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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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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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Hampton Roads Home Sales Increase While Listing Inventory Decreases

December 27, 2012 by Leave a Comment

November 2012 Housing Stats

The Hampton Roads home sales increase while listing inventory decreases. The number of homes listed for sale in November 2012 declined, down 12.56% when compared to November 2011. Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, and Virginia Beach experienced drops in active listings. Chesapeake and Virginia Beach underwent the largest declines at 23.94% and 22.32% while Portsmouth had the smallest decline of 1.63%. The drop in homes listed for sale has resulted in a 6.51 month’s supply of inventory. This is the lowest month’s supply since October 2008.

For the 19th month pending sales increased, up 12.72% when measured against November 2011′s figures.

The region’s sales climbed 11.97% in November 2012 when compared to November of 2011. Suffolk and Chesapeake experienced the largest increases at 61.9% and 23.79%. This is the ninth time in 2012 in which residential sales have increased year-over-year. The region’s residential median settled sales price for November 2012 is $205,000, up 7.89% from the $190,000 in November 2011.

Distressed homes accounted for 27.43% of residential active listings in November 2012, the highest composition of homes for sale in the past 18 months. Distressed homes accounted for 28.35% of residential settled sales, the 5th smallest percentage that distressed homes have comprised of residential settled sales in the past 18 months. One possible explanation for this is that non-distressed listings are selling more quickly, leaving distressed listings on the market.

November 2012 Overview of

Active Listings units 2012: 13,242    2011:  14,909  Decreased: -11.18%

Pending Sales units: 2012:  1,636    2011:  1,451 Increased: 12.75%

New Construction Sales units 2012: 241 2011: 182  Increased: 32.42%

Median Residential Sales Price 2012: 205,000  2011: 190,000 increased by: 7.89%

Months’ Supply Inventory** 6.51

Hampton Roads Home Sales Increase While Listing Inventory Decreases

** Months’ Supply Inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months average sales activity.

 

All statistics provided herein are provided by REIN (Real Estate Information Network).

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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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