By Sharon Lukens,
Executive Director
Eastern Shore Association
of REALTORS®
In a recent presentation, Lawrence
Yun, the Chief Economist of
the National Association of
REALTORS® called the current
housing market “amazing.” e
statistics of the market show, and
overall sentiment in the industry
is that home prices and mortgage
rates are too good to give up, and
the seller’s market is still in full
swing.
In the rst quarter of 2021, the
pace of economic growth both in
Virginia and the Eastern Shore
has slowed somewhat. However,
consumer spending and job growth
likely will accelerate this spring.
While mortgage rates ticked up
slightly in the rst quarter of 2021,
it is likely that rates will stabilize
and remain low for the rest of 2021.
ese signs all support continued
home buying.
In April, in Accomack and
Northampton counties here on
the Eastern Shore of Virginia, new
listings in a month dropped for the
rst time this year, and pending
sales and closed sales dropped to
single digit or negative percentages
since March. Despite this slight loss
of momentum in April, months
of inventory in residential sales
continues its three-year-long slide
(a trend that is occurring in many
housing markets around the state).
Accomack County has four months
of inventory, compared to nine a
year ago. Northampton has four
compared to 10 this time last year.
With months of inventory at four
or less, it’s considered a “seller’s
market” and sellers have gained
asking power.
Record low inventory is leading
to short days on market (DOM)
and multiple oers. So if you ever
considered selling your home here
on the Eastern Shore, now could
be the time to get a great oer and
a quick closing. Contact a local
REALTOR® to help you do it right.
e “Amazing” Seller’s Market of 2021
Sharon Lukens