Last month we wrote that the real estate market is cooling, but it isn’t really cold yet (click HERE if you want to read last month’s update). While I (Lee) am happy to report that the heat is now on in my entire house, those of us in real estate are starting to feel a chill. Here is the summary chart from Real Estate Information Network (REIN, our local MLS).
Both the number of settled sales and pending sales are down by roughly 1/3 when you compare October 2021 to October 2022, but the number of active listings is holding steady. Also, the median sales price for October was $310,000 – lower than it was in the spring, but the exact same as September 2022.
While the total number of homes that sold dropped, the current demand from buyers (which is lower than it was a year ago) is still greater than the number of homes for sale. In short, while some signs point to the real estate market cooling off, it certainly isn’t cold yet.
It is our educated guess that when November numbers come in they will feel even worse, but because the number of homes listed is still so low we don’t see the housing market crashing. In fact, if you are thinking about selling we can make a good case that you might want to go ahead and think about getting started. No one wants to move their Christmas tree, but the Navy is known to move people in December. You will certainly have fewer showings in December and January than you would in the spring, but they tend to be more serious, motivated buyers. Of course every situation is different, so give us a call (757-726-7653 for Lee, 757-434-9084 for Harry) or reply back to this email, and we will be happy to talk through your individual situation.
What’s Happening in Suffolk
Festival of Lights 2022
Welcome in the holidays with the 3rd Annual Suffolk Festival of Lights at Sleepy Hole Park! This FREE drive-through holiday light display runs for 1.2 miles and has over 35,000 bulbs-sure to put you in the festive spirit! The display is available November 25 through December 30, nightly, from 5:30 to 9:30pm.
Annual Artisan Gift Fair at the Pavilion
Start your holiday shopping at the Annual Artisan Gift Fair! Join Suffolk Tourism for the annual outdoor holiday market in conjunction with the Suffolk Farmers’ Market, featuring 30+ vendors offering artisan-quality crafts, jewelry, soaps, fine art, candles, woodcrafts, crocheted items, jams and jellies, holiday decorations, wreaths, baked goods, seasonal produce, meats, and more.
Meet Santa at the Artisan Gift Fair
Bring the kiddos to meet jolly ol’ St. Nick! Bring your cameras for photos with Santa, during the Annual Artisan Gift Fair, from 10:30am to 1:30pm. Holiday décor makes this the ideal place to snap a photo with Santa. Free and open to the public
Gingerbread Extravaganza at The Pinner House
Step into a Winter Wonderland at The Pinner House! Let’s continue the holiday festivities at the market! Enjoy an afternoon of holiday-inspired cheer as you create a beautiful gingerbread house. House structures, frosting, assorted decorative treats and more will be provided, along with expert guidance from world-class pastry chef, Susan from Baked Expectations.
Lunch with Santa
Children can play games, win fun prizes, and have a free professional photo taken with Santa! For more information, contact Suffolk Parks & Recreation at 757.514.7250 or visit Suffolkva.us/Parks.
The Pinner House Holiday Market
Join the Pinner House as they present their Annual Holiday Market! Features local artisans, Santa mini sessions, live music, plein air painters, gingerbread activities, specialty food and beverages… and more! As always, we’re continually inspired by the talented local artisans in Hampton Roads.