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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 Housing Market for March 2012

May 4, 2012 by Leave a Comment

More good news, the number of homes for sale in March 2012 decreased, while the number of homes under contract experienced year-over-year increases.

Residential active listings were down 19% when compared to the same time last year. All seven of the major cities saw decreases in the number of homes for sale. The decrease in active listings resulted in the supply of inventory being reduced from 9.93 months in March 2011 to 7.57 months in March 2012. A stable market typically comprises of 6 month’s supply of inventory.

Under contract sales grew by 7% in March this year when compared to March of 2011. The increase in under contract sales suggests an increase in future settled sales over the next few months, though not a guarantee.

Residential settled sales fell a marginal 3.6% in March 2012 when compared to March 2011. Although residential settled sales waned in March, the median sales price increased to $185,000. This is a .54% increase from March 2011’s median sales price of $184,000, and is the first year-over-year increase in over 16 months, since November 2010’s median sale price was up 1.24% when compared to November 2009.

The distressed homes market (bank owned / short sales), showed slight signs of improvement for March 2012. Distressed homes comprised 33.53% of the settled sales in March 2012, the lowest proportion of distressed homes as settled sales so far this year.

 

March 2012  Absorption Rates by City

Virginia Beach – 5.87 month supply of homes

Norfolk – 6.97 month supply of homes

Chesapeake –7.22 month supply of homes

Portsmouth – 7.82 month supply of homes

Suffolk – 9.23 month supply of homes

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

 

It’s an unbelievable time to buy real estate. Whey you may ask? Unbelievable aggressive pricing coupled with historically low interest rates also called “the perfect storm”. Today’s market allows “true investors” more buying power than we’ve seen in years. NOW IS THE TIME TO BUY!

 

If you would like to know what your home or investment property is worth, call or text me at 757-288-0983. I’m here to help!

 

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

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Hampton Roads Housing Market is MOVING…February 2012 Stats

March 13, 2012 by Leave a Comment

Active listing inventory was down 19% in February 2012 when compared to February 2011. Chesapeake, Norfolk, Portsmouth, Suffolk, and Virginia Beach saw drops in active listings.

Under contract sales were up 19% in February when compared to the same time last year.

Settled sales increased 21% when compared to the same time last year, which is a huge figure.

The distressed homes market, (bank owned/short sales), accounted for 36% of residential settled sales in February.  This was lower than the 42%  figure from February 2011.

 

February 2012  Absorption Rates by City

Virginia Beach – 5.71 month supply of homes

Norfolk – 7.13 month supply of homes

Chesapeake –7.07 month supply of homes

Portsmouth – 7.80 month supply of homes

Suffolk – 9.23 month supply of homes

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

 

Ladies and gentlemen, we are seeing multiple offers on homes that are priced right and in good clean condition! A home we listed on March 1st in Chesapeake received 5 offers all above list price on March 3rd, two days after we listed it!

If you would like to know what market value is on your home or investment property, call or text me at 757-288-0983. I’m here to help!

 

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

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January 2012 Housing Statistics for Hampton Roads

February 17, 2012 by Leave a Comment

The Hampton Roads real estate market starts 2012 strong. January saw double digit changes in the number of under contract sales and residential active listings when compared with the same time in 2011. Is it too early to say “recovery” for Hampton Roads housing market?

Active listings were down 18.8% in January 2012, compared to 12 months ago. Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, and Virginia Beach saw a decrease in the inventory of homes for sale.

Under contract sales for January 2012 jumped 32.9% when compared to a year ago. This is the largest increase for the month of January for more than 5 years. All seven of the major local cities experienced gains.

The increase in under contract sales shall be followed by settled sales figures over the next few months. The under contract sales led to a rise in  settled sales for January 2012, up 5.27% when compared to January of 2011.

The distressed homes market, grew in active listings by 26%, but fell by 37% percentage of settled sales.

 

January 2012  Absorption Rates by Cityfigures

Virginia Beach – 5.77 month supply of homes

Norfolk – 7.22 month supply of homes

Chesapeake – 6.98 month supply of homes

Portsmouth – 7.93 month supply of homes

Suffolk – 8.86 month supply of homes

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

 

To nail down the exact value of your home in today’s market, shoot me an email at: AgentFaircloth@gmail.com and I’ll be happy to give you an accurate assessment of your current market value.

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

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October 2011 – Market Statistics ~ the good news continues

November 27, 2011 by Leave a Comment

Did you see the article in Inman News, where Hampton Roads was listed the 12th Healthiest housing market in the country?

October’s residential real estate market in Hampton Roads posted another solid month as it shows signs of stabilizing and returning to normal levels. Unfortunately, the number of distressed homes have on the market continues to slow the recovery of the overall market. The good news is that the number of under contract homes increased.

The number of active listings decreased by 16.6% in October 2011compared to October 2010.The inventory of homes for sale dropped by more than 21% in Norfolk and Virginia Beach.In Chesapeake, the inventory declined by 7.2%.

Under contract increased by 29.6% when compared to October 2010. The number of under contract sales is typically an indicator of future settled sales activity over the next month or two as the contracts go to closing. With year-over-year gains this high in magnitude, the real estate market appears poised for solid sales figures as fall ends and winter begins.

Settled sales/closed sales grew by 17% in October 2011 when compared to October 2010. Norfolk saw sales increase by 25% or more for the month when compared to the same time last year. Virginia Beach saw an increase in sales of 7.4% for the month.

Inventory by city:

Virginia Beach -  6.5 months supply of homes on the market    ** A stable market is a 6 mth supply of homes, GREAT news for Virginia Beach

Chesapeake -  7.78 months supply of homes on the market

Norfolk -  8.17 months supply of homes on the market

Portsmouth -  9.46 months supply of homes on the market

Suffolk – 9.71 months supply of homes on the market

** NOTE: All statistics provided are a courtesy of REIN (Real Estate Information Network) **

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