REINCheck

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VO
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'm your host, Andrea Rice, and today we are checking in with REIN’s Data Administrator Josh Garbin for a discussion and end of year stats to see how the 2024 housing market shaped up here in Hampton Roads. So, Josh, thank you so much for taking time out of your busy day to be here.

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

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Andrea Rice
We always enjoy having you on a couple of times a year to get the mid-year stats. And then so we did that back in around June, and we're glad to have you back for end of year stats. It's been it's been quite a year. So I’m interested to hear what you have to say. So, Josh, do you mind giving us an overall snapshot of the Hampton Roads real estate market’s performance this year and maybe, you know, were there any unexpected trends or patterns that emerged when you were looking at the numbers?

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Josh Garbin
Well, like I said last time, one of the first things I look at is months of inventory or MSI. So this number represents the number of months it would take to completely remove all inventory if there were no new listings. So if there was nothing that came on the market at the end of today, there was nothing new that had come on,

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Josh Garbin
how long would it take? This is not necessarily a whole number, but anything between 5 and 7 months is considered balanced. So it is marked in months. Twelve is usually the highest. I don't think I've ever seen that. But currently the MSI for November 2024 is 2.23 and the MSI for November 2023 was 1.9 months.

00;01;46;03 - 00;02;09;12
Josh Garbin
So we do see the trend heading towards that balanced market. But right now we are well below that 5 to 7 range. So right now we're considered a seller's market. And anything above that seven is going to be considered a buyer's market. So inventory is really driving the prices. So there were about 2,200, 2,373 listings that were entered in November 2024.

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Josh Garbin
And if you want to take a comparison of, April, there were 3,309 listings. So it's down. But if we take a look at this time last year, it was 2,268. So year-over-year the number is up, which I find interesting because normally this is one of our slower times. When you compare year-to-date for both 2024 and 2023, for all those listings that have been entered, we had 32,910 listings that were added in 2024 and 30,803 that were entered last year.

00;02;42;01 - 00;03;07;22
Josh Garbin
So, looking also at pending listings, there were 1,779 pending listings this year for November. And last year in November, there were 1,699. And then in terms of sold listings for residential homes, there were 1,899 settled sales for last month, November 2024 and 1,690 for November 2023. Year-over-year, we're seeing more pending and settled sales.

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Josh Garbin
Though compared to April, the numbers seem down. Again, this is typically a slower time on the market.

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Andrea Rice
So what I find interesting, Josh, is that, you know, you've been coming on for a couple of years now, giving us the stats and at one point, I think we were like during the Covid times like almost at like a one month supply or maybe even slightly below one month, which was crazy.

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Josh Garbin
It was crazy.

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Andrea Rice
So, I mean, things are inching back towards normal, but it's been a slow inching.

00;03;43;16 - 00;04;06;23
Josh Garbin
Been a slow inching. And, this marks ten years that I've been here at the company, and I've been slowly seeing an inch towards that. You know, that balanced market. And then we had the Covid and everything that had happened, and then things just dropped and we were well under a month, which is unprecedented. And now we're at two months, which is still pretty low.

00;04;06;25 - 00;04;09;07
Josh Garbin
But yeah, it has been interesting to see.

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Andrea Rice
Yeah. Really interesting. Just as we look at a broader snapshot. So we often talk about resale stats which we just covered. But the rental market has been changing as well over the last few years. So can you give us a glimpse of what is going on with the rental market, maybe where things were in December and March, where they are now?

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Josh Garbin
Yes. So, overall, I just took a look at the number of listings for rental listings that were entered last month, and that was 737. It's down from the same time last year at 773. And then I also took a look at the year-to-date totals. So year-to-date, January to November for 2024, there were 9,217.

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Josh Garbin
And compared to last year were up. So last year had 8,921. So going off of what we've been looking at the resale market, I decided, okay, so we looked at what came on the market. What information can I gather from the ones that went off the market? So there were about, 603 rentals that became rented last month, which is down from the same time last year at 645.

00;05;18;29 - 00;05;51;00
Josh Garbin
However, the totals are up year-over-year. So to again, look at January to November, there were 7,634 rented rentals, which is up from last year at 6,528. And one interesting thing that I have noticed, and we may touch on this a little bit later, is price. So we talked about price a little bit before. The median rental price for those rented rentals for November 2024 is 1,900, and it's up from last year's price at 1,800.

00;05;51;03 - 00;06;09;21
Josh Garbin
What I found kind of interesting also taking into account year-to-date again, January to November, is that the median rental price of those rented rentals is 1,945, and it's up from 1,800 the same time last year. So that 1,800 was kind of interesting to see both month and year-to-date was matching. I found that interesting.

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Andrea Rice
Yeah, that doesn't necessarily always happen. But again, you know, rental prices are going up, which seems to be a never ending thing. Right?

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Josh Garbin
Absolutely.

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Andrea Rice
So do you see any statistical patterns that emerge when you look at the overall data?

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Josh Garbin
Absolutely. So just a moment ago, we touched on the rental price. So I decided to take a look at the, the price for sales price. And one trend in estate consistent is the rise in median selling price of homes. So in November of 2024, the median sales price for MSP was 350,000, which is up from both December of 2023 at 330,000, and last November at 300,000.

00;06;54;07 - 00;07;12;23
Josh Garbin
So you could see just a little bit of a difference in just those couple of months has really seen the growth there. The median, again, is the middle of the data. So when you take a look at median versus average, you take a look at a sampling of the data. And we look at the direct middle. So the direct middle of the data is 350.

00;07;12;23 - 00;07;29;22
Josh Garbin
There could be some that are below it or some that are more. And typically if you see like a higher average, that means there were more on the plus side of that median. So I like to take a look at median. It's no surprise when you compare to the MSI we spoke on earlier. The lower inventory is driving the prices.

00;07;29;25 - 00;07;42;08
Josh Garbin
But it's interesting to see year-over-year there are more sales. So it's kind of nice to see that relationship. And, the past three months have really seen, positive changes in pending sales.

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Andrea Rice
Okay. Interesting. Yeah. And again, prices are going up. I think that's one trend will always see. And, unfortunately. So, you're a stats guy. And I love that you kind of gave us that distinction between average and median, because I think sometimes people don't really understand what that is. So thank you for that because you are a stats guy.

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Andrea Rice
Those are the kind of things you think about. How can our members use stats to set themselves apart? Maybe, insight into how to use these numbers to translate into the real world for their customers and clients?

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Josh Garbin
Absolutely. And I said this last time, the stats are just another tool in the toolbox. Stats help you gain an understanding of the marketplace in our area. This translates to listing appointments or helps put the best possible offer in for your clients. These numbers help to set expectations. I think that's I said that last time, and I love saying that they help to set expectations. Adding these stats, whether it be from, Domus, one of our stat programs we offer. There are some stats

00;08;50;10 - 00;09;03;11
Josh Garbin
you can run in Matrix or adding numbers from the stat reports that we publish on REINMLS.com, can really help add to your presentations. It helps you be the experts for what's going on.

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

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Josh Garbin
Absolutely. So we just spoke a moment ago that the stats are a tool in the toolbox. Well here's how you access them. So REINMLS.com, there's multiple ways you can access stats. We offer stats that are run by us at REIN, as well as some products to run your own stats. Some of these are shareable within your client.

00;09;29;03 - 00;09;52;08
Josh Garbin
Some of these are shareable social media. One of the stat programs is called Domus Analytics. It's available on REINMLS.com. And there's also options like again you can run in Matrix. Domus Analytics actually does offer a shareable framed graph that you can use on your social media or your web page. You can reach out to us in product support, and we'll be glad to walk you through how to use that.

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Josh Garbin
But we also offer classes on Domus Analytics. We welcome you to come to that. Again, you know, Domus Analytics that you can access on RINMLS.com. You can add some of the stats from our stat reports to your listing presentations. And then also there are multiple ways you can actually run stats in Matrix. And again, you can reach out to us in product support if you'd like a walk through on how to do that.

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Josh Garbin
Again, if you have any questions, please reach out to our product support department who will be glad to answer any questions that you have.

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Andrea Rice
Thanks, Josh, and that is a lot of great information and I hope people will reach out, because I just find all of the stats really interesting and it's one thing to talk about them, but then to see them like in in a graph or on a piece of paper, I mean, it really like brings everything to life. And really it's a great tool, like you said, to have in your toolbox.

00;10;42;01 - 00;10;59;26
Andrea Rice
So again, thank you all 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. And if you haven't done so already, please make sure you subscribe to REINCheck so that you get new episodes delivered directly to you when they are released.

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Andrea Rice
Thank you and have a great rest of your day.

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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.