Sales Continue to Rise Year-Over-Year in Hampton Roads

October continued the trend of strong sales for the Hampton Roads VA real estate market. Residential pending sales have increased year-over-year for 41 consecutive months, with October 2017 improving over 23% from the same period of time last year. Residential settled sales have also undergone a positive streak, with year-over-year increases 30 of the past 36 months, and an 11% boost over October 2016.

Residential active listings are down 4.64% year-over-year for the month of October, with 10,172 available homes. Active inventory has declined year-over-year for 27 consecutive months, with the last increase a minor .02% in January 2015. Of the region’s seven major cities (Norfolk, Virginia Beach, Portsmouth, Chesapeake, Suffolk, Hampton and Newport News) Newport News and Norfolk experienced the most significant dips in the number of homes for sale in October, down 15.06% and 14.26% respectively. Virginia Beach was the only major city to exhibit an increase in inventory, up 9.08% over October 2016.

October’s months’ supply of residential home inventory is currently 4.60 months, down 8.91% from the same period of time last year. Of the major cities, Chesapeake’s months’ supply is the lowest at 3.93 months, and Portsmouth is the highest at 5.53 months. The region’s months’ supply of inventory has been below 5 months 10 times in the past 12 months (the exceptions being June and July 2017 which are traditionally strong inventory months, and even then, inventory was only 5.07 and 5.04 months).

The number of homes going under contract remained strong in the month of October. The region’s residential pending sales rose 23.64% year-over-year. Each of the area’s major cities experienced positive returns, with Portsmouth and Chesapeake contributing the greatest gains at 53.92% and 34.75% respectively, while Virginia Beach and Newport News saw more moderate increases at 8.66% and 7.01%.

While not quite as robust as the pending sales, residential settled sales also experienced year-over-year growth. October 2017 recorded 2,330 sales, an upturn of 11.11% from last year’s 2,097 sales. All seven of the region’s major cities underwent increases, with Newport News presenting the largest increase at 19.21%, and Hampton demonstrating the lowest increase at 2.48%.

The region’s residential median sales price rose 2.63% in October 2017 to $229,900, as compared to $224,000 in October 2016. All of the major cities experienced gains in median sales price ranging from 1.48% (Chesapeake) to 15.70% (Norfolk), except for Virginia Beach which had zero change year-over-year. For October, Chesapeake claims the highest median sales price at $274,000, while Portsmouth has the lowest at $156,750. Nationally home prices have risen dramatically, but locally the increases have maintained a more sustainable and modest pace.

October 2017 Summary

All Categories

October 2017

October 2016

Percent Change

Total Property Active Listings

12,502

13,204

-5.32%

Total Residential Active Listings

10,172

10,667

-4.64%

Total Property Pending Sales

2,465

1,991

23.81%

Total Residential Pending Sales

2,348

1,899

23.64%

Total Property Sales

2,436

2,205

10.48%

Total Residential Sales

2,330

2,097

11.11%

Total Residential New Construction Sales

286

252

13.49%

Median Residential Sales Price

$229,900

$224,000

2.63%

Months’ Supply of Inventory

4.60

5.05

-8.91%

 

 

Psst. I’m a real estate agent.

If you’re a Williamsburg or Hampton Roads VA home owner who is wondering if it might finally be time to sell, email me at John@MrWilliamsburg.com or text/ call 757 254 8136 , and I can prepare a complimentary analysis of market value for your home. You just may be pleasantly surprised.

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.

You can reach me by phone at 757-254-8136 or email  John@MrWilliamsburg.com

I look forward to serving your real estate needs!

Best,

About mrwilliamsburg

I love Williamsburg !
Being “Mr. Williamsburg” and starting my web site in 2004 has been a great way for me to help people looking for homes for sale, communities and an “insider knowledge.” of the area.
Turned out I was onto something. Because I offer in-depth information and up-to-the-minute blogging, even international clients have found me. One couple, moving back to the States from France, told me that a post I wrote blog about grocery shopping in Williamsburg convinced them that Williamsburg was the place to be, and that I was the best source by far that they found on the web.
I’m happy to say that I hear similar comments from many of my clients looking for homes throughout Williamsburg and Hampton Roads.
I grew up in Virginia Beach, Va, After attending college, I worked at a number of positions including manager of a land development and construction company and business manager of a cut flower business that we grew in sales from $300,000 to $15 million (we were supplier to Whole Foods and one of the first cut flower suppliers to Costco).
In 2004, it seemed like a good time to simplify my life. I moved my family from Annapolis to Williamsburg. I went into real estate with Liz Moore and Associates, and was one of the initial agents when Liz opened her Williamsburg branch.
My sons Zach and Josh attend Lafayette High School and Hornsby Middle School and are crazy about sports and the outdoors.
I feel lucky to be living the dream, and saving two to four hours by not driving on the DC beltway every day. So, I can now spend my time with family while concentrating on learning — and sharing — information about living in Williamsburg.
In real estate, no two people or transactions are the same. Everything’s a challenge, and I’m rewarded every time in close a transaction and have the opportunity to see the smiles on clients’ faces.
Please email or call me for assistance with any real estate questions about the area
John@MrWilliamsburg.com or 757 254 8136