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Positive trends continued in September’s Housing Market

October 30, 2012 by Leave a Comment

Hampton Roads Housing Market

September’s real estate market reflects decreases in listings and increases in pending sales and settled sales. Which is an indicator that we are moving towards a recovering market.

For the 19th consecutive month, the number of homes listed for sale has dropped. There were 13.7% less residential listings for the month when compared to Sept. of 2011 in Hampton Roads. Reductions in active residential listings inventory resulted in a lower “month’s supply” of 6.94 as compared to 8.8 months in September 2011. This further hints towards recovery as a six months’ supply is normally present in a stable market.

Pending (under contract) sales in the region have increased by 5.2% when compared to September 2011. Of the region’s major seven cities (Chesapeake, Hampton, Norfolk, Newport News, Portsmouth, Suffolk, Virginia Beach), Suffolk and Chesapeake saw the largest year-over-year-increases at 25.93% and 18.94%. Portsmouth and Hampton were on the opposite end as they both experienced year-over-year drops in residential pending unit sales by 12.64% and 8.47%.

Continuing the positive trends are indicators related to residential settled sales. When compared to September 2011, the number of residential sales increased by 2.5%. Virginia Beach and Chesapeake led the region with year-over-year increases of 12.78% and 9.24% respectively. Suffolk and Hampton remained steady, producing the same number of settled sales they did in September 2011. The median sales price for the region is currently $205,500. This is a 4.05% increase from September 2011’s median sale price of $197,475 and also marks the seventh consecutive month the median sale price has increased year-over-year.

The distressed homes, those that are banked owned or short sales, continue to have an impact on the market. During September 2012 distressed homes accounted for 26.41% of active listings. This number is up 2.8% from September of last year and is currently the highest it has been year-to-date. Distressed homes accounted for 25.41% of the region’s residential settled sales in September 2012. With the exception of August 2012’s 24.40%, this is the lowest percentage of distressed homes as settled sales in at least 18 months.

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August 2012 Housing Stats Just Keep Getting Sweeter

September 18, 2012 by Leave a Comment

Local Market Crushing Expectations

August housing stats for Hampton Roads continue to look up!  Trends like year-over-year drop in active listings and year-over-year increases in under contract sales and settled sales offer hope of a stabilizing local market.

The number of homes listed for sale dropped 15.78% when compared to August 2011. Marking the 18th consecutive month that active listings have dropped.  The absorption rate is the highest it’s been since tracking began in October 2008. The region’s months’ supply of inventory is currently down to 7.04 months. The following is a break down of month’s supply of inventory by city.

 

Virginia Beach Month’s Supply of Inventory:  5.26 Months

Chesapeake Month’s Supply of Inventory: 5.97 Months

Norfolk Month’s Supply of Inventory:  6.74 Months

Portsmouth Month’s Supply of Inventory:  8.97 Months

Suffolk Month’s Supply of Inventory:  8359 Months

(Note: A six months supply is considered a stable market)

Pending sales increased 23.28% in August 2012, when compared to August of last year. Typically an increase in the number of homes going under contract lead to increased sales over the following months.

When compared to the same month in 2011, the settled sales increased 16.74%. For the sixth consecutive month the median sales price increased. August 2012’s median sales price was $208,535, up 1.72% from $205,000 in August 2011.

The distressed homes market persists in showing signs of improvement based on August 2012 stats. Distressed homes accounted for 24.74% of all active listings. This marks the 10th consecutive month distressed homes have declined as a percentage of the residential settled sales.

All figures provided herein are a courtesy of REIN (Real Estate Information Network).

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Optimistic Numbers Suggest a Recovering Market

August 18, 2012 by Leave a Comment

Shrinking inventory & increased sales

July’s housing statistics suggest the Hampton Roads Housing may be on the road to recovery. Significant increases in residential under contract and settled sales, combined with a downswing in the number of active listings and the months’ supply of inventory are all healthy indicators of a market on the rebound.Pending sales increased 25.35% from July 2011. Though no guarantee, high under contract counts are often a pre-curser to a high volume of settled sales in the future.

Hampton Roads saw a 20% increase in settled sales in July 2012 when compared to July 2011. Each of the seven major cities experienced year-over-year increases. More good news, the median sales price for settled sales in the region climbed to $209,900, a 6.28% increase from July 2011 which reported a median sales price was 197,500. This marks the fifth consecutive month the median sales price has increased.

The number of homes listed for sale in Hampton Roads continues to decline and active listings are down 18.16% when compared to July of last year. All seven cities saw drops in residential active listings of 10% or higher. Virginia Beach and Chesapeake experienced the largest decreases at 24.32% and 23.21%. This steady downswing in residential active listings has resulted in a lower month’s supply inventory, now at 7.27 months. A 6 months’ supply of inventory is  considered a “normal” market.

Distressed homes accounted for 24.22% of the active listings in July 2012. Distressed homes accounted for 29.13% of the settled sales in July 2012.

For more detailed figures see link:  JULY2012-STATS

All figures provided herein are a courtesy of REIN (Real Estate Information Network).

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June 2012 Hits Highest Number of Sales since 2007

July 14, 2012 by Leave a Comment

HIGHEST NUMBER OF CONTRACTS SINCE 2007

June’s real estate market experienced encouraging market stats, which included a rise in pending sales, a drop in active listings, and an increased median sales price.The number of active listings fell 18.61% in June 2012 when compared to June 2011. The reduction in active listings resulted in a 7.44 months supply of inventory (for the region), the lowest since  January 2009. Approximately 6 months supply of inventory is considered normal, so this lower inventory suggests a stabilizing real estate market. (Below I have outlined a summary by city of our months supply of inventory)

June 2012′s pending sales increased 12.73% when compared to June of last year.  Numbers were up 11.74% on the Southside and 13.03% on the Peninsula.  This marks the 14th consecutive month that residential pending sales have increased. To date (January-June) 11,376 pendings contracts have been reported to REIN. (NOTE: This is the highest number of contracts written for the same period of months since 2007).

Sales for the region dropped a slight 1.82% in June 2012 when compared to the same period in 2011. The median sales price is up to $207,500, which is up from $199,900 in June 2011.

The distressed homes market shows positive signs too. Distressed homes accounted for 24.70% of all residential active listings, the lowest it’s been since October 2011.

 

JUNE 2012  Absorption Rates by City

Virginia Beach – 5.51  month supply of homes

Norfolk – 7.13 month supply of homes

Chesapeake – 6.31 month supply of homes

Portsmouth – 8.69 month supply of homes

Suffolk – 8.55 month supply of homes

(Note: 6 month supply is considered a stable market)

All figures provided herein are a courtesy of REIN (Real Estate Information Network).

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May’s Housing Market Heats Up in Hampton Roads!

June 25, 2012 by Leave a Comment

Active listings dropped 18.04% from May of last year. Distressed homes account for fewer active listings and settled sales. The drop in active listings led to a 7.6 months supply of inventory for the region, the lowest since January 2009.

Under contracts experienced an increase of 18.18% over the same period last year.

Settled sales for the region climbed 9.77% when compared to May 2011. The median sales price for the region’s settled sales was $202,500, a 5.2% increase from May 2011’s median sales price of 192,475.

The distressed homes market (bank owned or short sales) fell as a percentage of active listings and residential settled sales.

 

May 2012  Absorption Rates by City

Virginia Beach – 5.61 month supply of homes

Norfolk – 7.16 month supply of homes

Chesapeake –6.48 month supply of homes

Portsmouth – 8.31 month supply of homes

Suffolk – 9.43 month supply of homes

(Note: 6 month supply is considered a stable market)

All figures provided herein are a courtesy of REIN (Real Estate Information Network).

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