June market sees uptick in active listings..How will this effect sellers and buyers in Hampton Roads

As the inventory of homes for sale in the Hampton Roads region continues to increase, sales prices for June dropped ever so slightly from May’s record high. Data compiled by the Real Estate Information Network, Inc. (REIN) shows that active listings for June were up nearly 20% from the month prior. Also up from May to June were settled sales (4%). However, both active listings (-5.2%) and settled sales (-14.5%) were down year-over-year. Inventory, while increasing, is nowhere near pre-pandemic levels. June 2017 saw 11,069 active listings, with 10,133 in June 2018, and 9,308 in June 2019, compared to 4,114 in June 2022. More competition among sellers and more choices for buyers likely contributed to the slight dip in the median sales price (MSP) of homes across the region. The MSP was down almost 1%, to $325,750. This, despite a month-over-month increase in settled sales of 4%. The MSP in May hit a record high of $328,795. In June 2021 it was $298,400. The real estate market is in a bit of a transition both locally and across the nation. Mortgage rates, along with high home prices and the continuation of tight inventory, are softening the market slightly, but still driving some potential buyers to the sidelines. For the fifth straight month, the months’ supply of inventory (MSI) has increased but by nothing too drastic as we're nowhere near a balanced market yet. MSI is a calculation of how long it would take for all inventory to be sold if no new properties came on the market. The MSI for June was 1.33, compared to 1.10 in May. ● Active residential listings for June were 4,114. That’s up 19.73% month-over-month, but down 5.2% from 4,327 year-over-year. ● Settled sales during the month were 3,320, up 4% month-over-month, but down 14.5% from 3,885 in June 2021. ● Pending sales for June were 3,074, down 5.79% month-over-month, and down 17.5% year-over-year from 3,612 in June 2021. Pending sales from May to June also decreased slightly during the pre-pandemic years of 2017-2019. However, they increased by 19% from May to June 2020, and increased again slightly in 2021. ● New residential listings added to the market in June totaled 4,213, a month-over-month increase of 7.45%, but a year-over-year decrease of 5.33%. ● The MSI for June was 1.33, that’s up from 1.10 in May, but down slightly year-over-year from 1.35. ● Median days on market (DOM) for residential listings was nine for the month of June, up one day from eight in May. ● Residential new construction sold in the MLS during June was 292, down year-over-year from 333 reported in June 2021. Overall still a great time to sell if you are looking for top DOLLAR but just be prepared since the is no longer like 3-6 months ago. If you are thinking about selling, let's chat. See if it makes sense at all for us to work together and most importantly let's see if it makes sense at all for you to even consider selling. Tein Hlwa - The Digital Realtor "Give your home the digital marketing it deserves" eXp Realty Cell: 757-996-5886 Email: [email protected] I am here to help and make a difference 😊 #realtor #suffolk #chesapeake #norfolk #newportnews #hampton #virginiabeach #portsmouth #smithfield #carrollton #windsor #yorktown #poquoson #hamptonroads #realestate #testimonials #teinhlwa #teinthedigitalrealtor #teinhlwathedigitalrealtor #thedigitalrealtor #thedigitalrealtorteam