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You're listening to REINCheck with Andrea Rice, Contracts and Industry Specialist at REIN,where you get the latest member news and information delivered straight from the source, REIN MLS.

Andrea Rice
Hello and welcome to REINCheck. I'm your host Andrea Rice, and today we are checking in with REIN’s Data Administrator Josh Garbin for a discussion and mid-year stats to see how the 2024 housing market is shaping up here in Hampton Roads. Josh, thank you so much for taking time out of your schedule to be here today.

Josh Garbin
Thank you, Andrea. I'm glad to be here.

Andrea Rice
Yeah, we're always excited when you get to come on the show because you always have some good stats for us and you always check in with us mid-year and end of year. So we really appreciate that. Josh, can you start by giving us a bit of a mid-year update? What do the numbers tell us and how do these numbers compare to where we were in December?

Josh Garbin
Absolutely. So one of the first things I look at is month’s supply of inventory or MSI. So for the rest of the podcast, for your MSI, that's month’s supply of inventory. This is a number that represents the number of months it would take to completely remove all inventory in the system if there were no new listings added about market is between five and seven months.

Josh Garbin
Currently the MSI for April 2024 is 1.87. The MSI for December 2023 was 1.69. I was also looking at the listings that were entered in the system, so there were about 3,000, 3,309 to be exact listings entered in April 2024, which is up compared to December of 2023 when we had 1,725 that were entered. And then when you look at year-to-date for both 2024 and 2023, that's for January to April. 2024 had 11,635 listings added.

Josh Garbin
In 2023 you had 10,804. So it is definitely up. There are also 2,569 residential pending listings for April 2024 and 1,509 in December of 2023, and for settled sales there were 2,189 for residential home sales in April 2024 and 1,708 in December of 2023.

Andrea Rice
Right. So Josh, it looks like even though the month’s supply of inventory only edged up just a little bit, it does look like inventory is improving.

Josh Garbin
Yes, it is.

Andrea Rice
All right, great. And so we often talk about resale stats, but the rental market has been changing really rapidly over the last few years. Can you give us a glimpse of what is going on in the rental market, maybe where things were in December and March and where they are now?

Josh Garbin
Absolutely. Yes. And I took a look at April as well. So there were 856 rentals entered in for last month, April 2024, which is up from December of 2023. So in December of 2023, there were 654 entered. I also took a look at year-to-date, January to April for this year, and there were 3,082 rentals entered, which is up from December of 23 when we had 2,948.

Josh Garbin
So I also took a look at rentals that became rented. So there were 695 last month, which is up from 589 in December of 2023. And again year-to-date, looking at January to April, we saw 2,688 rentals for 2024, which is down slightly from last year at 2,690. But that's not by much, if at all. And then, of course, I looked at the median rental price for rented rentals for last month and that's 1,900.

Josh Garbin
So this is up from last year's price of 1,750. And then that was looking at roughly year-to-date. The median rental price of rented rentals is 1,885, which is up from 1,700 the same time last year. So I took a look at year-to-date median and then last month's median as well.

Andrea Rice
All right, interesting. So it's always nice to get a look at the rental statistics as well. So we really appreciate that. And did you see any statistical patterns that emerged when you were looking at the overall data?

Josh Garbin
So just a moment ago, we talked about the median rental price. So I took a look at those median selling prices. And one trend that stayed consistent is the rise in the median price of homes that are sold. So in April of 2024 MSP or median sales price was 344,000, which is up from both December of 2023, when it was 330,000, and last April when it was 320,000. And year-to-date that trend is the same as well.

Josh Garbin
This is no surprise when you compare the low MSI we spoke on earlier. Lower inventory is driving up the prices last year, starting in September, month-over-month, pending residential listings saw a consistent decrease until January of 2024. That's no surprise. But when also looking at the past four months, month over month, pending residential sales have been going up.

Josh Garbin
So we can kind of see that a little bit of normalcy of course, every year is different, but we typically see a slowdown towards the end of the year and then it picks back up. And it's nice to see that this trend is continuing.

Andrea Rice
Yeah, interesting. Thank you, Josh. And you know, you're a stats guy. How can our members use stats to set themselves apart? Maybe some insight into how these numbers translate to the real world.

Josh Garbin
So these stats are just another tool in the toolbox. These stats help gain understand of the market in our area. So this could translate to listing appointments and also can help you put the best offer possible for your clients. These numbers help to set expectation. Out of these stats, whether it be from Domus Analytics that we offer.

Josh Garbin
There are some stats that you can get in Matrix or even taking a look at some of our numbers. Adding all of that can really add to your presentations.

Andrea Rice
Yeah, I think these stats are just really interesting to look at just for myself, but I can see how that could really set you apart with your clients. And are there any places where they maybe our members could get graphs and stats that you have?

Josh Garbin
Absolutely. So on REIN MLS there’s multiple ways to access stats. So we offer stats that are on My REIN as well as products that you can run your own stats. So we spoke earlier on Domus Analytics. We offer classes on that. There are some options. You can run some stats in Matrix and if you have any questions, please reach out to us.

Josh Garbin
I would be glad to, here in product support, be glad to help with any of them. But like I said, there are the stats that we offer. There are some stats on Domus Analytics that are very easily printable. There's even one of the dashboards that you can share to your own website, which I find nice. So we offer many classes on this as well.

Josh Garbin
I know there's a Domus Analytics class that I help teach and we do webinars and in person. So look at that training calendar. If you want a little bit more information on Domus. Domus is a really nice product. I think you'd I think it would be a great tool to have in your arsenal.

Andrea Rice
Yeah. Thanks, Josh. And for those of you that have not checked it out, please do go online. Go to REINMLS.com and check out Domus. Check out those classes. Those classes are a part of your member benefits. So there's no extra costs for that. And I want to thank you, Josh, as always, for coming on and telling us what the stats are for the midyear.

Andrea Rice
And we'll hope to have you back at the end of the year to see how things continue to shape up here in Hampton Roads.

Josh Garbin
Absolutely.

Andrea Rice
Yeah, thank you. And that's a lot of great information. And not only do I want to thank Josh, but I want to thank all of you for listening. I hope you enjoyed this episode of REINCheck and if you missed any of the previous episodes, I do invite you to go to REINMLS.com to take a listen.

Andrea Rice
And if you have not done so already, please make sure you subscribe to REINCheck so you get new episodes delivered directly to you when they are released. Thank you and have a great rest of your day.

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