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) **

What an amazing value for this beautiful home in Norfolk. Spotless five bedroom home built in 2000 with approximately 2,550 square feet of living space. Features included new engineered wood flooring, ceramic tile in all baths, new carpet, insulated windows throughout, one car garage with plenty of off street parking, ceiling fans in every bedroom and neutral decor with open floor plan. Large full front porch and private fenced back yard. Conveniently located to ODU, Downtown Norfolk, I-64, 264 & 664.




























So it’s been an exhausting couple of weeks for me on the real estate front here in Hampton Roads. I’ve had several poignant moments that have stopped me in my tracks. I thought I might share a few.