(Virginia Beach, Virginia – May 2020) Real Estate Information Network Inc. (REIN), the regional Multiple Listing Service, reports a year-over-year rise in the region’s home price for April 2020. The median sales price was $255,000, up 5.81% from $241,000 in April 2019.
Residential pending sales dipped slightly year-over-year for April. 2,806 homes went under contract in April 2020, down just 5.14% from the same period of time last year. Settled sales rose for the 12th consecutive month, up 4.33% year-over-year with 2,482 homes closed in April.
“Considering the restrictions we have all faced in this environment, I am pleased that over 2,800 homes went under contract in April, which is a very small decline year-over-year as we tackle this pandemic. The market is extremely strong with the biggest obstacles being that we are in a 57th consecutive month of reduced inventory,” stated Barry Nachman, President of REIN. “The brokerage community anticipates a strong summer sales season as we slowly ease restrictions in our market and across the country, especially once the military lifts their hold on PCS moves, resulting in more available properties.”
April’s residential active listings dropped 25.40% year-over-year, with 6,695 homes on the market as compared to 8,974 in April 2019. This decline in inventory is a trend that has been ongoing for over four years. April’s supply of residential home inventory for the region is currently at 2.64 months, a decrease of 31.43% from April 2019, categorizing Hampton Roads as a seller’s market. In comparison, a six-month supply is considered a balanced market.
In April 2020, distressed homes (foreclosures and short sales) in the Hampton Roads region accounted for 5.25% of all residential settled sales, down 3.19% year-over-year.