Months’ Supply of Inventory Falls Below Historic Average

Check out this article from REIN--supply is LOW, which gives sellers a healthy edge! Wondering if you should sell? Now may be the time--give us a call! We are always available to help and answer any questions you may have! 

Months’ Supply of Inventory Falls Below Historic Average

"The Hampton Roads real estate market ended 2015 on a bright note, with most residential statistics meeting economists’ expectations of continued market improvement for the year. The region saw strong pending sales activity throughout the year, growth in year-end settled sales when compared to 2014, and a balanced inventory level that is below the region’s historic average as of December. Rising consumer confidence and a declining unemployment rate provided great fuel for buyer activity throughout 2015 and, despite the Federal Reserve’s recent interest rate hike, mortgage rates remained low in December.  The number of residential homes available for sale shrunk year-over-year for the fifth consecutive month in December 2015, dropping 3.01% from the 10,450 listings that were in active inventory in December 2014. Of the region’s seven major cities (Norfolk, Virginia Beach, Portsmouth, Chesapeake, Suffolk, Hampton, and Newport News), Norfolk experienced the greatest year-over-year drop of 8.60%, and contrary to the region’s overall decline, Hampton, Portsmouth and Newport News all witnessed increases in active listings, ranging between 6.32% (Hampton) and 0.50% (Newport News). For complete article, click here.