April was the first month of 2011 to not have gains in under contract and settled sales, which is a major indicator that the housing market in Hampton Roads may not have bottomed out. Looks like we’re still on the road to recovery.
Active listings decreased by 6.7% from 15,374 in April of 20110 to 14,338 in April of 2011.
PENDING OR UNDER CONTRACT
Residential pendings decreased by 13.5% when compared to April of 2010.
SALES (TOTAL RESIDENTIAL SALES)
Property sales decreased by 3% when compared to April of 2010.
The decline in the active distressed homne market and a drop in the number of distressed settled homnes are signs of stabilizing and home prices level off.
Virginia Beach: 7.4 month supply of homes on the market.
Chesapeake: 8.51 month supply of hones on the market.
Norfolk: 10.87 month supply of home son the market.
**NOTE: All statistics provided herein were provided by Real Estate Information Network (REIN)