REINCheck

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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.

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Andrea Rice
Hello and welcome to REINCheck. I am your host, Andrea Rice. And today we are checking in with the REIN’s Data Administrator Josh Garbin to discuss 2023 year-end stats. Josh has been so gracious with coming on approximately, you know, twice a year to update us. So Josh, thank you so much for once again taking time out of your busy schedule to be here today.

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

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Andrea Rice
Yeah. And so, you know, we've had a couple of crazy years and so I just wanted to have you on, see if we could get a year-end wrap up, see where we're at at this point in 2023. So could you just start by giving us an overall snapshot of the Hampton Roads real estate markets performance this year?

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Andrea Rice
And were there any unexpected trends or patterns that emerged?

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Josh Garbin
I think we should start with months supply of inventory or MSI. So any time after MSI is going to be month’s supply of inventory. MSI is how long it would take an entire MLS inventory to go off the market if no new homes were added. So the number for a balanced market is 5 to 7. Last month's MSI was 1.88.

00;01;31;08 - 00;01;58;18
Josh Garbin
So the past few months we have seen MSI go up, but it is well below that 5 to 7. So that means we're in a seller's market when looking at year-over-year. So losses have been down, but we're also entering a slow season as of the recording of this. Actual leases, however, are up year-over-year despite the lower inventory. New listings, despite the year-over-year decline, is about the that near the same as we were at the end of 2020.

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Andrea Rice
Okay. All right. Good. And how did property prices evolve this year, both in resale and in the rental sectors?

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Josh Garbin
Let's start with the rental sector. For the rental market, when we were looking at median list price for those listings entered last month and last year, price has gone up by about 7%. And overall the price of rental listings is going up. So in October of 23, the median list price of rental listings was 1825, last year it was 1700.

00;02;29;02 - 00;02;48;15
Josh Garbin
This is also the same price it was in January of 2023. So we have seen prices increase over the span of the year. As for the resale or sale market, median sales price is up. While October was the highest recorded median sale price, overall, the price has been increasing. So for October 23, the median sale price was 330,140.

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Josh Garbin
In August it was 341,100. So when you look at the previous two October's, the prices were 310 in 2022 and 290,000 in 2021.

00;02;58;17 - 00;03;03;13
Andrea Rice
All right. So it looks like everything across the board is up pretty considerably.

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Josh Garbin
Correct.

00;03;05;08 - 00;03;11;13
Andrea Rice
Okay. And Josh, did you observe any regional variations between the south side and the Peninsula?

00;03;11;15 - 00;03;36;28
Josh Garbin
Yes. So I was taking a look at what we’ve already been looking at already. And I noticed that for those new listings that were entered like the number of units, both regions experienced month-over-month declines, but year-over-year, the Southside saw an increase of about 0.23%, whereas the Peninsula was down 8.1%. And again, this is based on those listings that were entered into the system.

00;03;37;00 - 00;03;52;03
Andrea Rice
Okay, great. And while we have you on here, usually when we talk about stats, I like to talk about Domus or just touch on that. So can you tell us a little bit about Domus while we’re talking here stats today.

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Josh Garbin
Absolutely. Domus Analytics is one of the products available to our members that can generate statistics very quickly. It's super easy to use and can offer detailed statistics for listing appointments or really any appointment where you feel that statistics would be really useful. It is available on REINMLS.com and it is again very easy to use.

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Andrea Rice
Yeah, and we did a special REINCheck episode specifically on Domus a while back. So if you go into the rain check previous episodes, you can check out that episode on Domus and it's really has a lot of great features. If you're not already using it, I do suggest you just go in and check it out. It's a really useful tool.

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Andrea Rice
And Josh, before we sign off, is there anything else that you would like to add? Any parting thoughts or tips for our members?

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Josh Garbin
Along with Domus Analytics there are multiple statistic reports that can be available to our members on REINMLS.com. There's also statistical reports that can be run in Matrix too. So if anyone has a question, they can contact us at product support and any one of us will be glad to assist with that.

00;04;58;23 - 00;05;19;18
Andrea Rice
All right, great. And for some of our members, I don't know if they even knew that was an option, but yeah, please call in. You can get some assistance with stats and thank you, Josh. That's a lot of great information and I want to thank all of you out there for listening. I hope you enjoyed this episode of REINCheck, and if you've missed any of the previous episodes, I do invite you to go to your REINMLS.com to listen.

00;05;19;20 - 00;05;31;24
Andrea Rice
And if you had not done so already, please make sure you subscribe to REINCheck so that you get the new episodes delivered directly to you when they are released. Thank you and have a great rest of your day.

00;05;31;26 - 00;05;39;09
VO
You've been listening to REINCheck with Andrea Rice. Stay in the know from those who know delivered straight from the source, REIN MLS.