My wife and I love to spend time on our screened in porch. Last weekend we discussed solutions for keeping pollen off our porch cushions and need to come up with a plan sooner rather than later. The first official day of spring was Tuesday March 19th, so I am happy to report that the real estate market realizes it is spring time as well. While we don’t have this month’s numbers in yet, based on what we have experienced over the last few weeks our local real estate market is definitely “springing.”
Here are the numbers from REIN (our local MLS) from last month:
As you can see, we had over 10% more homes listed for sale in February 2024 than we did in February 2023 and the median sales price is up over four percent. The month’s supply of inventory is still well under two months at 1.73. Even with the higher number of homes listed, options are still limited for buyers. This is especially the case for homes listed under $400,000.
At the risk of sounding like a broken record, If you are thinking about selling your property, now is the time to get started. Sellers often make the mistake of waiting to list in the summer, but statistics show that spring is a much better time to get the ball rolling. Based on a study we did the five months with the highest number of homes going under contract were April, June, May, July, and March. If you are considering selling, now is the time to start making plans and we are here to help. Give us a call (757-726-7653 for Lee, 757-434-9084 for Harry) or just reply back to this email. We love real estate, and are always happy to talk.
Also, if you have any suggestions for keeping pollen off a screen porch, Lee would appreciate the tips!
Don’t forget, we manage rental properties and can help with your property management needs as well!
Check out the Rental Management section of our website, here.
What’s Happening in Suffolk
40th Annual Juried Photography Exhibit
The Annual Juried Photography Exhibition returns to the Suffolk Art Gallery! Now in its 40th year, this exhibit is the largest and longest running juried exhibition of photographic works in Hampton Ro…
Join us at our Spring Wine Fest for a delightful afternoon filled with the finest wines, live music, and good vibes-let’s raise our glasses! Join us at Decoys Seafood at the BLIND DUCK TIKI BA…
Join us for Suffolk Tourism’s winter edition of the Suffolk Farmers’ Market! The winter market is an open-air gathering place featuring fresh, locally grown foods, jams/jellies, meats, and…
Cappuccino, macchiato, cortado, oh my! Join the baristas at Cafe Davina in Downtown Suffolk and learn about the different brew types and origins, what the difference is between a light and dark roast,…
This popular exhibit at the Suffolk Center for Cultural Arts never disappoints as invited artists bring decoy and other animal carvings, sculptures, photographs, paintings, and drawings that highlight…
As we review the numbers and trends over the last couple of months we are glad to report that we have good news for both buyers and sellers. Take a look at the numbers in the chart below. We’ll detail the positives we see for buyers and sellers in the following paragraph.
Buyers should be glad to see that interest rates are still down over a point from the fall and active listings (the numbers of homes on the market for sale) are up over 8% when comparing January 2023 to January 2024. The median days on the market was longer than a month for the first time in over 3 years, and the month’s supply of inventory came in at 1.72 months, up from 1.27 in January 2023. The bottom line is, while we are still firmly in a seller’s market, buyers are starting to have more choices, especially in higher price ranges.
Seller are happy that the median sales price is up almost 6% from January 2023 to January 2024, and seller’s know that a balanced market has a roughly 5 month supply of inventory. Since our local market is still under 2 months, sellers are still in control. Additionally, our local market is always slower over the winter, helping buyers who are willing to move their Christmas tree.
As we head into spring, if you are thinking about selling your property, now is the time to get started. Sellers often make the mistake of waiting to list in the summer, but statistics show that early spring is a much better time to get the ball rolling. Based on a study we did the five months with the highest number of homes going under contract were April, June, May, July, and March. Many people do move during the summer months but that is often because they listed their house in the spring, aiming for offers that might close 30 to 60 days later in time for a summer move. If you are considering selling, now is the time to start making plans and we are here to help.
Give us a call (757-726-7653 for Lee, 757-434-9084 for Harry) and put our experience to work to help make you more money!
Don’t forget, we manage rental properties and can help with your property management needs as well!
Check out the Rental Management section of our website, here.
What’s Happening in Suffolk
Traveling Exhibit: “The Life and Legacy of the Marquis de Lafayette”
Suffolk Tourism is pleased to host the “The Life and Legacy of the Marquis De Lafayette,” an informational exhibit developed by The American Friends of Lafayette. On display at the Suffolk Visitor…
35th Annual Young Artists and Authors Showcase: “ClimateScape: Resilient Cities for Tomorrow’s Climate”
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 “…
Get ready to dance to the beat of your own silent drum at Suffolk Parks & Recreation’s Silent Party! Join us at Kings Fork Recreation Center on Friday, March 1, from 7 – 10 p.m. for an…
Join us for Suffolk Tourism’s winter edition of the Suffolk Farmers’ Market! The winter market is an open-air gathering place featuring fresh, locally grown foods, jams/jellies, meats, and…
The Suffolk Public Library is turning the Holland Ballfield into a family fair for one afternoon! Booths will have all of your favorite games, challenges and prizes, and you might even learn along the…
The Suffolk Humane Society will host the Paws for the Arts Gala on March 2, 2024, at the Hilton Garden Inn Suffolk Riverfront from 5to 10pm. The Gala features live and silent auctions, artwork by loca…
The Annual Juried Photography Exhibition returns to the Suffolk Art Gallery! Now in its 40th year, this exhibit is the largest and longest running juried exhibition of photographic works in Hampton Ro…
Join us for a relaxing, fun, carefree afternoon as we unleash our inner artists! Drawing and Painting Instructor, Darsey Whitlow, will be guiding you step-by-step to create an acrylic painting on canv…
Winter Family Movie Series at the Center: Puss In Boots – The Last Wish
Join Suffolk Tourism, in partnership with the Suffolk Center for Cultural Arts, as they proudly present the Winter Family Movie Series at the Center, three blockbuster family movies that enchanted wor…
Join us for the Annual Mystery Authors Festival on Saturday, March 16, 2024, from 1-6pm, at the Suffolk Conference Center at the Hilton Garden Inn Suffolk Riverfront. This one-day festival will showca…
“MATILDA THE MUSICAL” is presented by The Hurrah Players and tells the story of an extraordinary girl who, armed with a sharp mind and a vivid imagination, dares to take a stand to change her s…
Join Decoys Seafood on St. Patrick’s Day for some good ol’ Irish fun! They’ll have food specials, drinks specials, green beer, live music, and more! On top of that, wear your best S..
Murder Mystery Dinner Theater: “Death of a Gangster”
In this “Married to the Mob” event, you’ll never know who to trust. With the two families merging together, someone is bound to lose power, which means someone else will lose their life! Get on …
It’s the return of the popular American Girl Program, featuring Julie Albright, on Saturday, March 23, 2024, at Riddick’s Folly House Museum! When Julie Albright finds out that her new sch…
Join us at our Spring Wine Fest for a delightful afternoon filled with the finest wines, live music, and good vibes-let’s raise our glasses! Join us at Decoys Seafood at the BLIND DUCK TIKI BA…
Join the Suffolk Center for Cultural Arts for the “Tangled Roots: A Celebration of Black Culture,” on March 24, 2024, beginning at 3pm. The Tangled Roots Black Expo is an exhibition dedica…
Cappuccino, macchiato, cortado, oh my! Join the baristas at Cafe Davina in Downtown Suffolk and learn about the different brew types and origins, what the difference is between a light and dark roast,…
Last January we decided to run a trivia contest to guess the medium sales price for 2023 across Hampton Roads and offered to donate $100 to the charity of the winner’s choice. Joey’s guess was $331,400 and the final number was $330,000 so he was the closest. Congrats to Joey and to ForKids, the charity he picked. We will run the same contest again this year, so see below for the details.
As you can see in this chart from the Real Estate Information Network (REIN, our local MLS), the median sales price continues to increase (it was $312,000 in 2022). In this chart, the red bar is the medium sales price, the gray vertical bars are the total number of homes that sold each month, and the green bar across the bottom is HUD’s estimated of the median family income.
If you look at the statistics in the chart it might appear that the trends of 2004-2009 are similar to the market now, but we do not believe that will mean that we are in store for a price drop similar to the one that occurred between 2007-2011. A large part of the decline during that time frame was the result of bank foreclosures caused by lax loan underwriting. Thankfully, lending standards are much tighter now, and the Month’s Supply of Inventory (MSI) is still well under 2 months. In an average market the MSI should be between 5 and 7 months, so the inventory (number of homes listed for sale) could double and we would still be in a seller’s market. As a result, we think that the prices will continue to trend upwards.
Based on our experience, knowledge, and the statistics of the current market, we predict that this spring will continue to be a seller’s market. Interest rates have dropped over a point since October, and assuming they stay below 7%, we think the medium sales price will continue to rise.
What do you think? Reply back to this email with your prediction of what you think the median sales price will be for 2024. We will make a $100 donation in your honor to the charity of your choice for the guess closest to next year’s number.
As always, 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.
Don’t forget, we manage rental properties and can help with your property management needs as well!
Check out the Rental Management section of our website, here.
What’s Happening in Suffolk
Everyone Has A Story – Exhibit
Suffolk Center invites the community to a new collaborative art exhibition, ‘EVERYONE HAS A STORY,’ on view from December 14, 2023 to February 3, 2024. EVERYONE HAS A STORY pairs the literary arti…
Join us for Suffolk Tourism’s winter edition of the Suffolk Farmers’ Market! The winter market is an open-air gathering place featuring fresh, locally grown foods, jams/jellies, meats, and…
The Suffolk Art League in cooperation with the Suffolk Fine Arts Commission cordially invites you to attend the Exhibit of Excellence: Suffolk Student Art 2024, on display at the Suffolk Art Gallery
Join us for a relaxing, fun, carefree afternoon as we unleash our inner artists! Drawing and Painting Instructor, Darsey Whitlow, will be guiding you step-by-step to create an acrylic painting on canv…
Did someone say GALENTINES?! Dress up & grab your girlfriends for a night out on the town…Valentine’s Day party style! Come on out to Decoys Seafood on February 8, 2024, from 5-8pm. Ti…
Winter Family Movie Series at the Center: The Little Mermaid
Join Suffolk Tourism, in partnership with the Suffolk Center for Cultural Arts, as they proudly present the Winter Family Movie Series at the Center, three blockbuster family movies that enchanted wor…
The Suffolk Art League will hold its 40th Annual Antique Show and Sale at Kings Fork Middle School on February 24-25, 2024. Admission is $7 per person; the show is open Saturday, 10am-5pm, and Sunday…
35th Annual Young Artists and Authors Showcase: “ClimateScape: Resilient Cities for Tomorrow’s Climate”
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 “…
I was dreaming all December of snow falling for a white Christmas that we definitely did not get, but at least the interest rates have been falling over the last two months. Here is a chart from the St Louis Fed showing the 30-year mortgage rates since August 1st.
As you can see, interest rates have dropped over a point during the last two months, and that is good news for both buyers and sellers. This chart from the Real Estate Information Network (REIN, our local MLS) shows that the number of homes selling are still lower than last year, but the median sales price is up almost 10% when comparing November 2022 to November 2023.
Last year we predicted that the number of sales would go down and that we didn’t expect the median sales price to change much. Our main point was that we disagreed with the opinions of many that the price of homes was likely to go down in 2023. When the final numbers come in for the year, we are almost certain to finish the year with fewer home sales across Hampton Roads but at an increased median sales price.
Last week the Cross Realty family celebrated together during the annual office Christmas party. It was my 22nd Christmas party as an employee of Cross Realty, and each year, my father, Harry, always talks about his father, my grandfather Harry Lee Cross, Jr. My grandfather loved the office Christmas party for many reasons, but for him, the most important thing it signified was that his small business had another successful year. This will be Cross Realty’s 70th year as a family business in Suffolk, and I am proud to be a part of ensuring that Harry Lee Cross Jr.’s legacy of serving as your trusted hometown professional continues. From all of us at Cross Realty, we appreciate you allowing us to be of service over the years and look forward to continuing to help you over the next 70 years!
Don’t forget, we manage rental properties and can help with your property management needs as well!
Check out the Rental Management section of our website, here.
What’s Happening in Suffolk
Festival of Lights 2023
Welcome in the holidays with the 4th Annual Suffolk Festival of Lights at Sleepy Hole Park! This FREE drive-through holiday light display is sure to put you in the festive spirit! The display is avail…
Join the Suffolk Art Gallery for the Winter Exhibit: Stories in Stitches, a display of work from members of the 54-40 African American Quilters Guild of Virginia. Founded in March 1993, the group is t…
Suffolk Center invites the community to a new collaborative art exhibition, ‘EVERYONE HAS A STORY,’ on view from December 14, 2023 to February 3, 2024. EVERYONE HAS A STORY pairs the literary arti…
Celebrate the New Year a little early with a countdown, balloon drop, crafts, snacks, dancing, and more! The party will start at 11am and we will ring in the New Year at noon! Ages 0-5. For more infor…
Celebrate the New Year a little early with a countdown, balloon drop, crafts, snacks, dancing and more! The party starts at 11:00am and we will ring in the New Year at noon! For ages 0 through 5. For…
The past couple of months we have talked a lot about interest rates. While interest rates are arguably one of the most impactful factors in the real estate market, in our opinion supply and demand is the most important, followed closely by the state of the economy.
Last month our trivia question was: What month and year was the month’s supply of inventory higher than 1.76? The correct answer(Congratulations to Mike) was: October 2020.
We have been in a very low inventory market for years, and until that changes sellers will remain in the driver’s seat. Any time you are selling anything, the fewer items for sale the better. As you can see in this chart from the Real Estate Information Network (REIN, our local MLS), while the total number of homes sold has dropped almost 20% when comparing October 2023 to October 2022, the number of homes for sale is also slightly down which keeps demand strong and prices steady.
Over the last month, we have seen a lot of sellers reducing the prices of their listed homes. This is a change from recent years when price reductions were almost nonexistent because the demand from buyers was so high. The market is shifting, and while it is still considered a seller’s market, we do think you will see inventory increasing over the next couple of months.
If you are thinking about buying or selling, it is in your best interest to go ahead and 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.
Don’t forget, we manage rental properties and can help with your property management needs as well!
Check out the Rental Management section of our website, here.
What’s Happening in Suffolk
Festival of Lights 2023
Welcome in the holidays with the 4th Annual Suffolk Festival of Lights at Sleepy Hole Park! This FREE drive-through holiday light display is sure to put you in the festive spirit! The display is avail…
The 3rd Annual AIDS Walk: Suffolk is back for World AIDS Day, December 1, 2023! Join us as we walk to combat HIV/AIDS in Hampton Roads! Join us on Friday, December 1, 2023, for the 3rd Annual AIDS Wal…
Join us for a festive family evening at Bennett’s Creek Recreation Center! Get into the holiday spirit with us as we enjoy hot cocoa, indulge in delicious cookies, and dive into fun crafts and h…
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 off…
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 s…
Get ready for a winter wonderland adventure! Winter Wonderland will be a blast for all ages! Join us for a day of crafts, photo booth fun, festive face painting, karaoke, and more! All children need…
Families will get to enjoy hot cocoa or coffee, fun holiday-themed games, and arts and crafts, as we await the arrival of Mr. Saint Nick! Children can participate in the event with a donation of a new…
Around the World in 88 Sips: Crafting Teas & Sandwiches
Join us for an afternoon of creating our own “after-midnight” tea. Learn how to make tea sandwiches and freshly brewed tea from three different countries. For adults. Free to attend. Regis…
It’s the most wonderful time of the year! So join us on Saturday, December 2, 2023, from 4-8pm, as the Plaza at Bridgeport will come alive with holiday cheer! Begin your evening with the irresistib…
For the fans of Bridgerton, you are cordially invited to an evening at Queen Charlotte’s Court. Enjoy an evening of frivolity with courtly dancing, good company, and light canapé hors d’o…
This program will begin with a one-mile hike around a trail which borders our wildlife refuge area in Driver. Flashlights will be provided. This event is open to the public, but requires registration….
Great Dismal Swamp’s Underground Railroad Pavilion Tour
The Great Dismal Swamp has long been known for its impenetrability, as a place where travelers could easily lose their way. Yet in the early centuries of American history, many of the people who vanis…
The Grinch is coming to East Suffolk Recreation Center! The festivities for the evening will include arts and crafts, a hot cocoa bar, bounce house, giveaways, and a photo opportunity with the Grinch!.
Join the Suffolk Art Gallery for the Winter Exhibit: Stories in Stitches, a display of work from members of the 54-40 African American Quilters Guild of Virginia. Founded in March 1993, the group is t…
Decoys Seafood presents the 1st annual Candy Cane Carnival Blind Duck Tiki Bar with a FREE photo opportunity with Santa. Local Holiday vendors Christmas Raffles Games, coloring and kid activities LIVE…
The Grinch has reluctantly agreed to do everyone a favor by being part of your Holiday card for a second year in a row. Don’t worry, we’ll have him fully committed by then. Tidewater Anima…
Last month our trivia question was: Of the approximately 53 million outstanding home mortgages, 32.33 million of them are under what fixed mortgage rate? The correct answer was 4% (congratulations to Stephen), and interestingly enough, his winning answer was also the lowest of all the answers we received.
Why does this matter? If you have a 30 year fix rate loan at 4% for $300,000, your monthly principle and interest payment is $1,432.25. If you got a loan for the same amount, but had a 7% interest rate, your monthly payment is now $1,995.91. If you want to keep your payment roughly the same you could only finance $215,000 (1,430.40 monthly payment at 7%). As you can see, buyers have lost a tremendous amount of buying power, and this goes a long way to explain why the number of people looking to move has gone down.
It isn’t all doom and gloom in the real estate world, especially if you are a seller. The number of homes selling continues to fall, but the median sales price is up over 7% when comparing September 2022 to September 2023. Here is the chart from the Real Estate Information Network (REIN, our local MLS).
While interest rates play an important role, in our view the most important metric is the month’s supply of inventory. The month’s supply of inventory is calculated by dividing the total number of homes listed for sale by the number of homes that go under contract. For example, if 100 homes are listed and 10 go under contract, that month’s supply of inventory would be 10 months. A balanced market is between 5 and 7 months. In September 2023 it was 1.76 up from 1.68 for August 2023. It was 1.54 in July 2023 and 1.39 last August.
We are going to use the month’s supply of inventory for this month’s trivia question: What month and year was the month’s supply of inventory higher than 1.76? As always, you can reply back to this email with your answers.
If you are thinking about buying or selling, it is in your best interest to go ahead and 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.
Don’t forget, we manage rental properties and can help with your property management needs as well!
Check out the Rental Management section of our website, here.
What’s Happening in Suffolk
Touch a Truck & Trick or Treat
Bring your little goblins and ghouls to the parking lot behind the Courthouse (on N. Commerce Street) on Saturday, October 28, 2023, for Touch a Truck & Trick or Treat! The event begins at 11am an…
We’re here for the BOO’S! Join Nansemond Brewing Station for their Annual Halloween Bash! They’re kicking off the spooky season with a scary delicious CANDY Flight! From 2-8pm, ther…
Friday Night Frights at the Center: The Pope’s Exorcist
The Suffolk Division of Tourism wants to give you the fright of your life as they present a series of horror films at the Suffolk Center for Cultural Arts. On Friday, October 27, 2023, join us for The…
Get ready for a spooktacular time at our Halloween Event, Fright Night! Suffolk Parks & Recreation invites you to join us for a ghoulishly delightful evening filled with games, candy, crafts, cont…
Get ready for the annual Boos & Booze Halloween Party, filled with costumes, thrilling games, and wickedly good music! $25 per person (tickets on EventBrite) 2 drink tickets – Orange Crush, well…
Victorian Suffolk: Dying To Be There, A Guided Discovery of Cedar Hill Cemetery
This 75-minute walking tour explores the hidden meanings buried in Suffolk’s Historic Cedar Hill Cemetery. The tour will feature Victorian-era symbolism, burial practices, funerary industries, and m…
Downtown Suffolk has got you covered for Halloween this year! Join in the fun of the Fall Festival, taking place Sunday, October 29, 2023, from 2-6pm, in the Downtown corridor. Free and open to the pu…
An official Virginia Civil War Trail site, Cedar Hill Cemetery has long been an attraction for history buffs and even walking groups. The Suffolk Division of Tourism offers a guided stroll through the…
A hair-raising encounter with the spirited side of Suffolk. Follow a costumed guide through the shadows of historic Main Street discovering stories, legends and “unexplained occurrences” b…
Do you know what makes an agent successful? We do. Cross Realty welcomes queries from those who are interested in joining our award-winning team. Call Harry today at 757-434-9084 to schedule a confidential meeting.
Specializing in properties in South Hampton Roads, Virginia.
