We’ve spent several newsletters examining the state or our local market and trying to determine if it is heating up or cooling down. This month, rather than exhausting the weather analogy, we are going to focus on the market trends.
For the last couple of months, the year over year numbers (comparing the same month in 2023 to 2024) have shown that the number of active listings have increased by over 30%. Last month, there were 4,641 active listings, compared to 3,452 in July of 2023. We think that it is fair to say that listings have been trending higher across Hampton Roads this year. Along with the number of active listings, the month’s supply of inventory (MSI) is also trending higher and was at 2.28 for July 2024, up from 1.54 in July 2023. Keep in mind, we have a long way to go before we reach a balanced market, especially in the category of homes priced under $400,000.
Here is the summary chart, courtesy of our local MLS the Real Estate Information Network (REIN):
The month of August is normally one the slowest times of year for real estate. September and October, however, tend to be much more active in terms of sales. There is a lot of a talk that interest rates may go down this fall and that will probably lead to more buyers entering the market.
Buying and selling real estate are both complex processes and we are here to help! 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
Summer Music Series at Outdoors @ The CENTER
Suffolk Center for Cultural Arts is excited to announce a new outdoor space, ‘Outdoors @ The CENTER’ featuring a new performance stage, green space, fire pit, lighting, landscaping, cash bar, an…
On Friday, September 13th from 6:00 – 9:30 PM, artists and patrons will gather at the Suffolk Center for Cultural Arts for the much-anticipated ‘Wet Paint Sale & Soiree’. Att…
C.A.Y Nights are free and open to the public and fun for all ages. They will occur every other Friday starting September 13th, until October 25th. We’ll feature a new local band at every event, perf..
The 18th annual Taste of Suffolk Downtown Street Festival is set for Saturday, September 14, 2024, from 11 a.m. to 8 p.m. in historic downtown Suffolk. The event will feature a day of delicious food, …
The Suffolk Art League is happy to welcome the Chrysler Museum of Art’s Mobile Glassblowing unit for one day only at the Suffolk Art Gallery. Please register on our website for your 15-minute timesl..
50th Anniversary Festival scheduled for Saturday September 21 from 10:00am to 3:00pm at the new Jericho Lane Trailhead at 1330 White Marsh Road in Suffolk. The Festival is a free family event, with gu…
Get ready for an unforgettable night under the stars! Our Saturday Cinema event is back and better than ever! Join us for a magical evening of outdoor cinema, where we’ll be screening some of yo…
Introducing ‘Downstairs at the Center’ – a fresh, intimate setting for our more ‘adult’ favorites, including Murder Mystery Dinners, JAZZ and Martini Nights, Dinner Theater, and Comedy. Cho…
Prince’s final performances were solo piano shows. “The Purple Piano” features Prince’s hits, masterfully delivered with vocals and solo piano. Live from his Las Vegas Residency, Marshal Cha…
Suffolk Humane Society’s biggest annual fundraiser, the Mutt Strut Dog Walk and Festival, is back for its 16th year! Join us at Bennett’s Creek Park for a day filled with exciting pet-related acti…
The Market offers an array of fresh local produce, beef, poultry, eggs, honey, baked goods, pickled vegetables, jams, plants and flowers, handmade soaps, candles, garden and farm décor, jewelry, and…
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.
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
Summer Music Series at Outdoors @ The CENTER
Suffolk Center for Cultural Arts is excited to announce a new outdoor space, ‘Outdoors @ The CENTER’ featuring a new performance stage, green space, fire pit, lighting, landscaping, cash bar, an…
Saddle up, folks! The Westside at the Silos Summer Concert Series is fixin’ to kick off, and it’s gonna be one heck of a hoedown! Presented by the Bridgeport Foundation, we’re rustli…
Join us for 50 Fest: a celebration of the City’s 50th Anniversary and the Grand Opening of Downtown Festival Park, 215 W. Washington St. This celebration takes place on Saturday, August 3, at 5 p.m….
Enjoy live music on Friday’s in Suffolk at our Constant’s Wharf Park & Marina located at 110 E Constance Rd. or at Bennett’s Creek Park located at 3000 Bennetts Creek Park Rd.! …
Suffolk Public Library’s 9th annual Amazing Peanut Chase will take teams all over Suffolk in this city-wide scavenger hunt that will test your Suffolk knowledge. Register your team and prepare …
The Market offers an array of fresh local produce, beef, poultry, eggs, honey, baked goods, pickled vegetables, jams, plants and flowers, handmade soaps, candles, garden and farm décor, jewelry, and…
We have focused on lenders and loans in our newsletters for the last couple of months, so this month we decided it was time to give an update on how our local market is doing. Let’s start with the numbers, courtesy of our local MLS the Real Estate Information Network (REIN):
You can see in the chart that our title was pulled from the figure noting a 32.55% increase in year over year active listings. Does that large of an increase matter? At the risk of talking out of both sides of our mouth, our answer is yes it matters, but not yet. A 32.55% increase is a huge move percent wise but must be evaluated in tandem with the shift of the Month’s Supply of Inventory (MSI). The MSI went from 1.37 in May 2023 to 2.07 in May 2024. That is a 44% difference, another rather large jump, but a balance market is between 5 and 7 MSI so we are still in a strong seller’s market. The number of homes for sale could double and, assuming they still sell at roughly the same rate, we would still technically be in a seller’s market.
To be clear, if there was a shift to a Month’s Supply of Inventory of 4 to 5 months, our market would definitely feel significant changes. Homes will be listed for longer before they go under contract and buyers will have more negotiating power. Despite the fact that the Median Sale Price set an all-time high last month of $352,392, we are starting to see more price reductions from sellers. Home sales are most certainly not collapsing, but we do see that the market is changing incrementally.
It should be noted that our information and opinions in this update center on homes listed under $500,000. The sales market in the higher price range is slower.
Both buying and selling is a complex process and we are here to help! 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.
Cross Realty Rental Property Management
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
Summer Music Series at Outdoors @ The CENTER
Suffolk Center for Cultural Arts is excited to announce a new outdoor space, ‘Outdoors @ The CENTER’ featuring a new performance stage, green space, fire pit, lighting, landscaping, cash bar, an…
Saddle up, folks! The Westside at the Silos Summer Concert Series is fixin’ to kick off, and it’s gonna be one heck of a hoedown! Presented by the Bridgeport Foundation, we’re rustli…
OPENING RECEPTION: June 6, 5:30 -7 PM ON VIEW: June 6 – July 13, 2024 Galleries are FREE & Open to the Public: Tues. – Sat., 10 am – 4 pm The Elizabeth River Artists Association is a 50-…
Enjoy live music on Friday’s in Suffolk at our Constant’s Wharf Park & Marina located at 110 E Constance Rd. or at Bennett’s Creek Park located at 3000 Bennetts Creek Park Rd.! …
The Market offers an array of fresh local produce, beef, poultry, eggs, honey, baked goods, pickled vegetables, jams, plants and flowers, handmade soaps, candles, garden and farm décor, jewelry, and..
Enjoy food & drinks, bounce houses, games and fireworks. Hear live music by The Feenies. Music begins at 6pm, fireworks at 9pm. Constant’s Wharf Park & Marina, 110 E. Constance Road. Shu…
Suffolk Tourism is pleased to bring back Suffolk Sweets Week for 2024! Taking place July 13-20, this annual promotion showcases the tastiest desserts that Suffolk has to offer. From simply sweet to d…
Join us for 50 Fest: a celebration of the City’s 50th Anniversary and the Grand Opening of Downtown Festival Park, 215 W. Washington St. This celebration takes place on Saturday, July 13, at 5 p.m. …
Summer Film Series at the Center: Where The Crawdads Sing
Join Suffolk Tourism, in partnership with the Suffolk Center for Cultural Arts, as they proudly present the Summer Film Series at the Center, a series of three blockbuster films. The series continue…
Last month our trivia question was, “Of the four main ways to purchase a house (VA, FHA, or Conventional loans, or cash) what percentage of each type was used by buyers to purchase homes in Hampton Roads in 2023?” The answers in order from the most popular to least based on percentage are: VA (Veteran Affairs) – 35.43%, Conventional – 30.66%, Cash – 18.27%, and FHA (Federal Housing Authority) – 12.95%. Here is a link to last month’s newsletter discussing the basics of the different types of loans.
These loan percentages are based on the home sales across Hampton Roads in 2023 and are limited to the sales of homes that sold for $766,600 or less. We chose to cap the price at $766,600 because anything above that results in a much worse interest rate when using a VA loan. Our parameters cover up to 96% of all of the sales across Hampton Roads. For reference, conventional loans made up 49% of all of the sales above $766,600.
There are many different types of conventional loans. Today you can get a conventional loan with as little as 3% down (some credit unions even have a zero down conventional loan), which has increased the use of conventional loans across the board.
In general, FHA and VA loans have tighter lending standards about the overall condition of the home. In most cases, conventional lending standards will allow minor repair items to pass that would prevent a VA or FHA loan from closing. If a home is in reasonably good shape, assuming someone is eligible, a VA loan (if buyer is eligible) is really hard to beat from a buyer’s perspective.
One of things we often tell both buyers and sellers is at the end of the day you really have to convince two different “people” to agree to buy a house. The buyer and the lender. While the lender isn’t a person, if the lender doesn’t agree to finance the purchase the sale isn’t going to happen.
As you can see, when you are buying or selling a house there are a lot of moving parts and decisions to be made. 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
Color, Form, and Soul Exhibit
Suffolk Parks and Recreation, Suffolk Art Gallery and Suffolk Art League will hold the opening reception for our spring exhibit, Color, Form, and Soul, on Saturday, April 27, 2024 from 4 to 6 p.m. Thi…
Get ready for an unforgettable night under the stars! Our Saturday Cinema event is back and better than ever! Join us for a magical evening of outdoor cinema, where we’ll be screening some of yo…
This exhibition features artwork by the talented Elizabeth River Artists Association. OPENING RECEPTION: Thursday, June 6, 2024 – 5:30-7pm On view June 6-July 13, 2024; Tuesdays-Saturdays, 10a…
Enjoy live music on Friday’s in Suffolk at our Downtown Festival Park located at 215 W. Washington St. or at Bennetts Creek Park located at 3000 Bennetts Creek Park Rd.! All concerts are free an…
Summer Film Series at the Center: Black Panther – Wakanda Forever
Join Suffolk Tourism, in partnership with the Suffolk Center for Cultural Arts, as they proudly present the Summer Film Series at the Center, a series of three blockbuster films. The series kicks off …
The Market offers an array of fresh local produce, beef, poultry, eggs, honey, baked goods, pickled vegetables, jams, plants and flowers, handmade soaps, candles, garden and farm décor, jewelry, and…
In case you were wondering, my wife and I did not succeed at keeping our porch pollen-free. If you don’t understand our first sentence or the title, take a quick read of last month’s newsletter HERE.
The flowers are blooming, leaves are on the trees, and for sale signs are going up in yards all around town. Let’s look at last month’s numbers, from REIN (our local MLS):
As you can see, the number of active listings is up but the total number of sales is down when you compare March of 2023 to March of 2024. The number that isn’t on the chart, but the one we think is the most important, is the month’s supply of inventory (MSI). For March 2024 MSI was 1.75 which is only a little higher than February 2024 when it was 1.73. 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. The MSI is up from last March, when it was 1.27, but the market still has plenty of demand from buyers before we shift out of a seller’s market.
Interest rates have been in the news a lot lately, but what the stories usually fail to explain is that the interest rates vary for the different types of loans. There are three main types of loans and they each have unique characteristics. From a downpayment perspective, the VA (Veteran Affairs) loan is 100% no money down. FHA loans (Federal Housing Administration -another type of government loan) come with a 3.5% down payment. Traditional conventional loans are 20% down. The interest rates don’t always follow the down payment. While the lowest interest rate is a 15 year conventional loan, the 30 year conventional loan rates are actually a little higher than FHA or VA loans. Next month we will go into more detail about the types of loans that are available. If you have questions in the meantime, please don’t hesitate to contact us.
This leads to our trivia question. Of the 4 basic ways to purchase a house (VA, FHA, or Conventional loans, or cash) what percentage of each type were used by buyers to purchase homes in Hampton Roads in 2023? Reply back to this email with your answers including percentages for each category. The winner will receive both bragging rights and a gift certificate to Cafe Davina in downtown Suffolk.
Just like there are many ways to buy a house, everyone’s 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. 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
“Walk On The Wild Side” Exhibit
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…
Call and reserve your spot today! This is a unique opportunity that you do not want to miss. Kermit takes his audience on a musical journey through time, while demonstrating how each instrument works …
Kayak Excursion of Nansemond River at Constant’s Wharf
Located on the Nansemond River, John Constant founded this important trading center and village known as Constant’s Warehouse, which would become the Town of Suffolk in 1742. Guided kayak excursions…
Suffolk Farmers’ Market 2024 Season Opening Celebration
The Suffolk Farmers’ Market kicks off the 2024 season on Saturday, May 4, in the Suffolk Visitor Center Pavilion at 524 North Main Street. The weekly market is enjoyed by locals and visitors searchi…
The Suffolk Art League, in cooperation with the Suffolk Art Gallery, will hold a Bridge and Games Luncheon on Monday, May 6, 2024, from 10am to 2pm, at the Suffolk Art Gallery. Tickets are $25 per per…
Love Country Music? You are in for a real treat when you come to see The Hit Men of Country featuring five fabulous musicians who have performed, toured or recorded with some of Country’s greatest a…
Annual Holland Ruritan Club’s Custom Car, Truck & Motorcycle Show
Spend a great day in the heart of Western Tidewater at the 6th Annual Custom Car, Truck & Motorcycle Show! Free admission, entertainment, vendors, and lots of fun for whole family. Advertisers and…
Get ready for an unforgettable night under the stars! Our Saturday Cinema event is back and better than ever! Join us for a magical evening of outdoor cinema, where we’ll be screening some of yo…
3rd Anniversary Celebration at Amedeo’s Ristorante
We cordially invite you to join us in celebrating our third anniversary in business on May 4th. The occasion promises a delightful fusion of commemorations including Cinco de Mayo and the Kentucky Der…
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…
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.
