While national celebrity Punxsutawney Phil predicted six more weeks of winter, local groundhog Chesapeake Chuck did not see his shadow and predicted an earlier spring for Hampton Roads! It certainly looks and feels like Chuck was correct. From a real estate perspective, there has been a lot of doom and gloom at the national level about the real estate market, much like Phil’s prediction for the weather. Unfortunately, we don’t have a groundhog to help with local real estate market predictions, but if we did we might be more like Chuck – ready spring and not so much doom and gloom. The year over year numbers from the Real Estate Information Network (REIN, our local MLS) show 35% fewer homes closed in January 2023 than in January 2022, however don’t let number fool you. We agree that the local and national real estate market is slowing down to some extent, but the median sales price is up 4% in our area and, while there are fewer for homes that have sold recently, Hampton Roads is still in a seller’s market. We are with Chuck – our market is closer to spring than it is to the doom and gloom of winter.
Locally, the average amount of days before a house goes under contract was 27 in January 2023. That is the highest days on market in over two years, but 27 days is still faster than normal. As we have written about before, the most important statistic in market evaluation is supply and demand, which is measured by the month’s supply of inventory. The month’s supply was only 1.27 last month, and in a completely balanced market the month’s supply should be between 5 and 7. This is strong evidence to support our belief that we are still in a seller’s market in Hampton Roads. The total number of homes sold will almost certainly be lower in 2023, but we don’t see major changes in the median sales prices. Taking all this into account, as buyers get accustomed to the higher interest rates and inventory stays low, we think this spring is the time to sell if you have been on the fence. 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.
Exhibit of Excellence: Suffolk Student Art 2023
The Suffolk Art League in cooperation with the Suffolk Fine Arts Commission cordially invites you to attend the Exhibit of Excellence: Suffolk Student Art 2023, on display at the Suffolk Art Gallery from January 31 through February 24. An Awards Presentation will take place Tuesday, January 31, 2023, from 11:30am-12:30pm at the Suffolk Art Gallery.
39th Annual Antique Show & Sale
The Suffolk Art League will hold its 39th Annual Antique Show and Sale at Kings Fork Middle School on February 25-26, 2023. Admission is $7 per person; the show is open Saturday, 10am-5pm, and Sunday, 12-4pm.
Cheers to 100 Years: A Gala To Remember
The Suffolk Center invites you to join them on Saturday evening, February 25, 2023 for their annual SCCA fundraiser, Cheers to 100 Years: A Gala To Remember, a celebration of Education, History, an Arts! Be a part of this unforgettable event!
34th Annual Young Artists and Authors Showcase: “Peace By Piece: Food Security In My Community”
Suffolk Sister Cities International sponsors an annual Young Artists and Authors Showcase that help foster a sense of global citizenship and goodwill for young students. This year’s theme is “Peace by Piece: Food Security In My Community.” The persistent food-security struggle is a concern that all communities face.
39th Annual Juried Photography Exhibit
Join the Suffolk Art Gallery as they host the 39th Annual Juried Photography Exhibit, the largest and oldest juried photography exhibit in Hampton Roads. The artwork of professional and amateur photographers will be on display March 4 through April 14, 2023, from 10am to 5pm, Tuesdays through Saturdays, and 1-5pm on Sundays.
ICONS: A Tribute Show
ICONS is a tribute show packed with number 1 hits of some of the greatest women from the 60’s all the way to today. This show will keep you enthralled and have you dancing in your seats, as we celeb…
Suffolk Mystery Authors Festival 2023
Join us for the Annual Mystery Authors Festival on Saturday, March 11, 2023, from 1-6pm, at the Suffolk Conference Center at the Hilton Garden Inn Suffolk Riverfront. This one-day festival will showcase 50 best-selling mystery, thriller/suspense, horror, paranormal, science fiction, historical, romance, and women’s fiction authors.
Storytime at the Station
The popular “Storytime at the Station” series has returned to the Seaboard Station Railroad Museum! Ideal for children ages three to seven, this interactive program features a different transportation-themed book each month, which will be read aloud, followed by the opportunity to explore the museum (children must be accompanied by a parent or guardian).
Coretta: A Legacy of Love by Valerie Davis
Hailed as the “First Lady of the Civil Rights movement,” Coretta Scott King comes to life in this moving performance by Valerie Davis. From her marriage to Dr. Martin Luther King, Jr., to her life dedicated to political activism, Coretta was an American legend at the forefront of the fight for human rights.
A British Invasion at the Center: Bohemian Rhapsody
Join Suffolk Tourism, in partnership with the Suffolk Center for Cultural Arts, as they proudly present A British Invasion at the Center, three British-themed blockbuster movies that enjoyed great success in cinemas. The series concludes on Thursday, March 16, 2023, when Bohemian Rhapsody comes to the big screen.
Finding Nemo Jr. | Visit Suffolk Virginia
Dive into the big blue world of Disney and Pixar’s FINDING NEMO, JR. This new stage adaptation of the beloved movie Finding Nemo follows Nemo and all his friends-including Dory, Crush, Marlin, and the Tank-helping Nemo tackle his challenges on his journey.