• 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

    • 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 […]
    • Handling the Heat: Animal Safety & High Temperatures
      The heat index soared this weekend, and that naturally raises questions about safety—for both our costumed interpreters and animals. Besides plenty of water, breaks, and shade, Coach & Livestock utilizes a heat index policy for working animals.  Cattle—like dogs—cannot sweat, so they are removed from work when the heat index reaches 95°.  Horses can swea […]
    • 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 » […]
  • 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: