The First Quarter of 2013 Ended Strong

Strong First Quarter

March 2013 posted nearly a double digit percentage increase in residential settled sales when compared to 2012. Residential under contracts increased significantly while active listings continued to decline, lowering the months’ supply of inventory.

Settled sales saw an increase of 8.53% for March 2013 when compared to last year.  Settled sales are up 10.71% for the first quarter of 2013 (January-March) when compared to first quarter 2012. The median sales price is currently $199,000, a considerable increase of 7.57% from March 2012’s $185,000. Last month’s strongest statistical improvement was in residential under contract sales, an increase of 12.84%. Potential settled sales may result from this steady increase in residential under contracts.

Active listings for March experienced a drop of 8.62% compared to the same time last year.  The overall decrease in the number of homes for sale has resulted in a 6.38 months’ supply of inventory for the region, as compared to 7.57 months in March 2012. A healthy real estate market typically maintains a 6 months’ supply of inventory, so this statistic does suggest a stabilizing market for the area.

Inventory by City:

• Virginia Beach -4.61  Months’ Supply of Inventory
• Chesapeake -5.29  Months’ Supply of Inventory
• Norfolk -6.76  Months’ Supply of Inventory
• Portsmouth -8.63  Months’ Supply of Inventory
• Suffolk -7.36  Months’ Supply of Inventory

Distressed properties (short sales or foreclosures), continue to have an impact on the region, while maintaining a relatively consistent marketshare. In March 2013 25.20% of all resale residential active listings in the Hampton Roads real estate market were distressed properties.

(Note: Source of information REIN – Real Estate Information Network)