It’s time for my Virginia Beach Real Estate Market Update for February 2016! February was a busy month for me, and March was even busier. Here it is, by the numbers:
There was a big increase in total homes sold in February 2016, with 481 sold this month in Virginia Beach versus 360 sold in January 2016. That’s an increase of 29% over January!
This month’s total homes sold was higher than at this time last year too, an increase of 17% versus February 2015. We’re selling a lot more homes this year than last year.
Compared to this time last year, the total number of homes available for sale this month is lower by 62 units (or 2%). The total number of active inventory this February was 2,453 compared to 2,515 in February 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
Median sale price is the middle sale price in a given month. The same number of properties are above & below the median. Last February, the median sale price for Virginia Beach homes was $230,000.
This February, the median sale price was $234,000, an increase of 2% or $4,000 compared to last year. 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 February, there was 5.1 months of supply available in Virginia Beach City, compared to 6.1 in February 2015. That is a decrease of 17% versus a year ago. In plain English: homes are selling faster, and for more money.
New Listings & Current Contracts
This month there were 885 homes newly listed for sale in Virginia Beach City compared to 681 in February 2015, an increase of 30%. There were 578 current contracts pending sale this February compared to 488 a year ago. The number of current contracts is 18% higher than last February.
In the graphic to your right, look at shaded orange area all the way to the right.
Sale Price to List Price Ratio
In February, the average sale price in Virginia Beach City was 97.5% of the average list price, which is similar compared to a year ago.
Days on Market
This month, the average number of days on market was 76, higher than the average last year, which was 73, an increase of 4%.
2016 is predicted to be a big year for real estate in Virginia Beach – don’t miss out!
Here are Virginia Beach’s Newest Listings:
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.
Luxury Homes Specialist
Certified Real Estate Negotiator
Accredited Buyers Representative
Certified Distress Property Expert
HRRA Circle of Excellence Gold Recipient