It’s time for my Virginia Beach Real Estate Market Update for January 2016!
There was a decrease in total homes sold in January 2016, with 348 sold this month in Virginia Beach versus 491 sold in December 2015, a decrease of 29%. This is pretty normal – there’s usually a big drop between December and January.
This month’s total homes sold was lower than at this time last year too, but not by much – a decrease of only 3% compared to January 2015.
Compared to this time last year, the total number of homes available for sale this month is lower by 138 units (or 5%). The total number of active inventory this January was 2,413 compared to 2,551 in January 2015.
This is great news for people who want to sell. It means that increased demand from buyers may lead to a better negotiating position for sellers.
Median Sales Price
Virginia Beach Real Estate Market Prices went up in January 2016
Median sale price is the middle sale price in a given month. The same number of properties are above & below the median. Last January, the median sale price for Virginia Beach homes was $237,340.
This January, the median sale price was $241,700, an increase of 2% (or $4,360) compared to last year. Four thousand dollars is a lot of money! More great news for people who want to sell now.
Months of Supply
Months of supply is calculated by dividing current inventory by current sales. It tells us how many months would be needed to sell all of the available homes at the current rate of demand.
In January, there were 6.9 months of supply available in Virginia Beach, compared to 7.1 in January 2015. That is a decrease of 3% versus a year ago. In plain English: homes are selling faster, and for more money.
New Listings & Current Contracts
Virginia Beach Real Estate Market new listings went up in January 2016
This month there were 905 homes brand new to the real estate market in Virginia Beach, which is very similar to the amount available in January 2015. There were 455 current contracts pending sale this January compared to 466 a year ago.
In the graphic to your right, look at that orange line. It shoots straight up in January.
Sale Price to List Price Ratio
In January, the average sale price in Virginia Beach was 97.7% of the average list price, which is 0.6% higher than at this time last year. This echoes what we read above that said sales prices were rising.
Days on Market
This month, the average number of days on market was 73, lower than the average last year, which was 87. From three months to 2.5 months is definitely a move in the right direction.
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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Long & Foster Real Estate and
Christies International Real Estate
800 Laskin Road
Virginia Beach, VA 23451