How is the Real Estate Market on the Virginia Peninsula?
As we settle in for autumn, the real estate market on the Peninsula has started its expected seasonal slowing, although 2015 totals remain above those of 2014. After a busy summer, with back-to-school and the approach of the holidays, listing activity has declined steadily since August. Overall, Active listings on the Peninsula are down 3.12% from October 2014, with all cities showing a decline except Portsmouth, where there was a 9.55% increase in Active listings over October 2014. With this decline, months’ supply of inventory has decreased to 6.04 months, down from 6.89 months in October 2014, and a modest decrease from September’s 6.22 months’ supply. The market in Virginia Beach favored sellers, with only 4.59 months’ supply, while Portsmouth has 7.79 months’ supply.
Overall Pending sales were up in October 2015 over last year, but not as strongly improved as recent months. In October, the Peninsula saw 6.5% more contracts than October 2014. Only Chesapeake and Suffolk saw declines from 2014 rates, while Hampton enjoyed a 28.57% increase over 2014, and Newport News was up almost 20% as well.
Settled sales have slowed more significantly, but still show year-over-year improvement of 4.57%. Norfolk had the greatest rise in settled sales, at 15.61%, while Newport News had 24.68% fewer settled sales last month than in October of 2014. The percentage of distressed listings has fallen 2.76% since last October, coming in at 15.62%, and distressed sales accounted for 16.64% of October 2015 Peninsula closings, down from 19.68% last October. Median sales price on the Peninsula has increased 4.88% over October 2014, from $205,000 to $215,000.
Statistics provided by Real Estate Information Network, Inc., the MLS for the Hampton Roads/Tidewater, Virginia area.
This post was authored by local REALTOR John Womeldorf, 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 would love to help you find your dream home in the area or sell your existing home! You can text or call me at 757-254-8136 or email [email protected].
I look forward to serving your real estate needs!
John