Hampton Roads Real Estate Market Continues to Stabilize
March 2013
The Hampton Roads real estate market steadily approaches stabilization.
Homes sales and properties under contract both maintained positive trends for February 2013, while the number of residential active listings for sale has continued to drop lowering the month’s supply of inventory.
The number of homes for sale in February 2013 was down 8.83% when compared to February 2012, dropping the region’s month’s supply of inventory to 6.34 months. This time last year the month’s supply of inventory was 7.46
Of the region’s seven major cities (Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, Virginia Beach) Chesapeake and Newport News experienced the largest year-over-year declines in residential active listings at 19.44% and 16.70% respectively.
Pending sales ( homes under contract) saw a spike in February 2013. When compared to February 2012 pending home sales were up 17.63%. Chesapeake and Portsmouth recorded the largest year over-year gains at 44.44% and 44.05% respectively.
New home sales also saw an increase of 13.26% compared to February of last year. We should see boosts in closed sales over the next coming months once these homes close.
Continuing the month’s positive trend closed residential sales, which are up 4.63% over February of last year. Suffolk and Newport News experienced the largest year-over-year gains in residential closed sales at 43.75% and 30.68% respectively, while Portsmouth and Norfolk were the only two cities not to experience an increase with year-over-year declines of 25% and 5.17%. Hampton Roads residential median sales price is $189,000, up 2.22% from February 2012’s $184,900. The new construction segment of the market followed suit and experienced an 8.70% increase in closed sales when compared to February 2012.
Distressed Homes (short sales or foreclosures), continue to their large share of the the region’s real estate market. Distressed homes accounted for 26.37% of residential listing for sale in February 2013. They have accounted for as little as 23.61% (September 2011) and as much as 28.05% (December 2012) of residential active listings over the past 18 months.
Distressed homes accounted for 34.20% of residential homes sold in February 2013. Distressed homes have accounted for as little as 24.4% (August 2012) and as much as 37.18% (January 2012) of residential settled sales over the past 18 months.
These statistics are based solely on on listings entered into the Real Estate Information Network by REIN broker members. The geographical area includes southeastern Virginia (Norfolk, Virginia Beach, Chesapeake, Portsmouth, Suffolk, Franklin, Smithfield, Isle of Wight, Hampton, Newport News, York County and Poquoson) to Williamsburg, James City County, Gloucester, Middlesex, Virginia’s Eastern Shore and northeastern North Carolina. Reports include all property types: Attached and Detached Residential, Duplex, Apartments, Commercial, and Land & Farms.
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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 |