January Homes Sales Update for Hampton Roads
Inventory is down and prices are up !
The Hampton Roads real estate market is off to an optimistic start for 2013.
The number of residential homes for sale significantly dropped when compared to January 2012, resulting in a lower month’s supply of inventory. Residential closed sales and homes under contract both experienced double digit percentage year-over-year increases.
The number of residential homes listed for sale in Hampton Roads in January 2013 was down 10.75% when compared to the same time last year. Of the regions seven major cities (Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, Virginia Beach) Chesapeake and Virginia Beach experienced the largest year-over-year declines in residential active listings at 19.01% and 16.87% respectively. Portsmouth was the only city not to experience a year-over-year decline as residential active listings increased 2.05%. The drop in active listings has resulted in a low 6.18 months’ supply inventory which is down 17.6% from January 2012 when it was 7.5 months.
Pending sales (Homes under contract) showed promising numbers during January 2013 with an increase of 14.14% when compared to January 2012. Suffolk and Chesapeake saw the largest year-over-year increases of 39.74% and 25.54% respectively, while Hampton experienced the smallest year-over-year increase of 3.74%. Portsmouth was the only city not to see a year-over-year gain, with residential under contracts down 14.12%.
Closed home sales round off the month’s positive trend. January 2013’s residential settled sales increased 20.66% when compared to January 2012. Suffolk and Hampton substantially contributed to this increase as they saw year-over-year gains in residential settled sales of 59.26% and 40% respectively. Norfolk experienced the smallest year-over-year gain of 3.87% and Portsmouth saw no gain at all as residential settled sales dropped 1.18% year-over-year.
Home prices
The median residential sales price is currently $193,000, a 10.63% increase from $174,450 in January 2012. 
The Hampton Roads distressed homes market, (BANK OWNED, FORECLOSURES OR SHORT SALES ) continue to impact the region’s real estate market. Distressed homes accounted for 34.88% of residential settled sales during January 2013. This is the highest percentage since February 2012 when distressed homes accounted for 36.39% of residential settled sales. As for residential homes for sale, 27% of the listings in January 2013 were distressed properties. This percentage has fluctuated between 22% and 28% over the last 18 months. There appears to be an upward trend in both active and sold distressed residential properties starting in August 2012
This information is derived from the Real Estate Information Network, Inc., (REIN)
An independent MLS owned by broker stockholder members serving real estate brokers in the Tidewater / Hampton Roads area of Virginia from Williamsburg east to Virginia Beach and south to the North Carolina border.
REIN MLS database primarily lists homes, condos, townhomes and land for sale in Carrolton, Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry, Va Beach, Yorktown and York County Virginia as well as other outlying areas of VA and NC
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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. Thanks for stopping by my website. I would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home. 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 reach text or call me at 757-254-8136 or email [email protected] |