Sales of homes declined in the Virginia Eastern Shore region in March, while median sale prices continued to climb, according to the Long & Foster Real Estate Market Minute report. In Accomack County, the median sale price rose by 32% and it rose by 16% in Northampton County. Home sales continued their downward trend compared to the year-over-year reports. Both counties also experienced a reduction of active inventory, dropping 23% in Northampton County and 8% in Accomack County.
“In regard to the March market, many places had units sold and inventory down,” said Gary Scott, president of Long & Foster Real Estate. He added that, “Although each market typically has certain nuances that differentiate them from others; it seems that universally most markets were very similar.”
Across the board it appeared that everyone had a bad January, a good February and a bad March in terms of home sales. However, Scott remains optimistic saying, “We simply have a lagging spring market. I don’t believe March is an indicator of how the market will remain, and I’m positive April will be off the charts.”
Scott reminded everyone that the spring market is a fundamental seasonal trend that is dependent on a variety of factors, including weather, inventory and interest rates. With interest rates continuing to be low and other economic indicators being positive, Scott estimated that the spring market will become fully activated in April and give us a robust real estate environment.
For those thinking of selling their homes, Scott highlighted things sellers need to keep in mind. Firstly, he said, “Sellers need to go to market in the best way they can – they’d better declutter, stage and prepare.”
Secondly, with pricing and inventory being geographically specific, “sellers need to engage with a professional.” Scott stressed the importance of knowing the market conditions in the area where the seller is currently located and where they plan to go.
Lastly, sellers need a good sense of where they’re going. With the market being the way it is, sellers need to be prepared to have an interim move. Scott said, “There’s no guarantee that the house you want is going to be ready when the house you sell is ready.” Sellers need to be prepared for situations where it’s possible that both of their transactions don’t quite line up.