The sales gains for real estate in Hampton Roads, Virginia during the previous five months slowed to a crawl in February 2010. After ending 2009 with four successive months of double digit year-over-year percentage increases in the number of settled sales, the Hampton Roads region experienced the second consecutive month of single digit gains in February. At the same time, the month also saw increases in active home listings for sale and in the number of under contract home sales when compared to February 2009.
Settled sales for all property types in the region were relatively flat in February 2010, rising 1% when compared to the same period in 2009. The settled sales of residential homes fared slightly better increasing 2.3%, year-over-year. Hampton and Norfolk experienced the largest year-over-year increases in the number of units sold, 31% and 16% respectively. Of the seven major cities in Hampton Roads, Hampton experienced the largest decline in residential median sales price year-over-year for the month, -17.6%. Meanwhile, during the same time period the median sales price of residential homes in Suffolk and Chesapeake increased, 6.25% and 5.8% respectively.
The number of active residential homes for sale increased 1.1% when measured year-over-year and 5.3% on a month-to-month basis in February. It was the first month to have a year-over-year increase in active residential listings since January 2009. Despite a slight increase in the absorption rate (the average number of homes sold per month over the past twelve months) the gain in active listings pushed the months’ supply of inventory up to 9 months for the region overall. 
Distressed sales ( Short Sales and Foreclosures) accounted for approximately 25% of all residential resale settled sales for the month of February. The median sales price for these distressed sales decreased year-over-year by 7.2%. Overall, distressed sales have comprised 24% or more of all residential resale settled sales each of the last three months. Previously, distressed sales accounted for more than 20% of residential resale sales once. Currently, distressed residential resale homes make up 17.95% of the homes listed for sale in Hampton Roads Virginia ( from the REIN MLS).
| This article was posted 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, www.WilliamsburgsRealEstate.com and www.MrWilliamsburg.com, were created as a comprehensive resource about living in Williamsburg and Hampton Roads, with the hopes of selling a house now and again. You can reach him at 757.254.8136 or John@MrWilliamsburg.com. |
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