The first quarter of 2013 ended strong for the Hampton Roads real estate market as March 2013 posted nearly a double digit percentage increase in residential settled sales when compared to 2012 Homes under contract increased significantly year-over-year while active home listings continued to decline, once again lowering the months’ supply of inventory
The Hampton Roads region saw an increase of 8.53% in closed home sale for March 2013 when compared to March 2012. Of the region’s seven major cities (Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, and Virginia Beach) Portsmouth and Suffolk recorded the highest year-over-year increases of 27.03% and 13.10% respectively. Hampton and Norfolk were the only two cities to experience year-over-year decreases, dipping 21.60% and 2.68%. Residential closed sales are up 10.71% for the first quarter of 2013 (January-March) when compared to first quarter 2012.
The residential median sales price is currently $199,000, a considerable increase of 7.57% from March 2012’s $185,000.
Last month’s largest statistical improvement was in residential under contract sales, with a year-over-year increase of 12.84%. Portsmouth and Newport News saw the largest increases of 36.17% and 18.18% respectively. .
The region saw a drop of 8.62% compared to last year for active home listings. Newport News and Chesapeake contributed largely to this decline, with recorded reductions in inventory of 18.75% and 17.71% respectively.
The overall decrease in the number of homes for sale has resulted in a 6.38 months’ supply of inventory, as compared to 7.57 months in March 2012. A balanced real estate market typically maintains a 5 to 6 months’ supply of inventory, so this statistic does suggest a stabilizing market for the area.
Short sales & foreclosures, continue to have an impact on the region, while maintaining a relatively consistent market share. In March 2013 25.20% of all resale residential active listings in the Hampton Roads real estate market were distressed properties. This is little change from March 2012 when distressed properties accounted for 25.73% of active listings.
Distressed properties comprised 28.44% of all resale residential settled sales in March 2013, a 5.09% decrease from the same time last year, when distressed properties accounted for 33.53%
These statistics are based solely on on listings entered into the Real Estate Information Network by REIN broker members. The geographical area includes southeastern Virginia (Norfolk, Virginia Beach, Chesapeake, Portsmouth, Suffolk, Franklin, Smithfield, Isle of Wight, Hampton, Newport News, York County and Poquoson) to Williamsburg, James City County, Gloucester, Middlesex, Virginia’s Eastern Shore and northeastern North Carolina. Reports include all property types: Attached and Detached Residential, Duplex, Apartments, Commercial, and Land & Farms.
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Psst…. .I’m a real estate agent. 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 the Williamsburg/ Hampton Roads area and his expertise in the local real estate market. I can help you access all the information you will need about choosing a neighborhood and buying a home in New Kent, Gloucester, Newport News, Hampton, York County, Smithfield, Williamsburg, Poquoson or the greater Hampton Roads area, including area information on schools, local government, shopping, activities for the children and more! Whether you have made a decision to relocate, retire or are just considering a move to Williamsburg or Hampton Roads VA, let me help make your transition or PCS to the area a smooth and enjoyable one! Hampton Roads is a transient community due to the large population of military members in the area. I have a unique perspective on relocation and have helped many families move in and out of the area. I understand the kind of support team it takes to make a smooth transition. Area Orientations Complete tours can be scheduled to help you familiarize yourself with Williamsburg and Hampton Roads neighborhoods, home prices, shopping centers, military bases, recreational facilities, public & private schools and transportation systems. My orientation will provide you with awareness of aircraft noise & accident potential zones, flood zones, major traffic patterns and commute times to your job. You can search homes for sale , active adult communities, 55+ communities, condos and townhomes ,foreclosures/ REO, land, building lots, commercial property in Williamsburg , Yorktown, New Kent, Gloucester, Poquoson as well as the surrounding areas of Hampton Roads, Virginia You can reach me by phone at 757-254-8136 or email John@MrWilliamsburg.com I look forward to serving your real estate needs! Best, John |
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