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Hampton Roads Supply of Homes Dips to 8 Months

imageFor the fifth consecutive month, the Hampton Roads real estate market showed strong results in the number of settled sales and under contract sales. In addition, the months’ supply of inventory continued to decline as the number of active homes for sale maintained its steady drop from May 2011. However, the median settled sales price also continued its decline on a year-over-year basis.

Overall, residential settled sales for the region climbed by 9% in November 2011 when compared to November 2010. Hampton, James City County, Newport News and Norfolk experienced the largest year-over-year gains showing increases of 35%, 34%, 27% and 19%, respectively. Nonetheless, not all of the local cities and counties experienced year-over-year gains. Suffolk, Chesapeake and Virginia Beach all showed declines in residential settled sales when compared to the year prior, down 16%, 2% and 1% respectively. The median settled sales price for these homes was 11% lower in November 2011 than November 2010. This is in line with each of the earlier months’ median settled sales prices as previously measured and reported. As measured year-to-date, the median residential settled sales price is down 9% in 2011 when compared to the same timeframe in 2010. Portsmouth has experienced the largest decline of median residential settled sales price at 18% while James City County has seen the smallest drop at 2%.

 

Under contract residential sales grew year-over-year by 35%. This leading indicator statistic points toward increased residential settled sales activity in the next few months. Residential under contract sales has posted gains over 15% for the past 6 months. For 2011, April is the only month to not have year-over-year gains in residential under contract sales. Newport News, James City County, Hampton and Norfolk had the largest unit gains, 76%, 67%, 55% and 42% respectively. The 1,510 contracts signed were the largest for the month of November since November 2006.

The amount of homes for sale in the region fell 17% when compared to November 2010 and 3% when compared to October 2011. The 12,162 is the lowest measure for November since it was 10,883 in November 2006. This marks the ninth consecutive year-over-year and fifth consecutive month-to-month drop in active homes for sale. The fall in the number of homes for sale in the region, coupled with the rise in settled sales has decreased the area’s months’ supply of inventory to 8 months. This is the lowest measure of months’ supply of inventory since tracking began in December 2009

Residential distressed sales, those homes that are bank owned or short sales, comprised 33% of the residential resale settled sales in November 2011. This measure is flat when compared to October 2011 however, it is 3% lower than the 36% experienced during November 2010. Distressed homes continued to rise as a percentage of active resale homes in November 2011 surpassing 25% for the first time since tracking began. The percentage distressed homes comprise of the active market has steadily climbed since July 2011. The increased percentage of distressed homes on the active market points toward further price declines in the near future, though this is not a certainty.

 

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Like what you are reading ? Want to receive updates by email in the future ? Sign up here  banner 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 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. 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 KentPoquoson, 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 @  757-254-8136
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