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