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Real Estate In Hampton Roads Finishes Out 2011 with a Strong Finish

The residential real estate market in Hampton Roads finished 2011 strong. Settled residential sales and under contract residential sales each posted healthy results in the final month of the year.

Settled residential sales for the region increased 21% in December 2011 when compared to December 2010 (1,589 vs. 1,311). It was the most settled residential sales for the month of December since 2006 with 1,914. James City County had the largest year-over-year percentage increase in units settled, 138%, from 39 units in 2010 to 93 units in 2011. Of the seven major cities in Hampton Roads, Virginia Beach had the lowest year-over-year increase at 10% (444 vs. 403).

Another positive sign was the median settled sales price for these homes. Though down 3% to $197,500 when compared to the 2010 median settled sales price in December of $203,000 this 3% was the lowest year-over-year decline for any month in 2011 and could point to stabilizing prices. James City County had the largest year-over-year percentage increase in median settled sales price, 12%, to $319,000. Suffolk had the next largest median settled sales price increase at 8%. The median settled sales price in Norfolk for December 2011 decreased, year-over-year, 15%.

The number of active residential listings for sale declined 19% to 11,095 in December 2011 as compared to the same time in 2010. This marked the tenth consecutive month with a decrease in the number of homes for sale and was the lowest measure for the month of December since 2006 when there were 9,960 homes for sale. Coupled with the solid increase in settled sales, the drop in active
listings for sale pushed the months’ supply of inventory to 7.3 months, the lowest reading since REIN began measuring in 2008.
Norfolk, Virginia Beach, Portsmouth and Newport News each saw a drop in homes for sale of at least 22% when compared to December 2010

Looking forward to the residential real estate market of 2012, the under contract sales of December 2011 show promise. Residential under contract sales grew by 18% in December 2011 when compared to December 2010. The areas with the largest year-over-year percentage increases were James City County, Portsmouth, Norfolk and Chesapeake with gains of 57%, 45%, 36% and 34% respectively. However, Virginia Beach, Suffolk, Hampton and Newport News all experienced gains of 5% or less in December 2011

Distressed homes, those that are bank owned or short sales, continued to impact the regions real estate market. The percentage of residential settled sales that distressed homes comprised was 33% in December 2011. This was much lower than the 41% distressed homes comprised in December 2010.
Overall, the percent distressed homes make up of settled sales has been flat over the past four months. The percentage of active residential listings that distressed homes comprised in December 2011 was 26%, 1% higher than the 25% measured in December 2010 and rising each of the past five months

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These statistics are from the Real Estate Information Network, Inc., (REIN) which serves real estate brokers in the Tidewater / Hampton Roads area of Virginia from Williamsburg east to Virginia Beach and south to the North Carolina border.

 

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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