Foreclosed Home Sales at Lowest Percentage of Market in 10 Years

The number of short sale or foreclosed homes for sale in the Hampton Roads region has significantly decreased. In June 2018, distressed homes accounted for just 7.89% of all residential settled sales.  This is the lowest percentage
since August 2008, when it was 6.53%. REIN began tracking distressed vs. total residential sales in June
2008 when the percentage was 5.25%, and the statistic peaked in March 2011 at 42.8%. Similarly, distressed
homes accounted for only 9.48% of all residential active listings in June 2018, the second lowest recording
since REIN began tracking the data in August 2009.

Residential home listings for the region were down 8.46% year-over-year in June 2018, with 10,133
available homes. This marks the 35th consecutive month that the area’s active inventory had declined year over-year.
Each of the region’s seven major cities (Norfolk, Virginia Beach, Portsmouth, Chesapeake, Suffolk,
Hampton and Newport News) experienced decreased inventory, with Hampton and Norfolk registering the
largest declines at 16.80% and 14.13% respectively.

June’s supply of residential home inventory in the region is currently 4.43 months, down 12.62% from the
same period of time last year. This marks the 38th consecutive month that the supply of inventory has declined
year-over-year, a trend that started in May 2015. Of the region’s seven major cities, six exhibit inventories
below 5 months (Suffolk was the only major city above at 5.19 months). Virginia Beach and Chesapeake are
currently below 4 months.
Despite low inventory, the region’s sales continue to perform well. Residential pending sales have risen
year-over-year for 49 consecutive months (since May 2014). June 2018 recorded a 16.24% increase, with
2,956 homes going under contract vs. 2,543 in June 2017. All seven of the region’s major cities experienced
year-over-year increases, with Portsmouth and Hampton experiencing the most dramatic upswings of 51.16%
and 23.12% respectively.

Residential settled sales also experienced year-over-year growth in June 2018, up 5.74% for the region.
Of the area’s major cities, Virginia Beach was the only area to experience a decline in settled sales for June,
down just .26%. Newport News and Suffolk experienced the greatest year-over-year gain for the month, up
16.74% and 16.47% respectively.

The region’s residential median sales price rose to $248,000 in June 2018, up 2.06% from a year ago.
Of the major cities, Newport News’ median sales price rose the most at 10.47% year-over-year, while Suffolk,
Portsmouth and Virginia Beach all experienced declines of less than 1%.

Real Estate Information Network, Inc., (REIN) serves real estate brokers in the Tidewater / Hampton Roads
area of Virginia from Williamsburg east to Virginia Beach and south to the North Carolina border.

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/ Richmond VA area and his expertise helping buyers and sellers in the local real estate market.

If you are a homeowner searching for someone innovative to sell your home I would love to share my thoughts on marketing. You can read some of the stories I have written about the homes I have sold here.

Find out the value of your existing home here

Additionally, I have helped hundreds of folks find their dream home/ community and would love to help you find yours in Williamsburg, Yorktown, New Kent, VA Beach, Chesapeake, Suffolk, Isle of Wight Poquoson as well as Richmond. Read reviews about me here

If you are researching neighborhoods you can read about other neighborhoods in the area here

Let me help you find your dream home/ neighborhood –Fill out this form and I will get back to you with suggestions.

You can reach me by phone at  1-757-254-8136  or email  [email protected]

I look forward to serving your real estate needs!