For the past several months we have been writing about what the local Hampton Roads real estate market did in 2021 and we made a few predictions about where we think the market might be heading. This month we are sticking to the facts and next month will circle back with some market predictions. If you want to reread past newsletters and our previous predictions, you can find them on our blog at CallCrossRealty.com/Blog.
The median sales price continues to increase based on year over year numbers (November 2021 compared to November 2020) and was $295,000 for November 2021, up 6.88% from November 2020. Year over year, both pending sales and closed sales are up 10.43% and 5.44% respectfully. There were only 3,484 homes for sale in November 2021. That number is 13% fewer than October 2021 and about 20% fewer than November 2020.
Next month we will be back with more predictions and address the best time to list a home for sale based on a local market study. Many people believe that summer is the best time to list but they are mistaken. Stay tuned for next month’s newsletter to find out more. If you are thinking about selling, go ahead and give us a call because the best time to list is sooner than you think. We love talking real estate, so don’t hesitate to reply to this email or give us a call (757-726-7653 for Lee, 757-434-9084 for Harry).
Thanks,
Lee and Harry
What’s Happening in Suffolk
The Suffolk Division of Tourism, in partnership with the Suffolk Center for Cultural Arts, is pleased to present Star Wars at the Center, a series of epic space adventures that became a worldwide pop-culture phenomenon and defined a new…
Join the Suffolk Division of Tourism as they present the Annual Suffolk Mystery Authors Festival, to be held on Saturday, March 5, 2022. Whether you are an avid or casual reader, aspiring writer or published author, you will find something…
For the last two months, we have been watching the local market closely to see if there are signs of a ge in the strong seller’s market that has dominated in 2021. And this month, just like last month, we aren’t close to being ready to declare the seller’s market over. Using this month’s chart, a strong case could be made that October 2021 was an even better time to be a seller than October 2020!
That being said, both the number of settled sales and pending sales were higher in September 2021 than in October 2021. The median number of days on market (how many days it takes for a house to go under contract) was 17 days in October, which is two days higher than September. Most importantly to sellers, the median sales price was $290,000 in October, which is $3,000 lower than September. October’s monthly supply for inventory (how many months it would take for buyers to buy all of the current listings assuming no new homes are listed for sale) was down to 1.26 in October 2021 from 1.39 in September. In a balanced market, we have between 4 and 6 months of inventory. Despite the statistics showing the slight decline in price, we still feel that we are in a strong seller’s market.
It will be interesting to see what the next few months will bring for our local housing market. These statistics represent averages across Hampton Roads and your individual real estate needs might be different. If you are thinking about moving and you would like to discuss your personal real estate needs, please reply to this email, or give us a call (757-726-7653 for Lee, 757-434-9084 for Harry). We love talking real estate, so don’t hesitate to give us a call if you have questions.
Thanks,
Lee and Harry
What’s Happening in Suffolk
Juried Exhibition
Suffolk Art League’s popular Annual Juried Exhibition includes artworks in a variety of mediums by artists from throughout the Hampton Roads region and beyond. The exhibition will be on display from October 23 through December 3 at the Suffolk…
Welcome in the holidays with the 2nd 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 …
Start your holiday shopping at the Suffolk Farmers’ Market 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,…
This beautiful art exhibition features 23 artists, with 57 paintings and three wood turned pieces. The Southside Artists Association was established in 1965 as the Chesapeake Art Guild. As the organization grew, members were added from Virginia…
The Suffolk Division of Tourism, in partnership with the Suffolk Center for Cultural Arts, is pleased to present the enchanting 2019 live-action film, Aladdin, at the Suffolk Center on Saturday, December 11, 2021, at 2pm. Admission is $1 per…
View the sights and sounds of the 2021 Suffolk Holiday Parade on Saturday, December 11, 2021, at 7pm. Find the best spot to watch the floats, equestrian units, marching bands, and festive vehicles as they make their way down West Washington…
Last month we asked this question: Is local demand cooling off? This month we have some statistics
suggesting that the local housing market is slowing down a hair, but if you are driving down the highway at 100 miles per hour, is going 97 miles per hour really slowing down?
We aren’t ready to sound the alarm yet, especially since our latest numbers are from September, meaning that the majority of the homes represented in the statistics went under contract in August. August is traditionally one of the slowest times of the year for real estate sales. Plus, as the chart shows, the year-over-year numbers (September 2020 compared to September 2021) are still trending in a positive direction for sellers.
Did you know that Cross Realty also manages rental properties and that we are active local investors ourselves? Last week Lee was asked to give a market update to a local real estate investors group. The link to his presentation is below if you would like to watch.
If you are thinking about moving and you would like to discuss your personal real estate needs, please reply to this email, or give us a call (757-726-7653 for Lee, 757-434-9084 for Harry). We love talking real estate, so don’t hesitate to give us a call if you have questions.
Thanks,
Lee and Harry
What’s Happening in Suffolk
Friday Night Frights
Suffolk Tourism, in partnership with the Suffolk Center for Cultural Arts, is pleased to present the Third Annual Friday Night Frights Classic Horror Film Series. Scream will return to the big screen on Friday, October 15, 2021; The Birds is…
Suffolk Art League’s popular Annual Juried Exhibition includes artworks in a variety of mediums by artists from throughout the Hampton Roads region and beyond. The exhibition will be on display from October 23 through December 3 at the Suffolk…
Bring your little goblins and ghouls to Touch a Truck, Train & Trick or Treat on Saturday, October 30, 2021! The event begins at 11am and ends at 2pm, rain or shine. Enjoy food, candy, games, trucks, trains and more! Children can see, touch, and…
Last month we asked the question: Is the local real estate market changing? Based on the latest year over year (August 2020 compared to August 2021) statistics, our answer is still no, the market isn’t changing. For last month’s entire update, CLICK HERE.
It might seem that the local demand from buyers is cooling off a hair, but as you can see from the chart, the number of homes listed for sale is still decreasing and the number of homes selling is increasing based on year over year numbers. At some point that trend will change, but for now we feel we are still in a very strong sellers market.
The majority of homes are still going under contract within two weeks of being listed and the median sales price is up 12.1% since the beginning of this year. I would be surprised if that trend doesn’t continue when the numbers for the next couple of months are finalized.
These statistics represent averages across Hampton Roads and your individual real estate needs might be different. If you are thinking about moving and you would like to discuss your personal real estate needs, please reply to this email, or give us a call (757-726-7653 for Lee, 757-434-9084 for Harry). We love talking real estate, so don’t hesitate to give us a call if you have questions. Thanks, Lee and Harry
It’s Time For The Peanut Festival!
43rd Annual Suffolk Peanut Festival
It’s back and it”s better than ever! Known for its fun family activities, amusement rides, games, concerts, fireworks, shrimp feast, and demolition derby, the 43rd Annual Penaut Fest is back. Visit the Swamp Roar Motorcycle Rally, pony rides, straw maze, arts & crafts, and monster truck rides. Get in the game with peanut butter sculpting, kiddie fun, corn hole, karaoke, and so much more!
The fun starts on Friday, October 8, and runs through Sunday, October 10.
General admission is $10 per person; Children 10 & under are free. Parking is free.
Driver Days Fall Festival
Celebrating it’s 28th year, the Driver Days Fall Festival offer two days full of free family fun, including: Entertainment, Carnival Games, Pony & Train Rides, Food, Car Show, Parade, Crafters & Food Vendors, and more!
Free parking is available at Titan Contractors on Nansemond Parkway. $5 parking is available at Berea Christian Church.
Is the real estate market across Hampton Roads really changing or are the numbers misleading? Let’s start with the latest year over year (July 2020 compared to July 2021) statistics found here:
An argument could be made that the market is “slowing down” but we aren’t ready to say that yet. New construction numbers are down because builders sold through a good part of the available inventory, and we believe not having enough homes to sell is the same reason pending sales are down. Even though the number of homes under contract are decreasing, the median sales price continues to increase. In June 2021 the median sales price was $298,470, and in July 2021 it was an even $300,000. It is only about half a percent difference but it shows a steady rise.
We’ve seen this trend before but there are significant differences in this cycle. From 2000 to 2005 the total number of homes sold across Hampton Roads went up each year, increasing the inventory. In both 2006 and 2007 the numbers of homes decreased, but the median sale price increased each year. In fact, over 20% fewer homes were sold in Hampton Roads in 2007 than in 2005, but the median sales price of the homes that sold in 2007 was over 10% higher. Locally prices didn’t start to go down until 2008. Lender standards are much tighter now than they were in 2005-2007, so hopefully history will not repeat itself in such a dramatic fashion.
These statistics represent averages across Hampton Roads and your individual real estate needs might be different. If you are thinking about moving and you would like to discuss your personal real estate needs, please reply to this email, or give us a call (757-726-7653 for Lee, 757-434-9084 for Harry). We love talking real estate, so don’t hesitate to give us a call if you have questions. Thanks,
Lee and Harry
What is pre-approval?
A mortgage pre-approval carries more weight and goes a step further than pre-qualifying. We will take more of a deep dive into your financial health, your income and assets, employment and debts. Essentially, your loan is going through upfront underwriting and puts you on the fast-track to homebuying.
What you need for a pre-approval
Here’s where you need to provide:
Employment verification (W-2’s or 1099s)
Bank statements
Retirement and Brokerage account statements
Other assets
Current real estate debt or rental statements
Monthly debt payments (student or auto loans, credit card or utility bills etc.)
Our team looks at your entire financial make-up to get a complete picture of your buying power. Once you’ve given us everything we need, we will give you a pre-approval letter that shows you how much you can afford based on your current financial health. This is invaluable to agents you meet along the way on your house hunt! If you’re serious about purchasing a home, and you’re ready to take the next step in the process before falling in love with your dream home, then getting pre-approved is the natural next step! Let’s get you on your way to finding the home of your dreams!
Bill Duggan Sr. Mortgage Banker 757-615-5172 or billduggan@atlanticbay.com
Taste of Suffolk Downtown Street Festival
Taste of Suffolk is back in Downtown Suffolk for the 15th year! This annual street festival tradition spans Main Street from Finney Avenue to Washington Street.
Taste treats from local restaurants and see crafters, vendors and merchants. Taste of Suffolk has something for the whole family with a great children’s area and live entertainment by The Whiskey Rebellion, Rajazz, Jason Cale Band, Brianna Marie, and Anthony Rosano. Enjoy contests and games, a beer garden, and a new vehicle exhibition.
Head downtown on Saturday, September 11th from 11:00sm to 5:00pm.
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.
