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Virginia Beach Real Estate Market Update, March 2019

Posted by Will Layton on Thursday, March 21st, 2019 at 9:21pm.

How's the local Virginia Beach Real Estate Market? Here's the answer!

Video transcript...

Hi everybody, I'm Will Layton with Layton
Realty Group in Virginia Beach and today 
we're gonna talk about the March 2019
real estate market update. I'm going to give
you a quick summary, I promise it'll be
very quick followed by some stats and
then a real-life I was there on the
ground story to kind of to make it real
for you. So for starters, the summary, the
markets doing great we'll go through
some charts to kind of show you why.

Homes For Sale in Virginia Beach

What we're looking at here is a chart of the
homes for sale in Virginia Beach going
back five years so here we are in
February 2019 the bottom right and the
bottom left we're looking at January of
2014 so you can see it's cyclical every
year it tops out during the summer and
bottoms out during the the winter but
here we are at the lowest level we've
been in the last five years at 1858
homes on the market in February 2019
which is lower than last year in 2018
and lower latinum year before that so
each year we've been seeing less
listings and less listings or less homes
on the market at each time of year so
that's a good sign of a healthy market
for Virginia Beach so if you're living
here that's that's all good.

Pending Home Sales in Virginia Beach

Let's look at pending sales. this is another good
good chart here we are on the far right
again looking back five years this is
homes that are under contract and right
now in February 2019
the latest data we have just 615 but
we've got the highest number in February
that we've had for the last several
years and this is always one of my
favorite charts days in the market you
can see looking back five years homes
are gradually dropping again it's
cyclical with it peaking during the
winter and dropping off during this
summer so here we are last summer with
the lowest days in the market of 24 days
peaking up here in January but you can
see even now it's only 40 days on the
market as of February which is lower
than it was last year in February and
the year before and the year before that
so with this trend we can expect the
market this spring in summer to to
remain pretty hot so that's a good thing
so based on this charts you can see why
I'm optimistic they're looking pretty
good but what about the real world how
about a I was there story for you so
there I was showing houses this past
weekend and looked for a client at about
30 so that's a lot of houses it's two
full days or coming from out of town
and I'd like to do that because it gives
him a good idea of what's on the market
so at the end of that they were pretty
familiar with what was available and
they ranked them and lo and behold two
of them went right to the top of the
list and so we decided to put an offer
on the first one and it had been on the
market for almost four months so you
figure that's a long time and a lot
longer than the you know forty days we
just talked about but we find out that
that morning somebody put in an offer
and they had verbally countered and it's
been accepted so that was a little bit
of a heartbreaker because you never want
that to happen so we went to their
number two and guess what that had been
on the market for about ten days and
that was under contract too so that's
just bad timing it's not like this one
story you shows the market is getting
you know completely heated up and it's
going out of control so one man on one
day but it does show that you know the
market is is moving for sure and then
another story I've got a listing where
we finally dropped the price this past
weekend it had been on the market for
several months lots and lots of showings
which is always good but no offers and
we drop the price fifteen thousand
dollars and lo and behold the next day
we get an offer and the day after that
we get another offer so again from the
listing side and the sales side the
markets moving there's people out there
buying it's just a matter of having the
price right and the house present well
so we're expecting a lot more of that
this spring we're looking forward to it
so hope to talk to you soon if you have
any questions about the market and your
neighborhood specifically in your house
pricing it right really does matter and
having in the right condition really
does matter for those buyers so any
questions please give me a call there's
lots of other videos for you to watch
here you can visit leighton realty group
which might already be on right now on
youtube and look at some of the other
videos that we have out there to help
help you learn more about the market and
make the right choices thanks for
watching

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