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).