It’s time for my Virginia Beach Real Estate Market Update for April 2016! April was a busy month for real estate in Hampton Roads, and Virginia Beach in particular.
Virginia Beach Real Estate Market Update for April 2016
There was an increase in total units sold in April, with 651 sold this month in Virginia Beach City versus 555 last month, an increase of 17%. This month’s total units sold was higher than at this time last year, an increase of 10% versus April 2015.
Versus last year, the total number of homes available this month is lower by 71 units or 3%. The total number of active inventory this April was 2,715 compared to 2,786 in April 2015. This month’s total of 2,715 is higher than the previous month’s total supply of available inventory of 2,627, an increase of 3%.
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
Last April, the median sale price for Virginia Beach City Homes was $239,995. This April, the median sale price was $250,640, an increase of 4% or $10,645 compared to last year. The current median sold price is 7% higher than in March.
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 April, there was 4.2 months of supply available in Virginia Beach City, compared to 4.7 in April 2015. That is a decrease of 11% versus a year ago. In plain English: homes are selling faster, and for more money.
New Listings & Current Contracts
This month there were 1,088 homes newly listed for sale in Virginia Beach City compared to 1,113 in April 2015, a decrease of 2%. There were 737 current contracts pending sale this April compared to 690 a year ago. The number of current contracts is 7% higher than last April.
In the graphic to your right, look at shaded orange area all the way to the right.
Sale Price to List Price Ratio
In April, the average sale price in Virginia Beach City was 98.1% 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 54, lower than the average last year, which was 68, a decrease of 21%.
The Bottom Line: the trend for 2016 has been faster home sales for a lot more money, and that development kicked into turbo speed in April.
Questions? Comments about this Virginia Beach Real Estate Market Update for April 2016?
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.
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