• 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

    • Give the Gift of Colonial Williamsburg with a Present from the Past!
      Looking for meaningful gifts this holiday season? Delight your loved ones by giving a gift that makes a difference: a Present from the Past from Colonial Williamsburg. Our mission to preserve and impart the story of our past is vital, now more than ever. Whether your passion is our beautiful gardens, Fifes and Drums, or...Read More »
    • Welcome to Fall with the Center for Teaching, Learning, and Leadership!
      Editor’s Note: The Colonial Williamsburg Center for Teaching, Learning, and Leadership is joining the Making History blog to bring education-related resources and news straight to your inbox, along with the latest news and “freshest advices.”  With classes underway in the nation’s schools, educators nationwide have Colonial Williamsburg on their side in tell […]
    • Art Museums Reach New Audiences Online Through Sotheby’s Partnership
      When you have world-class collections such as we have at the Art Museums of Colonial Williamsburg (known individually as the Abby Aldrich Rockefeller Folk Art Museum, now celebrating its 60th anniversary year, and the DeWitt Wallace Decorative Arts Museum), you want to share them with as broad an audience as possible beyond the visitors who...Read More » […]
    • Haunting on DoG Street Returns!
      Join us as we celebrate the Halloween season with new evening programs, ghost tours, spooky carriage rides, museum talks, and trick-or-treating on DoG Street. Special Events Trick-or-Treating on DoG Street Saturday and Sunday, October 28 and 29 | 2:00 – 5:00 p.m. This Halloween season, Colonial Williamsburg depicts a world turned upside down. The British hav […]
    • John Ross Hamant, 1949 – 2017: An Appreciation
      It is with heavy hearts that we note the passing of longtime Colonial Williamsburg Foundation employee and veteran character interpreter, John Hamant.  Mr. Hamant, a Baltimore native, earned a bachelor’s degree in theater production and a master’s degree in acting and directing from the University of Arizona, but it was his love of archaeology that first...R […]
  • Flickr Photos

Hampton Roads real estate market continues it’s recovery

November 2012

Promising real estate trends in Hampton Roads continued through October 2012, with double digit percentage increases in sales and homes under contract compared to October 2011

October 2012 saw a 13.8% year-over-year increase in closed sales. This marks the eighth time this year that settled sales have increased year-over-year. Suffolk and Portsmouth experienced the largest gains of 42.3% and 25.6% respectively. Of the seven major cities (Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, and Virginia Beach) Norfolk and Newport News were the only two not to experience year-over-year increases and saw declines of 9.9% and 5.9%.

The number of homes under contract  was up 26.1% in October 2012 when compared to the same time last year. This is the highest year-over-year increase the market has experienced since January 2012 when the number of pending sales grew 32.9%. Suffolk and Virginia Beach experienced the largest year-over-year increases at 100% and 29.8% respectively. Hampton and Newport News were the only major cities not to experience an increase, with declines of 12.3% and 1.4% year-over-year.

The number of homes listed for sale continue to decline and were down 12.1% overall when compared to October 2011.

This drop in the number of active listings in the market has led to a significant drop in month’s supply of inventory – now at 6.79 months as compared to 8.44 months in October 2011. A six months supply is considered a balanced market. In the supply and demand equation, this lowering of inventory bodes well for the median sales price, which was $199,000 in October 2012, up 5.4% from $188,780 in October 2011.

image

Banked owned homes or short sales continue to have an impact on the region. Although the number of distressed active listings has dropped , they still account for 26.8% of all residential active listings in October 2012, vs. 24.3% in October 2011. This may suggest that buyers are purchasing more non-distressed listings. Distressed home sales accounted for  28.3% of all residential sales in October 2012. Though this is up 2.9% from September this year, distressed  sales are down 4.8% from October 2011.

image

These statistics are from the real estate information network (REIN) the MLS for the Hampton Roads region covering the areas of Virginia from Williamsburg east to Virginia Beach and south to the North Carolina border. This includes homes, condos, townhomes or land for sale in Carrolton,  Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth  Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry,  Va Beach, Yorktown  and York County Virginia and James City County/ Williamsburg

image

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: