Virginia Beach Real Estate Market Update, February 2019

How's the local Virginia Beach real estate market? Watch this short video for a quick update. Everyone who owns a house or is looking to buy the house should have some knowledge of the local Virginia Beach real estate market. But most of the news out there revolves around the national real estate market. The problem is that the real estate markets are local, sometimes all the way down to the neighborhood level. So, each month I talk about trends in the market that matter the most to those who live, work, and play in Virginia Beach.

And the video transcription...

Hi I'm Will Layton with Layton Realty Group. Today we're going to talk about the real estate market in Virginia Beach for February 2019. This will help you get an idea of what the market might be like if you're putting your home on the market in the spring or even if you're looking to buy a house, you know where it is going, what can we expect. So, cutting straight to the chase. The market's doing great. it's very stable. it's not a buyers market or a seller's market. homes are moving and I've got some quick data to show you that will help you understand that so this is especially useful if you're putting your house on the market because you might want to know how long does it take for a home to sell and if you're a buyer you're thinking to yourself, hey what kind of deal can I get on a house. we're also going to look at the percentage of list price that homes are selling for so you know I'm selling for $10,000 below the asking price or $20,000 or $30,000. what can you expect? let's go over to the charts. here's a chart of Virginia Beach and the number of pending sales but basically we've got this upward slope where my cursor is meaning that for the last five years, January's have been increasing along with every other spot so the market is gradually increasing it's a very healthy market that's what we want to see next we look at new listings new listings January 2019 877 and again you can see this goes all the way back to 2014 here what my cursor is in the bottom left and you can see it's cyclical just like the pending sales where it Peaks in the summer and drops off in December of each year lowest number of listings obviously in December of each year so the market has been steady as far as the number of new listings go no surprise there I always like this chart because for the last five years the days in the market has been dropping so again this is monthly for the last five years so every year the days in the market drops down at the lowest point in the summer and the highest point about now and it's only 44 days in the market for the highest point in the year so we can expect you know follow-on months for the number two drop a little bit so again the sign of a healthy market this is the chart of closed sales over the last five years and again it's cyclical here we are in January so every year in the winter the number of closed sales drops so again sign of a healthy market so this charts a little bit higher harder to read but what it is it shows the percentage of list price homes were selling for about on average a hundred percent of their asking price in July and what that means if a house was listed for five hundred on average he was selling for five hundred so that drops it's a little bit cyclical because it gets busier in the spring but here we are down at almost 99 percent of the asking price which is pretty similar that we've had year over year over year so that means basically means for a five hundred thousand dollar house on average homes are selling for five thousand dollars less than that so that's good news for for sellers to understand that you know you don't want to over price your house too much because then it won't sell but buyers also know yeah you know probably not gonna be able to get five hundred thousand dollar list price for four out of thousand you kind of got to be realistic about that because that's what the sellers that are expecting so again this is a sign of a very healthy market well so there you have it charts are looking pretty good the maps are looking pretty good plenty of homes coming on the market plenty homes being sold if you're in the market or if you're looking to sell there's nothing there's no alarm bells going off everything's looking pretty normal. that said the overall market may be different from the market in your neighborhood you never quite know until you start you know burrowing down into the data taking a look at what's on the market and what's not but sometimes certain neighborhoods get hot sometimes there's few listings and there are people that are looking for them so if a house comes on the market there they're ready to jump on it so if you're curious as to whether that's going to happen to you and your house just give me a call I can look through all that so seriously it's really easy for me to do I enjoy doing it and I do feel like it's a really good service for you so it's a much better option than just trying to get a feel from hey I saw a house down the street sold for this price my house must be worth that it doesn't really work that way but I'm happy to go through the process with you and take a look at it and give you really really close look at where your house might sell in today's market so give me a call or email I look forward to hear from you see ya