Under contract sales were up 19% in February when compared to the same time last year.
Settled sales increased 21% when compared to the same time last year, which is a huge figure.
The distressed homes market, (bank owned/short sales), accounted for 36% of residential settled sales in February. This was lower than the 42% figure from February 2011.
February 2012 Absorption Rates by City
Virginia Beach – 5.71 month supply of homes
Norfolk – 7.13 month supply of homes
Chesapeake –7.07 month supply of homes
Portsmouth – 7.80 month supply of homes
Suffolk – 9.23 month supply of homes
(Note: 6 month supply is considered a stable market)
Ladies and gentlemen, we are seeing multiple offers on homes that are priced right and in good clean condition! A home we listed on March 1st in Chesapeake received 5 offers all above list price on March 3rd, two days after we listed it!
If you would like to know what market value is on your home or investment property, call or text me at 757-288-0983. I’m here to help!
All figures provided herein are a courtesy of REIN (Real Estate Information Network).