The Long & Foster Market Minute

Focus On: Hampton Roads/Southeast Virginia Housing Market February 2019

Units Sold
1,745
Active Inventory
6,487
Median Sale Price
$229,000
Days On Market
64
Up 12%
Vs. Year Ago
Down -34%
Vs. Year Ago
Up 2%
Vs. Year Ago
Down -11%
Vs. Year Ago

Units Sold
There was an increase in total units sold in February, with 1,745 sold this month in Hampton Roads/Southeast Virginia Real Estate versus 1,506 last month, an increase of 16%. This month's total units sold was higher than at this time last year, an increase of 12% versus February 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 3,325 units or 34%. The total number of active inventory this February was 6,487 compared to 9,812 in February 2018. This month's total of 6,487 is lower than the previous month's total supply of available inventory of 6,974, a decrease of 7%.

Median Sale Price
Last February, the median sale price for Hampton Roads/Southeast Virginia Homes was $224,000. This February, the median sale price was $229,000, an increase of 2% or $5,000 compared to last year. The current median sold price is 4% higher than in January.

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


New Listings
3,012
Current Contracts
2,559
Sold Vs. List Price
98.1%
Months of Supply
3.7
Up 1%
Vs. Year Ago
Up 35%
Vs. Year Ago
No Change
Vs. Year Ago
Down -41%
Vs. Year Ago

Months of Supply
In February, there was 3.7 months of supply available in Hampton Roads/Southeast Virginia, compared to 6.3 in February 2018. 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.

New Listings & Current Contracts
This month there were 3,012 homes newly listed for sale in Hampton Roads/Southeast Virginia compared to 2,997 in February 2018, an increase of 1%. There were 2,559 current contracts pending sale this February compared to 1,895 a year ago. The number of current contracts is 35% higher than last February.

Sale Price to List Price Ratio
In February, the average sale price in Hampton Roads/Southeast Virginia was 98.1% 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 64, lower than the average last year, which was 72, a decrease of 11%.

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.