As I write this on Thursday July 18, it isn’t that hot outside. Today’s high of 82 feels pretty nice for July, especially considering the heat indexes of over 100 degrees earlier in the week. What about the forecast for our local real estate market? Is it heating up or cooling down?
As you can see the active listings are still up over 30% when you look at the year over year numbers (June 2023 compared to June 2024). We wrote about this increase last month (CLICK HERE if you missed it). However, the pending sales are down 7.48% and the settled sales are down 11.67% based on the year over year numbers. The median sales price continues to rise, so based on price alone our local market is still heating up.
The month’s supply of inventory (MSI), however, was 2.16 months in June. This is an increase from 2.07 in May and is significantly higher than 1.47 in June 2023. If you only look at the MIS changes in isolation, you can make a case that the market is cooling down but a balanced market is between 5 and 7 MIS. Clearly, we are still far from “balanced.” Therefore, while our local market temperature might be dropping some it is still pretty hot.
Sticking with the weather analogy, the higher you go in the atmosphere, the colder the air temperature gets. The same can be said for our local housing markets. Houses listed for under $400,000 are “hotter” and selling much faster than higher priced homes.
While we are not trained meteorologists, we do have decades of experience of living and working in Hampton Roads. We can tell you it will be hot and humid in July and August. We can also tell you that while the overall direction of the real estate market is important, each situation is different. 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. We love real estate and are always happy to talk.
Click HERE for previous editions of this newsletter
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