The Peninsula summer market

Real Estate Review

It’s so important to have a grasp of what the real estate market is doing in your area, even if you aren’t interested in selling right away. The best way to truly do that is to be actively looking full time at the inventory on the market and working with buyers and sellers like we do as REALTORS®. However, if you’re not in the market like we are, statistics provide a great looking glass into what is going on! So here are some stats I think are important!

Current Active Residential Listings: 3,010*

Average Sale Price
Newport News: $184,961
Hampton: $172,912
Yorktown: $310,068
Poquoson: $327,827

Average Days on Market
Newport News: 74
Hampton: 78
Yorktown: 75
Poquoson: 65

Average Sale to List Price Ratio
Newport News: 100%
Hampton: 99.6%
Yorktown: 98.7%
Poquoson: 98.9%

Compared with last year at this time, inventory is down, prices are up and increasing and market time is down. All in all, it’s a great time to sell!

Hey buyers! Don’t be weary! It’s still a great time to buy before the interest rates rise again. Be competitive with your offers and think outside the box! A good buyer’s agent can help you come up with creative ways to get your offer accepted and still make it a win/win for you and the seller!

It’s important to understand the overall market but it’s also important to note that each city has smaller markets within it. Neighborhoods, subdivisions, districts, school zones and style of home all have individual factors that play into its own real estate market.

The best thing you can do is find a REALTOR® who understands the individual dynamics of the area you’re looking in or wanting to sell in. Not only does the REALTOR® have to sell it to a potential buyer, he or she may also need to support the valuation to a future appraiser! So, if you’re interested in finding out about your specific home’s valuation, then reach out to a REALTOR® who knows the Peninsula!

*All statistics were pulled from The Real Estate Information Network as of the end of May 2018.

Shannon Edwards
About Shannon Edwards 3 Articles
Shannon Edwards has been a leading REALTOR® on the Peninsula since graduating from CNU and starting her business in 2004. She is the Team Leader of The Coastal VA Real Estate Team and Associate Broker at RE/MAX Peninsula. Not only is her team consistently in the top 10% for sales in the local association but it also provides top-notch property management services and specializes in investment properties for flip or rental. Her passion is helping people not only make positive real estate purchases for their current lifestyle but also helping them understand how it can impact their future and set them up for a successful lifestyle ahead. She can be contacted at 757-876-9621 or by email at Shannon@VACoastalRE.com

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