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Hampton Roads Housing Has Strong First Quarter (2013)

April 26, 2013 by Leave a Comment

The First Quarter of 2013 Ended Strong

Strong First Quarter

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)

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Is Hampton Roads Housing market stabilizing?

March 22, 2013 by Leave a Comment
Housing Market begins to Stabilize

Housing Market begins to Stabilize

The Hampton Roads real estate market appears to be stabilizing. Sales and under contracts showed positive trends in February, while the number of residential active listings for sale has continued to drop lowering the month’s supply of inventory. Distressed homes continue to impact the region’s real estate market.

The number of homes for sale in February 2013 was down 8.83% when compared to last year, dropping the areas month’s supply of inventory to 6.34 months. Last year at this same time the inventory was 7.46 month’s supply.

February saw a spike in residential under contracts. When compared to last February under contracts were up 17.63%. February 2013 also experienced an increase in new construction under contracts as they increased 13.26% from February of last year. The region’s market will see boosts in settled sales over the next coming months when these contracts convert to settled sales.

Settled sales increased by 4.63% from February of last year. Hampton Roads residential median sales price is $189,000, up 2.22% from February 2012’s $184,900. The new construction segment of the market followed suit and experienced an 8.70% increase in settled sales when compared to February 2012.

Distressed Homes, those that are either short sales or foreclosures, continue to show relevance in the region’s real estate market. Distressed homes accounted for 26.37% of the active listings for sale in February. They have accounted for as little as 23.61% (September 2011) and as much as 28.05% (December 2012) of residential active listings over the past 18 months. Distressed homes accounted for 34.20% of residential homes sold in February 2013.

Information included herein provided by REIN (Real Estate Information Network)

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January 2013 – Housing Statistics Look Optimistic

February 26, 2013 by Leave a Comment
Optimistic Housing Trends

Optimistic Housing Trends

2013 real estate market in Hampton Roads is off to an optimistic start.

The number of homes for sale dropped when compared to January 2012, resulting in a lower month’s supply of inventory. Residential sales and under contracts both experienced double digit increases.

The number of homes for sale in January 2013 was down 10.75% compared to the same time last year. Chesapeake and Virginia Beach experieced the largest year-over-year declines in active listings at 19.01% and 16.87% respectively. The drop in active listings has resulted in a low 6.18 months’ supply inventory which is down 17.6% from January 2012 when it was 7.5 months.

Residential under contracts for January 2014 reflected an increase of 14.14% when compared to January 2012.

Settled sales figures also delivered good news for Hampton Roads. January 2013’s settled sales increased 20.66% when compared to January 2012. The median residential sales price is currently $193,000, a 10.63% increase from $174,450 in January 2012.

Distressed homes accounted for 34.88% of settled sales in January 2013. This is the highest percentage since February 2012 when distressed homes accounted for 36.39% of settled sales. As for distressed homes for sale, 27% of the listings in January 2013 were distressed properties. This percentage has fluctuated between 22% and 28% over the last 18 months. There appears to be an upward trend in both active and sold distressed residential properties starting in August 2012.

We’re off to an optimistic start for 2013′s housing market in Hampton Roads!

Want to know what your home would sell or rent for? We can help! Contact me today!

 

Information provided herein a courtesy of REIN (Real Estate Information Network)

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2012 A great year for Hampton Roads real estate

January 24, 2013 by Leave a Comment
2012 Housing Review

2012 Housing Review

2012 A great year for Hampton Roads real estate. Hampton Roads real estate market ended the year with encouraging stats that indicate 2012 was a year of strengthening and recovery. The inventory levels are the lowest since 2005, pending and settled sales posted healthy increases, and the median sales price is slowly moving up. Highlights for last month were positive even though December is typically one of the slowest months for activity. The number of active listings (including new construction) for sale in December 2012 is down 13.36% when compared to December of 2011. This brings our regional inventory down to a 5.91 month’s supply of homes. Six months is considered a normal real estate market.

Pending sales/under contract listings were up 8.55% from last year.

Closed sales declined 5.03% in December 2012 when compared to the same month last year. A dip in settled sales is not uncommon for the month of December, due to the holiday season.  The median sales price for all residential homes sold in December 2012 was $200,000, up 1.27% from $197,500 in December 2011.

In all of 2012, 20,174 listings went under contract, up 9.27% from 2011. There were 19,518 residential settled sales throughout all of 2012, up 7.35% from the 2011.  In 2012, new construction closings (2,663 units) were up 12.65% from 2,364 units in 2011.

If you or someone you know would like to know the value of your home in today’s market or you are considering a home purchase, contact Chris today! All figures contained in this post are a courtesy of REIN (Real Estate Information Network).

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What the Fiscal Cliff Bill Means to Real Estate?

January 5, 2013 by Leave a Comment
Real Estate Provisions in "Fiscal Cliff" bill H.R.8

Real Estate Provisions in “Fiscal Cliff” bill H.R.8

So what’s the Fiscal Cliff bill mean to Real Estate? Well, on Jan. 1 both the Senate and House passed H.R. 8 legislation to avert the “fiscal cliff.” The bill was signed into law by President Barack Obama on Jan. 2.

Below is a summary of real estate related provisions in the bill:

Real Estate Tax Extenders

  • Mortgage Cancellation Relief is extended for one year to Jan. 1, 2014
  • Deduction for Mortgage Insurance Premiums for filers making below $110,000 is extended through 2013 and made retroactive to cover 2012
  • 15-year straight-line cost recovery for qualified leasehold improvements on commercial properties is extended through 2013 and made retroactive to cover 2012
  • 10 percent tax credit (up to $500) for homeowners for energy improvements to existing homes is extended through 2013 and made retroactive to cover 2012

Permanent Repeal of Pease Limitations for 99% of Taxpayers

Under the agreement so called “Pease Limitations” that reduce the value of itemized deductions are permanently repealed for most taxpayers but will be re-instituted for high income filers.  These limitations will only apply to individuals earning more than $250,000 and joint filers earning above $300,000.  These thresholds have been increased and are indexed for inflation and will rise over time.  Under the formula, the amount of adjusted gross income above the threshold is multiplied by three percent.  That amount is then used to reduce the total value of the filer’s itemized deductions.  The total amount of reduction cannot exceed 80 percent of the filer’s itemized deductions.

These limits were first enacted in 1990 (named for the Ohio Congressman Don Pease who came up with the idea) and continued throughout the Clinton years.  They were gradually phased out as a result of the 2001 tax cuts and were completely eliminated in 2010-2012.  Had we gone over the fiscal cliff, Pease limitations would have been re-instituted on all filers starting at $174,450 of adjusted gross income.

Capital Gains

Capital Gains rate stays at 15 percent for those in the top rate of $400,000 (individual) and $450,000 (joint) return.  After that, any gains above those amounts will be taxed at 20 percent.  The $250,000/$500,000 exclusion for sale of principal residence remains in place.

Estate Tax

The first $5 million dollars in individual estates and $10 million for family estates are now exempted from the estate tax.  After that the rate will be 40 percent, up from 35 percent.  The exemption amounts are indexed for inflation.

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