Hampton Roads Home Sales Up, Inventories Down & the Market Is Recovering
As we approach the mid-point for 2013, real estate statistics for the Hampton Roads market continue to undergo consistent improvement, setting benchmarks that tell of a recovering market. May 2013 saw steady year-over-year increases in residential pending and settled sales, while the number of residential homes for sale continues to dip, thus lowering the market’s months’ supply of inventory
The strongest performing statistic for May 2013 was the number of residential pending sales; up 27.18% when compared to May 2012. Our region has not seen a percentage increase this high since January 2012 when it jumped 32.9% year-over-year from January 2011. Each of the region’s seven major cities (Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, and Virginia Beach) recorded year-over-year increases in residential pending sales. Suffolk and Norfolk contributed significantly to this surge, with year-over-year increases of 48.67% and 35.53% respectively, while Newport News and Hampton saw the smallest year-over-year increases of 8.9% and 5.77% respectively
Residential settled sales increased 5.73% when compared to May of last year. Each of the area’s seven major cities, with the exception of Hampton, experienced year-over-year increases in the number of housing units sold. Suffolk and Portsmouth underwent increases of 18.68% and 13.73%; contrarily Hampton suffered a 15% decline in regard to year-over-year residential settled sales. The region’s residential median sale price is currently $205,000, a nominal increase of 1.23% from May 2012’s $202,500.
As the year progresses, residential listing inventories continue to wane. There was a 5.84% decrease in the number of residential active listings from May 2012 to May 2013. Portsmouth was the only city not to experience a year-over-year drop in the number of homes for sale, with Newport News and Chesapeake experiencing the largest declines of 16.82% and 9.91% respectively. The region’s months’ supply of inventory is currently at 6.58 months, which tracks as a 13.42% decline from May 2012’s 7.6 months, but an increase of 1.5% from last month’s 6.48. Industry benchmarks accept a six to eight months’ supply as an indicator of a healthy market.
In May 2013, distressed homes (those that are either foreclosures or short sales) accounted for 22.41% of all residential active resale listings. This is the smallest percentage of distressed homes in the residential active listing makeup in the past 18 months. Of the total number of residential resale settled sales 26.25% were distressed properties, a statistic nearly identical to that recorded in May 2012 at 26.26%. The percentage of distressed properties as residential resale sold listings has consistently declined throughout 2013 from 34.88% in January to 26.25% in May.
These statistics are from our local MLS , the Real Estate Information Network, Inc., (REIN) serves real estate brokers in the Tidewater / Hampton Roads area of Virginia. Areas covered include :
Search Foreclosures/ REO / Foreclosed homes in Hampton Roads here
Time to Buy? Sell?
As we always say, the best time to buy or sell a home is when you need to buy or sell. If you have a house to sell, selling when its a buyers market may hurt you on the selling end, but you’ll make it up on the buying end. If you’re trying to get into the market for the first time, the only way you’ll know that we’ve “hit bottom” is when its in the rear view mirror. Work with professionals who can help you analyze your financial and lifestyle to determine if now is the right time to buy or sell.
Looking strictly at the numbers, it appears the recommendation for this month is (again)…it’s time to sell. With inventory at record lows, a home that’s priced right will have no problem finding a buyer. As we head into June 2013, buyers who have been waiting for more inventory will continue their searches. Get your home on the market now and be moved into your new home by July ! If you’re looking to sell, we can help you get top dollar for your home in the shortest time. For more info about the best home selling program in Williamsburg VA visit Sell MY WILLIAMSBURG HOME
If you’re a buyer, that doesn’t mean sit on the fence and wait. Interest rates are increasing and will continue to do so. Buying now could mean a difference in hundreds of dollars to your payment. As more and more inventory gets snatched up, you’ll find less and less available. Waiting until the market slows down could mean you could afford less home as interests rates go up. And, as buyers continue to snatch up everything, market values will go up as well. If you’re looking to get into the market, the best time to find a great deal is any time you can.
Questions About the Williamsburg Real Estate ?
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Mr Williamsburg offers a complimentary, no obligation market analysis of your Williamsburg VA home. It’s a great way to get a handle on what your home might sell for in today’s market, with no obligation to list. Call him today at 757,254,8136 or click here to request more info or an appointment.