Great news Hampton Roads
Based on REIN’s statistics the number of homes for sale or activly on the market dropped 16.6% from September of 2010. Current inventory across the region stands at 12,894 homes for sale the lowest level since December of 2009. All cities showed declines in the inventory when compared to the levels in September 2010. In Virginia Beach & Norfolk inventory dropped more than 20% compared to September of 2010.
Sales in Hampton Roads increased to 20.5% over September of 2010. Virginia Beach was the only city to that decreased, down by 5.8%.
Under contracts / pending contracts rose 27.8% over September of 2010. All seven cities of Hampton Road saw huge year over year gains.
Distressed homes saw an increase in the number of homes for sale. The 2.6% rise in the percentage of settled sales that distressed homes comprised to 31.6% in September 2011.
September 2011 Summary:
Active Listings: In September 2010 we had 18,556 active listings compared to 15,683 in September 2011.
Pending/Under Contract: In September of 2010 we had 1,316 under contract compared to 1,668 in September of 2011.
Total Property Sales: In September 2010 we had 1,333 sales compared to 1,625 sales in September 2011.
Inventory: September 2010 we had 10.09 Months worth of Supply in Sepember 2011 we have 8.8 Months worth of Supply!
**NOTE: All statistics provided herein were provided by Real Estate Information Network (REIN)