• 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

Hampton Roads VA Home Sales Update

Further sales gains were realized in the Hampton Roads , VA real estate market for the month of October 2009. The steady rise in settled and under contract sales have contributed to the fourth quarter of 2009 starting off in a healthy direction. Monthly totals surpassed even those of September 2009 which were relatively high when compared to last year. Again, key statistics continuing to move in positive directions further bolster the notion that the local market is picking up steam towards recovery and that the worst may be behind the region.
Under contract residential sales were once again the high point for the month surging ahead of last year’s totals by over 53%. Portsmouth, VA and Norfolk, VA led the way with year-over-year percentage gains for October of 85.3% and 79.7%, respectively. This significant rise pushed the 2009 year-to-date comparison of under contract sales 6% above that of 2008’s totals.

The active residential listings count continued to decline, falling another 5% for October year-over-year to 13,776, posting the lowest inventory level that Hampton Roads has seen since January 2009. Virginia Beach, VA experienced the largest decline of 10.6% of active residential listings; while Portsmouth saw an increase of over 13.4% when compared to October 2008 levels. The median list price of $251,950 for these homes was also down 8.4% when compared to the same time last year. The decline further indicates that sellers are shifting their expectations closer to actual market levels.

The number of settled residential sales grew by 24.5% in October 2009 when compared to the same time last year. The 1,794 units was the largest total units for the month of October since 2,060 units sold in 2006. The median sales price for these sold units was down by 5.1%, but once again stayed within the 2% to 8% difference experienced each month throughout this year.

All in all, October was another solid month for the local real estate market. With the federal tax credit stimulus program extended, it remains to be seen how many home sales were merely shifted forward. The expansion of the program to include some current home owners should help to alleviate some lost sales by increasing the base of potential home buyers with a financial incentive to buy now rather than wait. However, the market is also approaching its cyclical downturn for the winter months and the recent surges in under contract and settled sales over the past two months may give way to lower numbers before long.

Data is compiled from REIN ( Real Estate Information Network)

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

Search Williamsburg, York County, James City New Kent County homes and lots for sale here

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