• psst … I’m a Realtor! 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. This website is authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, WilliamsburgsRealEstate.com and Mr Williamsburg.com were created as a resource for folks who are exploring a move to Williamsburg, VA , Hampton Roads VA and the surrounding areas of the Virginia Peninsula. On his website you can search homes for sale , foreclosures, 55+ active adult communities, condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New Kent, Poquoson, and Gloucester, VA as well as surrounding markets of Carrolton, Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry, Va Beach, Yorktown and York County Virginia You can reach John by email John@MrWilliamsburg.com or phone @ 757-254-813

Real Estate Market Report Hampton Roads VA- June 2009

The real estate market in Hampton Roads VA is continuing to show signs of stabilization. June 2009 proved to be another good month for real estate sales. Continued signs of stabilization were evident in many sectors, while growth was apparent in others. With many indicators heading in a positive direction two welcomed declines were the active listings count and the  drop in the number of active residential homes for sale was seen on both a month-to-month and a year-over-year basis in June.

The count dropped by only 0.81% from May 2009, but more noteworthy was the decline of 6.64% when measured to June 2008. The reduction bodes well for the overall health of the local real estate market. The median list price for these properties fell 8.5% from June 2008. These decreases help ensure that available inventory does not overly saturate the market.

The month’s supply of inventory also declined from May’s measure of 10.39 to 10.22 in June. Two significant factors precipitated the drop; the first being the aforementioned decline in active homes for sale, the second being the tremendous surge in closed sales in the prior month. The 29.85% increase in closed residential sales from May to June 2009 was substantial, though highly seasonal. Even more impressive was the year-over-year gain of 7.34% in closed residential sales for June. This was the first year-over-year gain in monthly residential sales since January 2007, when there was an increase of 1.64%, and was the first gain for the month of June since 2005 (5.7%).
Even with the increase in the number of units closed in June, the median sales price for resale residential homes was down 3.6% when compared to June 2008 and is currently down 5% year-to-date.

The drop in sales price is partially due to the growth of the distressed property market because of the reduced prices for which they sell. The discount rate measures the reduction of sales price of distressed properties below that of non-distressed properties. From May to June Hampton Roads saw an increase from 24% to 29%. In nominal terms, this represents a $65,000 spread in median sales prices for June. This is up from $52,000 in May. Meanwhile, distressed homes, both bank owned and short sales, accounted for 15.5% of resale residential sales for June, down from the month prior reading of 19%, but 10% higher than that of June 2008. Year-to-date distressed home sales account for 17.9% of all resale residential closed sales.

June 2009 Highlights

1. Active listings Residential significantly declined from 15,3008 (June 09) to 14,284  (June 08). This represents a -6.64% decrease year-over-year and a -0.81% decline from May 2009 (14,401).

2. Under Contract (Pending) Residential Sales Total residential under contract sales increased sharply by 27.7% as compared to June 2008 (1,520 vs. 1,195).

3. Sales Total residential sales sharply increased by 7.34% as compared to June 2008 (1,988 vs. 1,852).

4. Inventory There is currently 10.22 months inventory of residential homes on the market in the Hampton Roads area, a slight decline from the previous month.  Newport News, Virginia Beach, Hampton, and York County continue to be at the low end of the spectrum with 8.07, 8.6, 8.9, and 9.3 months respectively.

These figures are derived from the REIN MLS Real Estate Information Network

Real Estate Information Network, Inc., (REIN) 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. Currently, there are approximately 469 real estate firms with 611 offices, 7800 real estate agents, and 201 appraiser members using REIN.

Click here to search (REIN) all homes, town homes, condos and building lots for sale in Va Beach, Norfolk, Chesapeake, Isle of Wight, Portsmouth,Franklin, Sussex, Southhampton, Emporia, Greenville, Mathews, Suffolk, Surry, Smithfield, Newport News, Hampton , Poquoson, Gloucester or York County Virginia

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