Sellers Rejoice...the real estate market has tipped in your favor based on the Real Estate Information Network (REIN), the local Multiple Listing Service provider.
To quote REIN: "In recent months it has been the trend in Hampton Roads for growth of real estate pending and settled sales to outpace that of the active listings. For the most part, November’s statistics followed this same pattern, as active listings continued to decline year-over-year and the change in sales activity held steady in the positive column. One difference, though, is that while Hampton Roads has been able to maintain a balanced market in recent history (typically a 5 to 7 months inventory supply), in November the months' supply dipped below 5 months and has allowed the scales to tip slightly in favor of the sellers."
Virginia Beach and Portsmouth experienced the largest drops in active inventory, falling 11.42% and 10.30% respectively.
So it now a good time to sell? YES...Contact me if you need a market analysis or consultation...its free and its PAYS to know your neighborhood.