During January, the Real Estate Information Network (REIN) Inc. recorded 1,502 settled sales, or closings, of residential real estate in theHampton Roads region.
That’s the lowest recorded number of monthly settled sales in the region since February 2017. The decline in settled sales isn’t totally unexpected, since January is traditionally one of the slowest months of the year for real estate activity.
However, pending sales for January were up month-over-month from December, whichis a good sign, said REIN Board of Directors President Jon McAchran, of AtCoastal Realty.
“Pending sales are often used as a forecasting tool for closings in the coming months. We like to see pending sales numbers increase since they usually represent a closed sale in thenext month or two.”
McAchran said he has seen offers and activity increase pretty dramatically from the first half of January into the second half and that he’s not sure the increase is being driven byinterest rates alone.
“I think buyers are getting used to the interest rate environment and that the market is starting to heat up due to the lack of inventory,” he said, adding that the spring market typically sees increases month-over-month. “Perhaps we are more in line with a typical pre-pandemic spring market, and if interest rates do decrease, this year’s spring market could gain even moremomentum.”
January’s data points from REIN:
Local Home Listings You Can Trust.