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  • 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
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Home Purchase Contracts Surge in June 2011 In Hampton Roads

The Hampton Roads real estate market experienced a surge in under contract sales in June 2011 when compared to June last year. Meanwhile, the number of active residential listings for sale continued to decline, contributing to the lowering in the months’ supply of inventory on a month-to-month basis. However, the residential median settled sales price showed its lowest year-over-year percentage difference for the year to date in 2011.

The number of residential under contract listings was 28% higher in June when compared to the same time last year. This increase is the highest measured for a single month since April 2010 when there was a 34% year-over-year rise. However, June 2010 was partially lower than June 2011 due to the federal tax credit expiring two months prior and the fact that some of the potential home buyers had already signed contracts in earlier months in order to qualify for the tax credit. Under contract sales are a key leading indicator for the residential real estate market and the large magnitude of this increase should bode well for settled home sales in the near future.

The number of active residential listings for sale was 8.6% lower on a year-over-year basis in June. For the first six months of 2011, the monthly active listing activity has remained on par with the 2009 levels during the same time period. All seven of the area’s major cities (Norfolk, Virginia Beach, Portsmouth, Chesapeake, Suffolk, Hampton, and Newport News) experienced year-over-year declines in the number of active residential listings for sale. Virginia Beach saw the largest drop of 14.5% while Chesapeake had the smallest year-over-year difference of 1.3%. These declines contributed to the month-to-month drop in the months’ supply of inventory from 10.04 in May 2011 to 9.99 in June 2011.

Settled residential sales fell by 9.6% in June 2011 when compared to June 2010. This was the largest drop in settled residential sales since December 2010 and continues a trend of declining settled sales starting in February 2011. The median settled sales price for these same settled sales also fell to $199,900,or 13%, when compared to June last year. So far year-to-date 2011, the median settled sales price for residential settled sales has fallen 10.7%, to $192,000, when compared to the same time frame in 2010. The last time the median settled sales price was $192,000 was during 2005 when home prices were steadily rising towards their peak of $238,000 in 2007.

Distressed homes, those that are bank owned or short sales, declined to 29.7% of total residential settled sales in June 2011, dropping to below 30% of all residential settled sales for the first time since September 2010. Distressed homes comprised 29.7% of those homes settled in June, down from 31% in May.

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bluepsst … 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, Yorktown or the Williamsburg area or to sell your existing home.

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 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.

Explore neighborhoods in the Williamsburg VA area here

You can search homes for sale , active adult communities, 55+ communities,  condos and townhomes , land and commercial property for sale in Williamsburg, Yorktown, New Kent,  Poquoson, and Gloucester, VA as well as surrounding markets.

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

You can reach John by phone at 757-254-8136 or email him atJohn@MrWilliamsburg.com

I look forward to serving your real estate needs !

Best

John

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