It’s a new year and another new record-low Months’ Supply of Inventory in Hampton Roads. This according to the Real Estate Information Network, Inc. (REIN), Hampton Roads’ multiple listing service (MLS) and source for local real estate data.
The Months’ Supply of Inventory (MSI) is a calculation of how long it would take for all inventory to be sold if no new properties came on the market. After setting a historic low of 0.88 last month, the MSI fell again to just 0.79 in January. Such a low MSI means that people are buying homes at a faster rate than newly listed homes are coming on the market.
“Buyers have had a tough go of it for the past two years,” said REIN Board President Liz Moore of Liz Moore & Associates. “When there are five offers on a new listing, only one buyer is successful in their bid. That leaves four disappointed and still looking.”
However, she added that historically low interest rates have been a compelling reason for buyers to stay in the game, and the lack of supply is also motivating buyers to pay over asking prices in order to win the bid on the properties they really want.
The Median Sales Price (MSP) of residential properties sold in the MLS for Jan. 2022 was $291,000. That’s up from $290,000 in December 2021, and up nearly 10% year-over-year from $264,950.
“Over the past year, sellers have enjoyed peak pricing, which was enhanced by multiple offers in many instances,” Moore said.
- Despite the slight increase in new listings, active listings are down from both last month and last year at the same time. January 2022 saw 2,536 active listings compared to 3,664 in January 2021 and 2,821 in December 2021.
- Pending sales were 2,486, down slightly from year-over-year.
- January’s Settled Sales totaled 2,321, up just 1.27% year-over-year.
- New Construction Sales listed in the MLS were 269 compared to 309 in December.
- The median number of days residential properties stayed on the market in Hampton Roads during January was 16.
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