Pending Sales Offer Encouraging Sign

VIRGINIA BEACH, Va. – The Real Estate Information Network (REIN), a multiple listing service (MLS) for the region and the leading provider of real estate data in Hampton Roads, has released its most recent numbers.

In an encouraging sign for the local real estate market, pending sales for the month of January were up from the month prior. Pending sales often indicate the level of buyer interest and demand, said REIN Board President Gary Lundholm of The Real Estate Group.

“For potential home buyers in the Hampton Roads region, the spring market is showing several positive factors,” Lundholm said. “Active listings are up over both last month and last year; we’re seeing mortgage rates trending down for the most part; and January’s median sales prices were the lowest they’ve been since last April.”

At 32 days for the month, the median days on market was the highest it has been in over three years.

“The winter months are typically a bit slower in real estate,” Lundholm said. “And with interest rates being higher than usual and prices also staying level, it’s not surprising to see some properties sitting on the market longer than they normally would. We’ll see improvement though as the weather warms – especially if mortgage rates continue to drop.”

January data points from REIN:

• Active residential listings were 3,538 for January, up month-over-month 1.4% from 3,489 in December. Active listings are also up 8.33% year-over-year from 3,266 in January 2023.
• Pending sales totaled 1,837, an increase of 21.7% from 1,509 for the month prior, but down from 1,843 year-over-year.
• Settled sales for January were 1,470. That’s down from 1,708 the month prior and down from 1,501 in January 2023.
• Median sale price (MSP) of homes sold during January was $320,500. That’s down from $330,000 in December, but up from $303,000 in January 2023.
• Month’s Supply of Inventory (MSI) for the month was 1.72, up slightly from 1.69 in December and up from 1.27 during the same month last year. MSI is a calculation of how many months there would be homes on the market if no new inventory was added.
• Median days on market (DOM) for the month was 32 – the highest it has been in the past three years. The DOM was 28 last month and 27 in January 2023.
• Residential new construction sold via the MLS during the month was 215, compared to 209 last month and 197 last year.