• Click Here to Subscribe to Email updates

  • 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
  • RSS Colonial Williamsburg News

    • THE WORD ON DOG STREET: REVERSING ATTENDANCE TRENDS
      The word on DoG Street is that the program changes at Colonial Williamsburg over the past few years have led to a decline in attendance. In fact, just the opposite is true. In 2014, after President Mitchell Reiss and his new team brought innovative program changes to CW, attendance rose after a seven-year decline. For...Read More »
    • An Open Letter to the Colonial Williamsburg Community
      The role of Williamsburg in America’s founding is nothing short of extraordinary. In the years leading up to the Revolution, this colonial capital city was a thriving center of culture, enterprise, education — and revolutionary ideas. It was here — in these homes, government halls and taverns — that Thomas Jefferson, James Madison and so...Read More » […]
    • An Insiders Guide to the 4th of July Festivities 2017
      We hope you’re making plans to celebrate independence the right way—with us! Our 4th of July festivities will feature a lot more than spectacular fireworks. We offered a preview a couple weeks ago–now here’s your practical guide for navigating the day. This year’s theme is “Light and Liberty,” drawn from a letter Thomas Jefferson wrote...Read More » […]
    • 7 Ways Our Free App Will Improve Your Visit
      The official Colonial Williamsburg Explorer app just received another big upgrade, so now there are even more reasons to make sure you make it part of your visit. Our website is a great way to plan your adventure from home, but when you’re here, the app is an indispensable tool to make the most of...Read More »
    • Reflections of a Revolutionary in Residence
      “Papi, am I a princess?” “Yes, Anabella, you are. But we all are. In our country every one of us is a king or a princess,” I said, echoing the words of young Mr. Jefferson as played by Kurt Smith. She was right to ask: my family was feted like never before during my recent...Read More »
  • Flickr Photos

Hampton Roads Real Estate Slowly Returning To Normal

In our area real estate market there are four MLS used by real estate brokers. The primary one for Hampton Roads is REIN ( Real Estate Information Network) It primarily covers the Carrolton,  Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth  Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry,  Va Beach, Yorktown  and York County Virginia

In the Williamsburg/ York / New Kent Area WMLS is the primary MLS, Gloucester has it’s own MLS  and finally Richmond has it’s own CVRMLS.

So when you see sales statistics its important to note what regions are used in the calculations.

Here is a October 2011 Update from REIN:

The residential real estate market in Hampton Roads posted another solid month as it shows signs of stabilizing and returning to more normal levels. However, the impact that distressed homes have on the non-distressed homes inventory continues to slow the recovery of the overall market. The number of under contract homes continued to post year-over-year gains while the number of homes available for sale fell again.

The number of homes listed for sale plunged 16.6% in October 2011 when compared to October 2010. This marks the fourth consecutive month that the number of homes for sale has fallen by more than 10% on a year-over-year basis. Norfolk and Virginia Beach each saw the inventory of homes for sale drop by more than 21%. Chesapeake experienced the smallest decline of 7.2%. As a region, there was a 3% drop in homes for sale on a month-to-month basis from September 2011 to October 2011. October’s 12,514 homes for sales is the lowest number of active listings since December 2009 when there were 12,474 homes for sale.

 

Residential under contract sales jumped 29.6% last month when compared to October 2010. Newport News under contract sales surged by 76% in October 2011 while Norfolk and Portsmouth each saw their year-over-year percentages climb by 52% and 60% respectively. Of the seven major cities, Virginia Beach showed the lowest year-over-year gains at 11.4%. The number of under contract sales is generally a leading indicator of future settled sales activity over the next month or two as the contracts go to closing. With year-over-year gains this high in magnitude, the real estate market appears poised for solid sales figures as fall ends and winter begins. Settled sales grew by 17% in October 2011 when compared to those homes which settled in October 2010. Norfolk, Hampton and Newport News all experienced gains of 25% or more for the month when compared to the same time last year. Virginia Beach saw the smallest year-over-year growth in the number of settled sales, up 7.4% for the month. However, the median settled sales price of the homes settled last month was down 10.7% when compared to the same time last year. The median settled sales price for homes sold year-to-date is down $20,000 to $195,000 from year-to-date October 2010.

Distressed homes, those houses that are either bank owned or short sales, climbed as a percentage of settled sales in October 2011 to 33.2%. This percentage has been 29% or higher every month since September 2010. The percentage of homes for sale that distressed homes comprise also increased in October 2011 to 24.3%. This measure has been 20% or higher every month since August 2010. Both of these statistics appear to be rising as percentages; however, the underlying number counts for each percentage are decreasing as the real estate market starts its seasonal slowdown.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: