Hampton Roads real estate market continues to show signs of progress. The great news is the number of active homes on the market decreased by 11.6% over July of 2010’s figures, while number of under contract and settled sales increased by 24.7% over July of 2010. What this means is the inventory is being absorbed, which leads to a more stable market thus stabilizing home prices.
Bank owned or short sales (also known as distressed properties) made up 30.3% of the sales in July of 2011.
| INVENTORY | |||
| (# OF MONTHS SUPPLY OF HOMES ON THE MARKET) | |||
| JUNE | JULY | REDUCED | |
| BY | |||
| VIRGINIA BEACH | 7.53 | 7.5 | 0.03 |
| CHESAPEAKE | 8.85 | 8.77 | 0.08 |
| NORFOLK | 10.14 | 9.71 | 0.43 |
**NOTE: All statistics provided herein were provided by Real Estate Information Network (REIN)
The Agent Faircloth Team is focused on delivering five-star customer service as we work with you in buying or selling property. Lead by Chris Faircloth (aka Agent Faircloth) we're passionate about real estate.
