Inventory is down and prices are up !
The following update is for the Hampton Roads areas of Carrolton, Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry, Va Beach, Yorktown and York County Virginia as well as other outlying areas of VA and NC
Local and national real estate markets seem to be sizzling like the summer temps, and several economic sources are crediting this surge to the recent increase in mortgage interest rates. In the Hampton Roads VA area, the real estate market has experienced a spike in homes under contract , homes sold as well as the median sales price, while the number of residential homes for sale has dropped. The distressed homes market had slight improvements as well, leading the way towards a strengthening housing market.
Hampton Roads home sales increased 8.9% in June 2013 compared to the same time period last year. Of the region’s seven major cities (Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, and Virginia Beach) Chesapeake and Newport News saw the largest year-over-year increases at 22.9% and 17.27% respectively. Along with the rise in home sales came an upturn in the median sales price. The residential median sales price is currently $225,000, up 8.43% from June 2012’s median sale price of $207,500. This is the highest residential median sale price the Hampton Roads market has seen since July 2010 when it was $229,000
Residential pending sales ( Homes under contract) jumped significantly for the month of June, increasing 11.93% when compared to June 2012. Portsmouth and Norfolk showed the most significant increases at 32.98% and 23.35% respectively.
The months’ supply of home inventory continues to decline as the number of homes listed for sale decreases. June 2013 recorded 11,010 residential active listings, down 4.53% from June 2012. The months’ supply of inventory is currently at 6.47 months, a 13.04% drop from June 2012’s 7.44 months and down 1.67% from last month’s 6.58 months. A balanced market is considered to be between 6 and 8 months worth of inventory.
The percentage of home sales that were distressed homes (, (BANK OWNED, FORECLOSURES OR SHORT SALES ) dropped to 22.84%, down 5.97% from June 2012. June’s decrease in the percentage of distressed sold sales was the lowest since June 2010 when it was at 20.84%. Distressed homes accounted for 21.68% of active residential resale homes for sale, down 3.02% from June 2012.
This information is derived from the Real Estate Information Network, Inc., (REIN) an independent MLS owned by broker stockholder members serving real estate brokers in the Tidewater / Hampton Roads area of Virginia from Williamsburg east to Virginia Beach and south to the North Carolina border.
REIN MLS database primarily lists homes, condos, townhomes and 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 as well as other outlying areas of VA and NC
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.
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