July 2013 was categorized by double-digit spikes in residential under contracts and settled sales, while the decline in residential active listings appears to be leveling off.  In July 2013 Hampton Roads’ residential settled sale counts increased 18.03% when compared to July 2012. Of the region’s seven major cities (Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, and Virginia Beach) five saw year-over-year increases of 17% or higher.  Portsmouth and Norfolk improved the most compared to the previous year, with settled sales up 38.83% and 28.04% respectively. Newport News and Hampton were the only two cities to experience a decrease in settled sales, as they dipped 3.55% and 2.84%.

Residential pending sales experienced a 21.16% increase when compared to July 2012. Each of the region’s major seven cities had a year-over-year increase in residential pending sales. Norfolk and Hampton saw the largest increases of 41.88% and 36.61% respectively, while Newport News saw the smallest year-over-year increase of 9.23%.

The region’s median residential sales price for July 2013 increased to $222,000, up 5.76% from $209,900 during the same period of time last year. Many industry experts surmise that the threat of rising interest rates and increasing home prices are spurring home buyers to make purchase decision now instead of continuing to wait.  July’s residential listings for sale decreased only marginally year-over-year, changing just 0.92%.  Residential active listings have not seen a year-over-year decrease this low since February 2011, when it fell just .10%. Newport News and Chesapeake experienced the largest year-over-year decreases in active listings last month at 11.27% and 6.86%. Contrarily, Suffolk and Portsmouth faced increases in the number of residential active listings by 11.28% and 4.34%. The months’ supply of inventory is currently 6.56 months, down 9.77% from July 2012’s 7.27 months.

July 2013 Summary

* Total Property statistics include all property types (Residential, Commercial, Duplex, Apartment and Land & Farms), resale and

new construction.

* Months’ Supply Inventory estimates the number of months it will take to deplete current active inventory based on the prior 12

months average sales activity.

**This information was provided by REIN Press release 8/13.  These statistics are based solely 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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