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Hampton Roads Real Estate Market Continues its positive growth for April 2013

The Hampton Roads Real Estate market got off to a strong start for the second quarter of 2013.  April 2013 was characterized by a year-over-year decrease in the number of residential active listings while residential pending and settled sales experienced significant year-over-year increases, driving the market in a positive direction.

Home  sales showed a substantial increase of 13.4% in April 2013 when compared to the previous year.

Home prices showed a small 0.15% increase from April 2012’s $198,950. to $199,250 this year.

The number of residential homes listed for sale declined 7.64% during April 2013 as compared to April 2012. Of the region’s seven major cities (Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, and Virginia Beach) Newport News and Chesapeake saw the largest year-over-year declines in active listings, at 19.84% and 14.95% respectively. The region’s months’ supply of inventory is currently at 6.48 months, down 15.4% from April 2012’s 7.66 months. On the Southside, the months’ supply of inventory is 6.02 months, and on the Peninsula it is 7.26 months. Six months worth of inventory is considered a balanced market.

Pending sales ( homes under contract)  increased 21.98% overall when compared to April 2012. Each of the region’s seven major cities underwent year-over-year increases in residential pending sales, with Newport News and Chesapeake experiencing the largest jumps at 39.86% and 35.37%.

Short sale and foreclosure (REOs) properties accounted for 27.76% of all resale residential settled sales in April 2013. This percentage is down 3.21% from April 2012 and is the lowest percentage of distressed properties accounting for residential settled sales in the past six months. In terms of residential active listings, distressed properties accounted for 23.89% of all homes for sale, the lowest percentage in the past 18 months and down 1.14% from the same time last year.

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