(Virginia Beach, Virginia – November 2020) Real Estate Information Network Inc. (REIN), the Hampton Roads regional Multiple Listing Service, reports that residential sales in November remain strong despite the beginning of the holiday season. It is not uncommon for the real estate market to slow down a bit during the holidays, as homebuyers and sellers concentrate on spending time with family and friends. However, November showed no signs of slowing down.
The region’s residential pending sales rose 36.83% year-over-year, with 2,898 homes going under contract, up from 2,118 units last year. Residential settled sales also increased by 24.12% from November 2020 vs. 2019, with 2,830 homes going to closing.
Further evidence of a continued strong market is that November’s 2020’s residential median sales price rose 13.69% year-over-year. November’s 2020’s median sales price was $275,500 compared to 2019’s $242,325.
The only blip in an otherwise great real estate market is the decline in available inventory. Residential active listings were down 40.87% year-over-year for November 2020, with just 4,406 homes on the market as compared to 7,451 last year. This low inventory is despite the addition of 2,909 new properties being added to the MLS during the month of November, an increase of 5.47% year-over-year.
Similar to the trend with low inventory, the region’s months’ supply of inventory also dipped significantly, currently at 1.61 months, down from 3.04 months last year – a decrease of 47.04% year-over-year.
“While statistically our inventory is down at its lowest point ever, the fact that almost 3,000 new listed properties were added to the MLS in November is a good sign of enthusiasm in the market, for those looking to transition into another home despite the difficulties faced under the pandemic,” says Barry Nachman, REIN’s President of the Board. “As long as interest rate policy doesn’t change in the foreseeable future, it is anticipated that the market will continue to be robust throughout the near term.”