,758, a decrease of 14%.

Median Sale Price
Last December, the median sale price for Hampton Roads/Southeast Virginia Homes was $228,000. This December, the median sale price was $229,950, an increase of 1% or $1,950 compared to last year. The current median sold price is 2% lower than in November.

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


New Listings
1,902
Current Contracts
1,781
Sold Vs. List Price
98.0%
Months of Supply
3.6
No Change
Vs. Year Ago
Up 12%
Vs. Year Ago
No Change
Vs. Year Ago
Down -29%
Vs. Year Ago

Months of Supply
In December, there was 3.6 months of supply available in Hampton Roads/Southeast Virginia, compared to 5.1 in December 2017. That is a decrease of 29% 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.

New Listings & Current Contracts
This month there were 1,902 homes newly listed for sale in Hampton Roads/Southeast Virginia, which is similar to the amount in December 2017. There were 1,781 current contracts pending sale this December compared to 1,590 a year ago. The number of current contracts is 12% higher than last December.

Sale Price to List Price Ratio
In December, the average sale price in Hampton Roads/Southeast Virginia was 98.0% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 62, lower than the average last year, which was 66, a decrease of 6%.

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.