The Long & Foster Market Minute

Focus On: Virginia Beach City Housing Market April 2019

Units Sold
652
Active Inventory
1,747
Median Sale Price
$269,700
Days On Market
48
Down -5%
Vs. Year Ago
Down -30%
Vs. Year Ago
Up 4%
Vs. Year Ago
No Change
Vs. Year Ago

Units Sold
There was an increase in total units sold in April, with 652 sold this month in Virginia Beach City Real Estate versus 621 last month, an increase of 5%. This month's total units sold was lower than at this time last year, a decrease of 5% versus April 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 755 units or 30%. The total number of active inventory this April was 1,747 compared to 2,502 in April 2018. This month's total of 1,747 is lower than the previous month's total supply of available inventory of 1,851, a decrease of 6%.

Median Sale Price
Last April, the median sale price for Virginia Beach City Homes was $259,000. This April, the median sale price was $269,700, an increase of 4% or $10,700 compared to last year. The current median sold price is 5% higher than in March.

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


New Listings
1,045
Current Contracts
931
Sold Vs. List Price
98.2%
Months of Supply
2.7
Down -4%
Vs. Year Ago
Up 32%
Vs. Year Ago
No Change
Vs. Year Ago
Down -27%
Vs. Year Ago

Months of Supply
In April, there was 2.7 months of supply available in Virginia Beach City, compared to 3.7 in April 2018. That is a decrease of 27% 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 1,045 homes newly listed for sale in Virginia Beach City compared to 1,093 in April 2018, a decrease of 4%. There were 931 current contracts pending sale this April compared to 704 a year ago. The number of current contracts is 32% higher than last April.

Sale Price to List Price Ratio
In April, the average sale price in Virginia Beach City was 98.2% 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 48, which is similar compared to a year ago.

The Long & Foster Market Minute
*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 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 or Long & Foster Real Estate, Inc.