The Long & Foster Market Minute

Focus On: Virginia Beach City Housing Market March 2019

Units Sold
607
Active Inventory
1,537
Median Sale Price
$259,000
Days On Market
52
Down -4%
Vs. Year Ago
Down -37%
Vs. Year Ago
Down -2%
Vs. Year Ago
Down -15%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 607 sold this month in Virginia Beach City Real Estate versus 504 last month, an increase of 20%. This month's total units sold was lower than at this time last year, a decrease of 4% versus March 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 915 units or 37%. The total number of active inventory this March was 1,537 compared to 2,452 in March 2018. This month's total of 1,537 is lower than the previous month's total supply of available inventory of 1,658, a decrease of 7%.

Median Sale Price
Last March, the median sale price for Virginia Beach City Homes was $265,000. This March, the median sale price was approximately the same at $259,000. The current median sold price is 2% lower than in March 2018.

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


New Listings
1,011
Current Contracts
898
Sold Vs. List Price
98.0%
Months of Supply
2.5
Down -6%
Vs. Year Ago
Up 30%
Vs. Year Ago
No Change
Vs. Year Ago
Down -35%
Vs. Year Ago

Months of Supply
In March, there was 2.5 months of supply available in Virginia Beach City, compared to 3.9 in March 2018. That is a decrease of 35% 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 1,011 homes newly listed for sale in Virginia Beach City compared to 1,079 in March 2018, a decrease of 6%. There were 898 current contracts pending sale this March compared to 693 a year ago. The number of current contracts is 30% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Virginia Beach City 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 52, lower than the average last year, which was 61, a decrease of 15%.

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.