The Long & Foster Market Minute

Focus On: Virginia Beach City Housing Market October 2018

Units Sold
551
Active Inventory
1,924
Median Sale Price
$265,000
Days On Market
55
Down -5%
Vs. Year Ago
Down -39%
Vs. Year Ago
Up 6%
Vs. Year Ago
Down -2%
Vs. Year Ago

Units Sold
There was an increase in total units sold in October, with 551 sold this month in Virginia Beach City Real Estate versus 527 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 October 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 1,242 units or 39%. The total number of active inventory this October was 1,924 compared to 3,166 in October 2017. This month's total of 1,924 is lower than the previous month's total supply of available inventory of 2,131, a decrease of 10%.

Median Sale Price
Last October, the median sale price for Virginia Beach City Homes was $250,000. This October, the median sale price was $265,000, an increase of 6% or $15,000 compared to last year. The current median sold price is 2% higher than in September.

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


New Listings
835
Current Contracts
697
Sold Vs. List Price
97.8%
Months of Supply
3.5
Up 1%
Vs. Year Ago
Up 25%
Vs. Year Ago
No Change
Vs. Year Ago
Down -36%
Vs. Year Ago

Months of Supply
In October, there was 3.5 months of supply available in Virginia Beach City, compared to 5.4 in October 2017. That is a decrease of 36% 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 835 homes newly listed for sale in Virginia Beach City compared to 826 in October 2017, an increase of 1%. There were 697 current contracts pending sale this October compared to 559 a year ago. The number of current contracts is 25% higher than last October.

Sale Price to List Price Ratio
In October, the average sale price in Virginia Beach City was 97.8% 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 55, lower than the average last year, which was 56, a decrease of 2%.

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.