Settled sales for the region increased 21% in December 2011 when compared to December 2010, the most since December of 2006. Virginia Beach had the lowest increase at 10% for year over year stats. A positive sign was the median settled sales price for these homes which points to stabilizing prices.
The number of active listings declined 19% when compared to December of 2010. This marked the tenth month with a decrease in active inventory. Great news, a solid increase in settled sales, and a decrease in active listings reduces the supply of inventory to 7.3 months (for Hampton Roads). This is the since REIN began measuring in 2008. Four cities (Norfolk, Virginia Beach, Portsmouth and Newport News) experienced a reduction in active listings of at least 22% when compared to 2010 figures.
Under contract/pending sales grew by 18% in December 2011 when compared to a year ago. I honestly can’t believe some of these figures: Portsmouth saw 45% increase, Norfolk had a 36% increase and Chesapeake experienced a 34% increase in under contract sales! So, don’t tell me about how bad the market is. Hampton Roads Real Estate market is posting some amazing figures that lead us to believe 2012 will be a great year for housing.
So, now on to the “D” word or “distressed” homes and how they are affecting our area. The percentage of settled distressed sales was 33% for December of 2011 down from 41% a year prior.
The number of active distressed listings went up 1% in December of 2011 from the 25% reported in December of 2010. Thankfully, it was only one percent.
December posted some AMAZING absorption figures. (Note: 6 month supply is considered a stable market)
Virginia Beach – 5.69 month supply of homes
Norfolk – 6.97 month supply of homes
Chesapeake – 6.99 month supply of homes
Portsmouth – 7.81 month supply of homes
Suffolk – 8.71 month supply of homes
To nail down the exact value of your home in today’s market, shoot me an email at: AgentFaircloth@gmail.com and I’ll be happy to give you an accurate assessment of your current market value.
All figures provided herein are a courtesy of REIN (Real Estate Information Network).


















































