The Long & Foster Market Minute

Focus On: Virginia Beach City Housing Market January 2019

Units Sold
426
Active Inventory
1,520
Median Sale Price
$250,000
Days On Market
59
Up 2%
Vs. Year Ago
Down -39%
Vs. Year Ago
No Change
Vs. Year Ago
Down -16%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in January, with 426 sold this month in Virginia Beach City Real Estate versus 511 last month, a decrease of 17%. This month's total units sold was higher than at this time last year, an increase of 2% versus January 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 960 units or 39%. The total number of active inventory this January was 1,520 compared to 2,480 in January 2018. This month's total of 1,520 is lower than the previous month's total supply of available inventory of 1,685, a decrease of 10%.

Median Sale Price
Last January, the median sale price for Virginia Beach City Homes was $250,000. This January, the median sale price was approximately the same at $250,000. The current median sold price is also similar to the median price in December.

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


New Listings
879
Current Contracts
717
Sold Vs. List Price
97.6%
Months of Supply
3.6
Up 20%
Vs. Year Ago
Up 64%
Vs. Year Ago
No Change
Vs. Year Ago
Down -40%
Vs. Year Ago

Months of Supply
In January, there was 3.6 months of supply available in Virginia Beach City, compared to 5.9 in January 2018. That is a decrease of 40% 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 879 homes newly listed for sale in Virginia Beach City compared to 735 in January 2018, an increase of 20%. There were 717 current contracts pending sale this January compared to 437 a year ago. The number of current contracts is 64% higher than last January.

Sale Price to List Price Ratio
In January, the average sale price in Virginia Beach City was 97.6% 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 59, lower than the average last year, which was 70, a decrease of 16%.

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.