Real Estate snapshot and market trends for Virginia Beach, VA 23454

Ladies and gentlemen, today we will be delving into the world of real estate metrics in order to provide you with valuable insights that can aid you in making informed decisions as buyers and sellers in the market. We understand that these metrics play a crucial role in your decision-making process, and we aim to keep you engaged and interested throughout this analysis.

Let's begin by exploring the correlation between the months supply of inventory and the 12-month change in months of inventory. The months supply of inventory currently stands at 1.42, which indicates that, at the current rate of sales, it would take approximately 1.42 months to deplete the existing inventory. This metric provides a snapshot of the balance between supply and demand in the market.

Source: Realtor Property Resource 02/03/2024

Now, the 12-month change in months of inventory has seen a significant increase of +105.8%. This suggests that over the past year, the supply of available homes on the market has increased substantially. This rise in inventory could be attributed to various factors such as an influx of new listings or a decrease in demand. As buyers and sellers, it is important to be aware of this change as it may influence pricing strategies and negotiation power.

Moving on to the median days homes are on the market, we find that it currently stands at 28 days. This metric gives us an idea of the average time it takes for a property to sell once it is listed. A lower median days on the market indicates a faster-paced market where properties are in high demand and tend to sell quickly. Sellers may find this information encouraging, as it suggests a potentially shorter waiting time for their homes to be sold.

Next, let's explore the list to sold price percentage, which currently stands at 98.4%. This metric measures the average percentage of the listing price that a property eventually sells for. A higher percentage indicates that homes are typically selling close to or at their asking price. This can be seen as a positive sign for sellers, as it suggests that they have a higher likelihood of receiving their desired sale price.

Lastly, we come to the median sold price, which currently sits at $465,000. This metric provides us with an understanding of the midpoint price at which homes are selling in the market. As buyers and sellers, it is important to be aware of the median sold price as it can serve as a benchmark for pricing strategies and negotiations.

In conclusion, we have explored the correlation between several key real estate metrics. The months supply of inventory and the 12-month change in months of inventory provide insights into the supply and demand dynamics of the market. The median days homes are on the market give us an understanding of the average selling time, while the list to sold price percentage and median sold price shed light on pricing trends. By considering these metrics, buyers and sellers can make more informed decisions and navigate the real estate market with confidence.