As summer’s end nears, the Hampton Roads real estate market remains hot with August yearover-year increases across the board, including residential listings for sale, pending sales and settled sales. For the first time in 31 months the number of residential listings for sale has increased year-overyear. There were 0.85% more residential homes listed for sale in August 2013 than there were in August 2012. The Hampton Roads market hasn’t seen an increase in this segment of the market since January 2011. Of the region’s seven major cities (Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, Virginia Beach) Norfolk and Suffolk saw the largest increases at 8.55% and 4.6% respectively, while Newport News and Chesapeake each decreased 7.04% and 5.20%. Residential pending sales exhibited a positive trend, increasing 9.09% year-over-year. Suffolk and Portsmouth experienced the largest increases at 30.77% and 27.08% respectively, while Hampton and Newport News dropped 2.9% and 2.7%. Residential settled sales continue to increase year-over-year and rose 6.81% when compared to August of last year. Norfolk and Virginia Beach saw the most significant increases at 15% and 14.23%. Newport News and Chesapeake were the only two major cities not to experience year-over-year increases, instead declining 24.39% and 5.52% respectively. The residential median sales price for the region is currently $218,450, up 4.75% when compared to August 2012’s median sales price of $208,535. The distressed market, homes that are either short sales or foreclosures, showed slight improvements. Though up a slight .05% from the previous month, distressed properties made up just 22.08% of the total number of residential listings for sale in August 2013, which is 2.66% less than the same period of time last year. On the sales side, distressed properties accounted for 20.98% of all residential settled sales, up .45% from last month, but still down 3.42% year-over-year.
August 2013 Highlights
Listings
Residential active listings increased, 0.75% year-over-year, to 11,347 (August 2013) from 11,263 (August 2012).
Under Contract (Pending) Residential Sales
Total residential under contract sales increased by 9.09% when compared to August 2012 (2,041 vs. 1,871).
Sales
Total property sales and total residential sales increased when compared to August 2012 showing increases of
7.96% and 6.81% respectively.
Inventory
There is currently 6.51 months’ supply of inventory of residential homes on the market in the Hampton Roads area,
a decrease from last month (6.56) and down 7.53% from August last year when it was 7.04 months.
* 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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