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So how is the real estate market in Hampton Roads ?

February 2012

I previously  posted an update on real estate sales in Williamsburg VA 

mr williamsburg for saleNow it’s time to review the surrounding areas of  Hampton Roads . That market which is primarily composed of  Carrolton,  Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth  Mathews, Newport News Norfolk, Poquoson, Smithfield, Suffolk,  Va Beach, Yorktown  and York County Virginia ,  experienced a strong start for the New Year. January’s encouraging trends, categorized by double digit changes in the number of residential under contract sales and residential active listings when compared with the same period last year, hint at a recovering housing market for 2012.

Residential active listings were down 18.8% in January 2012 when compared to January 2011 (11,394 vs. 14,040). All seven of the major cities (Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, and Virginia Beach) saw a decrease in the number of homes for sale. Norfolk experienced a 25% drop in percentage of active listings  the largest in the area . This decline in active listings led to a steep drop in months’ supply of inventory, down to 7.5 months compared to 9.82 months in January 2011.

Measured against the same period last year, the number of residential under contract sales for January 2012 jumped 32.9%. This is the largest increase year-over-year for the month of January for more than 5 years. All seven of the major local cities experienced year-over-year gains. Suffolk saw the largest increase with 67.86%, Hampton the second largest with 37.36%, and Norfolk third with 37.33%. The spike in under contract sales foreshadows strong settled sales over the next few months.

Similarly, the previous month’s increase in under contract sales led to a rise in the region’s residential settled sales for January 2012, up 5.27% compared to the same period last year. Newport News and Portsmouth saw the largest increases of 34.67% and 18.06% respectively, while Suffolk and Hampton were the only two major cities not to see increases in residential settled sales. The median residential sales price is $174,450, which is 8.4% lower than it was last January.

The distressed homes market, those that are bank owned or short sales, grew as a percentage of residential active listings, but fell as a percentage of residential settled sales. Distressed homes  accounted for 26.01% of active listing this month, a slight increase from 24.52% in January 2011. The number of residential settled sales that distressed homes comprised fell to 37.18%. This was a slight drop as distressed homes accounted for 39.16% of residential settled sales in January of 2011.

image

The statistics are compiled from the Real Estate Information Network, Inc., (REIN) an MLS that serves real estate brokers in the Tidewater / Hampton Roads area of
Virginia. The primary service areas of REIN are : Carrolton,  Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth  Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry,  Va Beach, Yorktown  and York County Virginia

 

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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