Without a doubt, housing is the bright spot in the economy right now, and that is especially true here on the Virginia Peninsula. We have been posting positive statistics monthly for over a year now, and with the momentum of the spring market, our agents are enjoying being very, very busy!
Sales are up.* Closed sales are up almost 28% on the Peninsula (Newport News, Hampton, York County and Poquoson).
Inventory is down. Inventory is down below 5 months on the Peninsula!! 6 months is considered a balanced real estate market, and anything less favors the seller in terms of a negotiating climate.
Offers are stronger. As the market pendulum swings from buyers’ market to sellers’ market, we’ve also seen an upward tick in the ratio of sold price to list price; local sellers have enjoyed an almost full 1% increase to almost 98% of list price.
All of this translates to a sense of urgency in the market that is a welcome respite for market weary sellers and a bit frustrating to buyers who have enjoyed years of soft markets with anxious sellers.
If you’re a seller who has been wondering if it might finally be time to sell, email us at concierge@lizmoore.com, or click below, and we can prepare a complimentary analysis of market value for you – you just may be pleasantly surprised.
*Statistics from Broker Metrics, an overlay software program for the Williamsburg MLS and the Real Estate Information Network MLS (REIN).
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