Month Supply of Home Inventory Shrinks in Hampton Roads Despite Decrease in Sales
In November 2018, residential active listings for the region were down 7.29% year-over-year with 8,990available homes, down from 9,697 in November 2017. This is the 40th consecutive month that active listings have declined year-over-year. Six of the region’s seven major cities (Norfolk, Virginia Beach, Portsmouth, Chesapeake, Suffolk, and Hampton) underwent decreased inventory, with Portsmouth and Norfolk experiencing the greatest declines at 14.41% and 12.54% respectively. Newport News was the only major city to realize an increase, though very modest at just .42%.
Despite a slight decrease in settled sales, November’s supply of residential home inventory in the region is currently 3.87 months, down 11.24% from the same period of time last year. This marks the
Pending sales remain steady in Hampton Roads. For November 2018, residential pending sales rose5.31% year-over-year, continuing the trend where 53 of the past 54 months have exhibited increases. Of the area’s major cities, only Chesapeake and Suffolk recorded negative growth in residential pending sales. Hampton and Norfolk recorded the largest gains with 23.78% and 16.36% respectively
.Residential settled sales experienced a minimal year-over-year increase of .25% in November 2018, although 303
The median sales price has remained the same as the previous month at $235,000, marking the first time in 50 months where there was not an increase. Of the region’s major cities, only two cities (Norfolk and Portsmouth) experienced decreases in median residential sales prices at 1.04% and 3.57% respectively.
The number of distressed homes in the Hampton Roads region, those that are either short sales or foreclosures, saw a barely noticeable decrease of .03% from the previous month. In November 2018, distressed homes accounted for just 10.14% of all residential settled sales, down 1.5% year-over-year. Similarly, distressed homes accounted for only 9.37% of all residential active listings in November 2018, down 2.80% year-over-year. These statistics are from Real Estate Information Network, Inc., (REIN) which 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. REIN is an independent MLS owned by broker stockholder members. There are approximately 595 real estate
firms with 735 offices, 7568 real estate agents, and 166 appraiser members using REIN.
