Virginia’s Eastern Shore region experienced an increase in median sale price and a decrease in inventory in April, according to Long & Foster Real Estate’s Market Minute Report.
The number of units sold saw a 15% decline in Accomack County and no change in Northampton County.
April was the first full month that Long & Foster’s regions experienced the coronavirus (COVID-19). “We feel good about where we are versus where we thought we’d be this month,” said Gary Scott, president of Long & Foster Real Estate. “Real Estate is considered an essential business in most states, so we are listing and selling real estate in the states where there are no restrictions to do so, although it is done virtually – with a priority on safety first and transactions second.”
Scott speculated that we’ll see millennials and downsizers make a purchasing shift away from vertical condo living in the city to the more open spaces of homes in the suburbs, although time will tell. “Inventory shortages have been our headwind for 36 months and with buyers temporarily hitting the pause button, our market seems to be balancing out,” said Scott.
“One of the great values of our company is our ability to operate in seven states and the District of Columbia,” said Scott. “Our integrated family of companies spans across a geography that is so spectacular, it gives us an edge that others don’t have.”
When asked if COVID-19 changes the vision of Long & Foster, Scott commented that it strengthens the vision of the company. “It validates and confirms that the all-inclusive homeownership experience will serve clients best and come out being the winner.”