Hampton Roads real estate market continues its upward trend…

August 12, 2012

The Hampton Roads residential real estate market continues to experience encouraging trends. August 2012 results, such as a year-over-year drop in active listings and year-over-year increases in residential under contract sales and settled sales, combine to indicate a stabilizing local market.

The number of  homes listed for sale in the region has dropped almost 16%  when compared to August 2011. This marks the 18th consecutive month that home listings have dropped over the previous year. Virginia Beach and Chesapeake experienced the largest year-over-year decline in active listings at 23.09% and 20.85% respectively.

The region’s months’ supply of inventory is currently down to 7  months. A six month inventory is considered a balanced market so we are almost there.

Sustained drops in residential active listings are the root source of this lower months’ supply.

Homes under contract or  pending sales increased 23.28% in August 2012, when compared to August last year. Chesapeake and Suffolk underwent the largest increases in residential pending sales at 40.08% and 34.83%. This boost in the number of homes that went under contract should  lead to a large spike in settled sales over the coming months.

Compared to the same month in 2011, closed home sale in the Hampton Roads area increased 16.74%. Suffolk and Newport News lead the region’s major cities in year-over-year increases at 33.7% and 22.4% respectively.

August 2012 marks the sixth consecutive month that median home sales price in Hampton Roads has increased year-over-year. August 2012’s median sales price was $208,535, up 1.72% from $205,000 in August 2011.

The distressed homes market (foreclosures and short sales) continues to show signs of improvement as well.    Based on August 2012 stats. Distressed homes, those that are bank-owned or short sales, accounted for 24.74% of all listings. This marks the 10th consecutive month distressed homes have declined as a percentage of closed residential sales in Hampton Roads VA.

Note this report primarily covers the areas of  Carrolton,  Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth  Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry,  Va Beach, Yorktown  and York County Virginia

Psst…I’m a real estate agent.

This post was authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of the Williamsburg/ Hampton Roads area and  his expertise in the local real estate market.

I can help you access all the information you will need about choosing a neighborhood and buying a home in New Kent, Gloucester, Newport News, Hampton, York County, Smithfield, Williamsburg, Poquoson or the greater Hampton Roads area, including area information on schools, local government, shopping, activities for the children and more! Whether you have made a decision to relocate, retire or are just considering a move to Williamsburg or  Hampton Roads VA, let me help make your transition or PCS to the  area a smooth and enjoyable one!

Hampton Roads is a transient community due to the large population of military members in the area. I have a unique perspective on relocation and have helped many families move in and out of the area. I understand the kind of support team it takes to make a smooth transition.

Area Orientations

Complete tours can be scheduled to help you familiarize yourself with Williamsburg and Hampton Roads neighborhoods, home prices, shopping centers, military bases, recreational facilities, public & private schools and transportation systems. My orientation will provide you with awareness of aircraft noise & accident potential zones, flood zones, major traffic patterns and commute times to your job.

You can search homes for sale , active adult communities, 55+ communities, condos and townhomes ,foreclosures/ REO,  land, building lots, commercial property  in Williamsburg , Yorktown, New Kent, Gloucester, Poquoson as well as the surrounding areas of Hampton Roads, Virginia

You can reach me by phone at 757-254-8136 or email  [email protected]

I look forward to serving your real estate needs!

Best,

John