Chesapeake Real Estate: From the “Horse’s Mouth”

March 13th, 2017 By Bryan Cerny in Blog,Buying and Selling Real Estate,Chesapeake,Home Sellers,Houses,Listings,Senior Topics and Decisons. Tags: , , , , , ,

No better resource for the absolute shortage of homes in Chesapeake than our local Multiple Listing Service, REIN.

Just scan or read the details of the current homes for sales and the pending and sold homes noted below.  You will be calling me in minutes!!!

FOR IMMEDIATE RELEASE
Region’s Active Listings Continue at Record Lows

(Virginia Beach, Virginia – March 2017)

The Hampton Roads residential real estate market for February 2017 can be summarized as follows:
available inventory continues to shrink as it has done since July 2015, the number of homes going
under contract is holding steady, and settled sales dipped year-over-year.
Residential active listings dropped 10.23% from 10,720 units in February 2016 to 9,623 units in

February 2017. The region’s inventory of available homes for sales has been steadily declining
since July

2015 when there were 12,588 residential homes on the market. Since 2006, the Hampton Roads market
has experienced active inventories below 10,000 units only a handful of times. Of the region’s
seven major cities (Norfolk, Virginia Beach, Portsmouth, Chesapeake, Suffolk, Hampton, and Newport
News), Newport News was the only city to show a year-over-year increase in active homes (at a
meager 0.12%) for February
2017. Residential active listings declined the most in Hampton, falling 15.16% year-over-year,
followed by

Virginia Beach down 13.48%.

The number of new listings (for all property types) coming on the market is being outpaced by the
number of listings selling (pending and settled sales). In February 2017, a total of 3,497 new
properties were added to REIN’s multiple listing service, while 3,807 listings either went under
contract or sold. That’s 310 more properties leaving the market than what was added.
The region’s months’ supply of residential homes inventory is currently sitting at 4.48 months,
down

16.88% from February 2016 when it was 5.39 months. While the year-over-year comparison is down
significantly, month-over-month the supply of inventory is up slightly from January’s 4.37
recording. Maintaining the lowest months’ supply of the seven major cities, Virginia Beach
displayed 3.31 months of inventory in February 2017, followed closely by Chesapeake with 3.83
months.
February’s residential pending sales continue to hold steady, rising 7.79% compared to the same
period of time last year. 2,158 homes went under contract in February 2017. The heftiest gain from
the major cities was experienced by Suffolk, where 25.69% more pending contracts were created than
in February 2016.
The 21.38% year-over-year rise generated by Chesapeake was also considerable. All other major
cities

experienced gains between .72% and 9.96%, with the exception of Newport News, which underwent a
slight decline of 4.65%.
The pace of residential settled sales declined year-over-year last month. February 2017 logged
1,468 settled sales, down 3.04% from the 1,514 homes sold in February 2016. Of the major cities,
Suffolk and Chesapeake were the only cities to see gains in the number of settled sales, rising
25.30% and 12.61% respectively. All other major cities experienced declines, with the most
significant drops in Newport News (20%) and Norfolk (10.19%). While the drop in overall inventory
may have been a contributing factor in the decline in the number of settled sales, it also has
impacted the median sales price in a positive fashion. Lower supply creates higher demand, which
often translates into an increased price. In February 2017, the region’s residential median sales
price was $215,000, up 7.5% from $200,000 in February 2016.

February 2017 Summary

 

All Categories February 2017 February 2016
Percent Change

Total Property Active Listings 12,040
13,369 -9.94% Total Residential Active Listings
9,623 10,720 -10.23% Total
Property Pending Sales 2,266 2,106
7.60% Total Residential Pending Sales
2,158 2,002 7.79%
Total Property Sales 1,541
1,597 -3.51% Total Residential Sales
1,468 1,514 -3.04%
Total Residential New Construction Sales 208
168 23.81%

Median Residential Sales Price $215,000
$200,000 7.50% Months’ Supply of Inventory
4.48 5.39 -16.88%

* Total Property statistics include all property types (Residential, Commercial, Duplex, Apartment
and Land & Farms), resale and new construction.

* New Construction Sales reflect only those properties reported in the MLS.

* Months’ Supply of Inventory estimates the number of months it will take to deplete current active
inventory based on the prior
12 months average sales activity.
# # #

About REIN
Real Estate Information Network, Inc., (REIN) serves real estate brokers in the Tidewater / Hampton
Roads area of Virginia from Williamsburg east to Virginia Beach and south to the North Carolina
border. REIN is an independent MLS owned by broker stockholder members. Currently there are
approximately
560 real estate firms with 680 offices, 6730 real estate agents, and 160 appraiser members using
REIN. For more information visit www.REINMLS.com.

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