Residential Inventory Remains Low in Hampton Roads
VIRGINIA BEACH, Va. (March 2022) – Active residential listings in Hampton Roads for February were down slightly from the month prior, but down significantly year-over-year, according to the Real Estate Information Network, Inc. REIN is Hampton Roads’ multiple listing service and the source for local real estate data.
In February there were 2,501 active residential listings. That’s a 25% decrease in supply when compared to 3,350 for February of last year. Even more telling were the 6,596 active listings in February 2020, and the 8,457 active listings in February 2019.
“It’s no secret that inventory is very low, and it has continued to decrease during the pandemic market,” said REIN Board President Liz Moore, Broker-Owner of Liz Moore & Associates. “Competition among buyers is still strong. Sales prices remain high, and they’re unlikely to drop as we enter the spring and summer real estate seasons.”
The Median Sales Price (MSP) for February was $291,250. That’s up 7.9% from $269,900 year-over-year. It’s also up from $240,000 in February 2020, and up from $229,000 in February 2019.
The Months’ Supply of Inventory (MSI) for February was .78. That’s a 32.7% drop year-over-year, from 1.16 in February 2021. The MSI in February 2020 was 2.64. MSI is a calculation of how long it would take for all inventory to be sold if no new properties came on the market.
“It should be an interesting year in real estate,” Moore said. “Inflation, the possibility of rising mortgage rates, the lack of inventory, and supply costs and supply chain issues in new home construction all remain uncertain.”
- Residential settled sales for the month were 2,176, down from 2,321 in January, and down slightly year-over-year from 2,198 in February 2021.
- Pending sales for the month were 2,689, compared to 2,802 for February 2021.
- Median Days on Market for the month was 11. Month-over-month that’s down from 16, and year-over-year down from 20.
- New construction sold during February 2022 totaled 245 sales.