Colony Pines Market Update
Welcome to the Colony Pines Market Update! Here you'll find information on the real estate market for this Newport News neighborhood. Why Colony Pines? Well, for starters, I'm a resident and I love to keep my neighbors up-to-date about what is happening with our home values. Our neighborhood is a hidden gem that is convenient to shopping, dining, military bases, and easy access to I 64. In addition to maintaining the entrance off Denbigh and the neighborhood park, the voluntary neighborhood association has periodic neighborhood events.
April 2020
April's average prices increased over last month. There were more houses available for sale. This meant there were a greater variety of homes available and home with larger square footage, resulting in a higher price point.
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Months Supply of Inventory (the number of months it would take to sell everything listing if nothing new came on the market) increased slightly to 1.2 months. A balanced market is approximately 5-6 months of supply.
The number of available homes increased but we still the same number of houses either under contract or closed by the end of the month.
March 2020
March's average prices decreased slightly. This was mainly due to the size of homes that were put on the market during the month. I anticipate we will see the average price increase in April.
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Months Supply of Inventory (the number of months it would take to sell everything listing if nothing new came on the market) dropped slightly to 0.2 months. A balanced market is approximately 5-6 months of supply.
The number of available homes remained the same but all the houses listed in March were under contract meaning that the market is still moving very swiftly.
February 2020
February's average prices increased significantly. That is mainly due to low inventory and the relatively few houses that sold or were available. It also speaks to the amount of competition there was for the available homes.
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Months Supply of Inventory (the number of months it would take to sell everything listing if nothing new came on the market) dropped slightly to 0.4 months. A balanced market is approximately 5-6 months supply.
The number of available homes increased slightly over January but still is very low.
January 2020
January's average prices decreased slightly. That is mainly due to low inventory and the relatively few houses that sold or were available.
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Months Supply of Inventory (the number of months it would take to sell everything listing if nothing new came on the market) remained pretty steady at 0.5 months. A balanced market is approximately 5-6 months supply.
There were times in January when there were no available houses for sale in Colony Pines.
2021 Fourth Quarter
The fourth quarter saw average prices increasing again by approximately $9,000 and new listing, homes sold, and under contract fell quite drastically.
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Months Supply of Inventory (the number of months it would take to sell everything listing if nothing new came on the market) decreased to just a little over half a month. A balanced market is approximately 5-6 months supply.
Going into 2022 I anticipate the market to remain tight with buyers still competing over limited inventory.
2021 Third Quarter
The third quarter continued to be a strong market with average prices increasing by approximately $3,000 and new listing, homes sold, and under contract remaining pretty constant.
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Months Supply of Inventory (the number of months it would take to sell everything listing if nothing new came on the market) inched up from 0.5 months to 1.3 months. A slight increase but still very much in favor of sellers. A balanced market is approximately 5-6 months supply.
Going into the fourth quarter I anticipate the market to remain strong but listings to decrease and months supply of inventory slightly increase.
