Happy New Year, everybody! It’s time for my Virginia Beach Real Estate Market Update for December 2015!
There was an increase in total units sold in December, with 473 sold this month in Virginia Beach versus 464 last month, an increase of 2%. This month’s total units sold was lower than at this time last year, a decrease of 5% versus December 2014.
Versus last year, the total number of homes available this month is lower by 148 units or 6%. The total number of active inventory this December was 2,297 compared to 2,445 in December 2014. This month’s total of 2,297 is lower than the previous month’s total supply of available inventory of 2,720, a decrease of 16%.
Median Sales Price
Last December, the median sale price for Virginia Beach Homes was $234,000. This December, the median sale price was $250,000, an increase of 7% or $16,000 compared to last year. The current median sold price is 3% higher than in November.
Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.
Months of Supply
In December, there was 4.9 months of supply available in Virginia Beach. The amount of supply is similar compared to a year ago. Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.
New Listings & Current Contracts
This month there were 486 homes newly listed for sale in Virginia Beach compared to 467 in December 2014, an increase of 4%. There were 452 current contracts pending sale this December compared to 385 a year ago. The number of current contracts is 17% higher than last December.
Sale Price to List Price Ratio
In December, the average sale price in Virginia Beach was 97.7% of the average list price, which is 0.8% higher than at this time last year.
Days on Market
This month, the average number of days on market was 71, lower than the average last year, which was 75, a decrease of 5%.
So that’s the Virginia Beach Real Estate Market Update for December 2015. More money, more listings, and sold in less time.
2016 is predicted to be a big year for real estate in Virginia Beach – don’t miss out!
Looking to sell and not sure what your home is worth? Thinking about buying but not sure about your earning power? Contact me today for a complimentary marketing analysis of your home’s value, or to learn about the buying process.
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