• psst … I’m a Realtor! Thanks for stopping by my website. I would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home. This website is authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, WilliamsburgsRealEstate.com and Mr Williamsburg.com were created as a resource for folks who are exploring a move to Williamsburg, VA , Hampton Roads VA and the surrounding areas of the Virginia Peninsula. On his website you can search homes for sale , foreclosures, 55+ active adult communities, condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New Kent, Poquoson, and Gloucester, VA as well as surrounding markets of Carrolton, Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry, Va Beach, Yorktown and York County Virginia You can reach John by email John@MrWilliamsburg.com or phone @ 757-254-813

A new sign comes to Towne

Hampton Roads-based residential real estate firm Prudential Towne Realty is aligning itself with the Oracle of Omaha.

On January 7th, 2014.  Prudential Towne Realty becomes part of the Berkshire Hathaway Home Services team. They will then be known as Berkshire Hathaway Home Services Towne Realty.

In 2009, Towne Bank combined 3 local companies, GSH Real Estate, Prudential McCardle Realty and Prudential Decker Realty, to form Prudential Towne Realty,

In flying the Berkshire Hathaway flag, Prudential Towne becomes part of the residential real estate franchise that Warren Buffett’s conglomerate began building two years ago.

 Prudential Towne Realty becomes part of the Berkshire Hathaway Home Services team. They will then be known as Berkshire Hathaway Home Services Towne Realty.

HAMPTON ROADS 2013 TOP NEW HOME BUILDERS

Ryan Homes was again the top builder in Hampton Roads VA for permits, closings and revenue in 2013 with 309 permits issued, 292 closings, and $104,699,944 in revenue. Ryan Homes is actively building in 18 new home communities in Hampton Roads. Their top subdivision was Turtle Creek in Newport News with 50 permits, 42 closings, and $13,303,294 in revenue. Windsor Ridge at Wellington in Williamsburg/ James City County was their number two subdivision for permits, closings, and revenue with 32 permits and 32 detached closings recorded for $11,898,876 in revenue. Chesapeake Homes was the number two builder in Hampton Roads VA for permits, closings, and revenue with 134 permits issued, 173 closings recorded, and $46,874,097 in revenue in 15 communities on the Southside and Peninsula. Cornerstone in Virginia Beach was their number one community during the year with 36 permits recorded, 51 closings recorded, and $12,349,142 in revenue. West Neck Village was their number two community with 21 permits issued, 16 closings, and $5,648,588 million in revenue. HHHunt Homes was the number three builder for closings and revenue with 154 closings recorded, and $37 million in revenue. HHHunt Homes had closings in ten communities in Hampton Roads during the year including eight detached and two attached. Their top subdivision in 2013 for closings was Weatherly in Whitehall in the Toano area of James City County with 40 closings. Their top subdivision for revenue was the single family product at Whitehall with closings totaling $7,835,125 in revenue.

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The Hampton Roads real estate market update June 2013

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

For Williamsburg Real Estate Update click here

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.

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

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.

Thanks for stopping by my website. I would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home.

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.

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 text or call me at 757-254-8136 or email John@MrWilliamsburg.com

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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Hampton Roads Real Estate Market continues to stabilize in 2013

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.

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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.

 

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

Hampton Roads Real Estate Market Continues to Stabilize

March 2013

The Hampton Roads real estate market steadily approaches stabilization.

Homes sales and properties under contract both maintained positive trends for February 2013, while the number of residential active listings for sale has continued to drop lowering the month’s supply of inventory.

home sales statistics williamsburg vaThe number of homes for sale in February 2013 was down 8.83% when compared to February 2012, dropping the region’s month’s supply of inventory to 6.34 months. This time last year the month’s supply of inventory was 7.46

Of the region’s seven major cities (Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, Virginia Beach) Chesapeake and Newport News experienced the largest year-over-year declines in residential active listings at 19.44% and 16.70% respectively.

Pending sales ( homes under contract)  saw a spike in February 2013. When compared to February 2012 pending home sales were up 17.63%. Chesapeake and Portsmouth recorded the largest year over-year gains at 44.44% and 44.05% respectively.

New home sales also saw an increase of 13.26% compared to February of last year. We should see boosts in closed sales over the next coming months once these homes close. image

 

Continuing the month’s positive trend closed residential sales, which are up 4.63% over February of last year. Suffolk and Newport News experienced the largest year-over-year gains in residential closed sales at 43.75% and 30.68% respectively, while Portsmouth and Norfolk were the only two cities not to experience an increase with year-over-year declines of 25% and 5.17%. Hampton Roads residential median sales price is $189,000, up 2.22% from February 2012’s $184,900. The new construction segment of the market followed suit and experienced an 8.70% increase in closed sales when compared to February 2012.

Distressed Homes  (short sales or foreclosures), continue to their large share of the  the region’s real estate market. Distressed homes accounted for 26.37% of residential listing for sale in February 2013. They have accounted for as little as 23.61% (September 2011) and as much as 28.05% (December 2012) of residential active listings over the past 18 months.

Distressed homes accounted for 34.20% of residential homes sold in February 2013. Distressed homes have accounted for as little as 24.4% (August 2012) and as much as 37.18% (January 2012) of residential settled sales over the past 18 months.

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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.

 

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

January Homes Sales Update for Hampton Roads

home sales statistics williamsburg vaInventory is down and prices are up !

The Hampton Roads real estate market is off to an optimistic start for 2013.

The number of residential homes for sale significantly dropped when compared to January 2012, resulting in a lower month’s supply of inventory. Residential closed  sales and homes under contract both experienced double digit percentage year-over-year increases.

The number of residential homes listed  for sale in Hampton Roads in January 2013 was down 10.75% when compared to the same time last year. Of the regions seven major cities (Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, Virginia Beach) Chesapeake and Virginia Beach experienced the largest year-over-year declines in residential active listings at 19.01% and 16.87% respectively. Portsmouth was the only city not to experience a year-over-year decline as residential active listings increased 2.05%. The drop in active listings has resulted in a low 6.18 months’ supply inventory which is down 17.6% from January 2012 when it was 7.5 months.

Pending sales (Homes under contract) showed promising numbers during January 2013 with an increase of 14.14% when compared to January 2012. Suffolk and Chesapeake saw the largest year-over-year increases of 39.74% and 25.54% respectively, while Hampton experienced the smallest year-over-year increase of 3.74%. Portsmouth was the only city not to see a year-over-year gain, with residential under contracts down 14.12%.

Closed home sales round off the month’s positive trend. January 2013’s residential settled sales increased 20.66% when compared to January 2012. Suffolk and Hampton substantially contributed to this increase as they saw year-over-year gains in residential settled sales of 59.26% and 40% respectively. Norfolk experienced the smallest year-over-year gain of 3.87% and Portsmouth saw no gain at all as residential settled sales dropped 1.18% year-over-year.

Home prices

The median residential sales price is currently $193,000, a 10.63% increase from $174,450 in January 2012. image

 

The Hampton Roads distressed homes market, (BANK OWNED, FORECLOSURES OR SHORT SALES ) continue to impact the region’s real estate market. Distressed homes accounted for 34.88% of residential settled sales during January 2013. This is the highest percentage since February 2012 when distressed homes accounted for 36.39% of residential settled sales. As for residential homes for sale, 27% of the listings in January 2013 were distressed properties. This percentage has fluctuated between 22% and 28% over the last 18 months. There appears to be an upward trend in both active and sold distressed residential properties starting in August 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 or 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.

Thanks for stopping by my website. I would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home.

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 text or call me at 757-254-8136 or email John@MrWilliamsburg.com

2012 Was A Very Good Year For Hampton Roads Real Estate

I post a number of real estate sales statistics on this website throughout the year, Yesterday I recapped the Williamsburg VA market with stats from the local Williamsburg Area Association of Realtors. (WAAR)

Today we will cover the remainder of Hampton Roads with data from the Real Estate Information Network (REIN). This includes the cities and counties of Carrolton,  Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth , Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry,  Va Beach, Yorktown  and York County Virginia

The final numbers are in and the Hampton Roads real estate market ended the year with encouraging statistics that indicate 2012 was a year of strengthening and recovery. Although inventory levels are the lowest since 2005, pending and settled sales posted healthy increases for a second year in a row, and the median sales price is slowly but steadily moving up.

The number  homes listed for sale in December 2012 is down 13.36% when measured against December 2011. This brings the region down to a 5.91 month’s supply of inventory. Six months is considered a normal real estate market. Chesapeake’s active residential active listings are down the most at 22.94% year-over-year, to a 4.96 month’s supply of inventory, and Virginia Beach is down 21.45% to a 4.18 month’s supply. This is the lowest number of active residential listings since May 2006 when there were 9,448 residential homes for sale.

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Residential pending sales (homes under contract) were up 8.55% year-over-year for December 2012. Only two of the region’s seven major cities (Chesapeake, Norfolk, Portsmouth, Suffolk, Virginia Beach, Hampton and Newport News) did not experience an uptick in pending sales; Norfolk and Chesapeake with 15.05% and 3.23% decreases respectively. The number of residential pending sales increased the most for Suffolk, up 21.74% over December 2011.

We did see a dip in closed sales in December of 5.03% when compared to the same month last year. A dip in settled sales is not uncommon for the month of December, as homeowners often prefer to concentrate on the holidays instead of moving residences. All of the region’s major cities experienced this down-turn, except for Portsmouth and Norfolk with gains of 3.70% and 2.72% respectively. Suffolk saw the most dramatic decline in December’s settled sales with 14.42% year-over-year. Of all of December’s closed sales, 16.83% were for new construction. The median sales price for all residential homes sold in December 2012 was $200,000, up 1.27% from $197,500 in December 2011.

Year-to-date summaries for 2012 showed promising trends when compared to the prior year. For all of 2012, 34,746 new listings were added into REIN’s database (all property types). This is down 6% when compared to 2011 and is the lowest since 2003. Of the region’s seven major cities, Newport News experienced the largest dip in the number of new listings, down 12.54% from 2011, while Suffolk was the only city to see an increase, up 1.05% for 2012. For the year as a whole, 12.71% (4,416) of these new listings were for new construction, suggesting that new home activity is picking up.

In all of 2012, 20,174 residential listings went under contract, up 9.27% from last year. All of the region’s major cities underwent increases, except for Portsmouth (down 1.77%) and Newport News (down .72%). Suffolk felt the most significant increase in total pending sales, up 20.80% over 2011. There were 19,518 residential closed home sales throughout all of 2012, up 7.35% from the previous year. Suffolk benefited with the largest gain over 2011, an increase of 12.75% in settled sales. Newport News and Portsmouth were the only two major cities to face declines, each of which was down less than 1% from 2011. The median residential settled sales price for 2012 is $199,900, up 2.51% from $195,000 last year. In 2012, residential new construction closings (2,663 units) were up 12.65% from 2,364 units in 2011. Unlike the median price for all residential settled sales, the median sales price for residential new construction closings in 2012 is down 1.5% ($274,000 vs. $276,908).

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The share of foreclosures and shorts sales,  known as distressed sales, has been inching upward in South Hampton Roads since August. The percentage of existing home sales that were distressed in December broke the 30 percent threshold for the first time since April. This does seem to happen for some reason at the end of each year..

Mr Williamsburg real estate banner

Psst.I’m a real estate agent.

This website is 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.

He 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 John 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

Hampton Roads real estate market continues it’s recovery

November 2012

Promising real estate trends in Hampton Roads continued through October 2012, with double digit percentage increases in sales and homes under contract compared to October 2011

October 2012 saw a 13.8% year-over-year increase in closed sales. This marks the eighth time this year that settled sales have increased year-over-year. Suffolk and Portsmouth experienced the largest gains of 42.3% and 25.6% respectively. Of the seven major cities (Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, and Virginia Beach) Norfolk and Newport News were the only two not to experience year-over-year increases and saw declines of 9.9% and 5.9%.

The number of homes under contract  was up 26.1% in October 2012 when compared to the same time last year. This is the highest year-over-year increase the market has experienced since January 2012 when the number of pending sales grew 32.9%. Suffolk and Virginia Beach experienced the largest year-over-year increases at 100% and 29.8% respectively. Hampton and Newport News were the only major cities not to experience an increase, with declines of 12.3% and 1.4% year-over-year.

The number of homes listed for sale continue to decline and were down 12.1% overall when compared to October 2011.

This drop in the number of active listings in the market has led to a significant drop in month’s supply of inventory – now at 6.79 months as compared to 8.44 months in October 2011. A six months supply is considered a balanced market. In the supply and demand equation, this lowering of inventory bodes well for the median sales price, which was $199,000 in October 2012, up 5.4% from $188,780 in October 2011.

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Banked owned homes or short sales continue to have an impact on the region. Although the number of distressed active listings has dropped , they still account for 26.8% of all residential active listings in October 2012, vs. 24.3% in October 2011. This may suggest that buyers are purchasing more non-distressed listings. Distressed home sales accounted for  28.3% of all residential sales in October 2012. Though this is up 2.9% from September this year, distressed  sales are down 4.8% from October 2011.

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These statistics are from the real estate information network (REIN) the MLS for the Hampton Roads region covering the areas of Virginia from Williamsburg east to Virginia Beach and south to the North Carolina border. This includes homes, condos, townhomes or 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 and James City County/ Williamsburg

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See homes with ZERO $$ utility bills on HR Solar Tour

Imagine a home with No Electricity Bills.

If done properly, a smartly built green home featuring solar power, energy-efficient appliances, and proper insulation can result in the owner facing monthly electricity bills amounting to $0, or thereabouts.

This weekend is your chance to tour over two dozen homes on the the 2012 Hampton Roads Solar Tour, held on the Southside and the Middle Peninsula, Saturday October 6 and on the Peninsula Sunday, October 7, 2012.

The 2012 Hampton Roads Solar Tour is a self-guided tour of  Hampton Roads homes and businesses that run on solar energy. Selected sites in Norfolk, Newport News, Chesapeake, Poquoson, Williamsburg, Hampton, and Virginia Beach will be open for two days of free open-house tours to showcase technology and share information on solar energy. Experts will be on-hand at each site to answer questions.

franck home in williamsburgWant to save on your electricity bills? Be part of the largest solar event in America by joining thousands of neighbors, homeowners, students, teachers, developers, and contractors to learn how solar energy is transforming the region and the country. Homes and businesses on the tour demonstrate sustainable technologies like solar photovoltaic, solar hot water, solar pool heating, wind power, energy-efficient heating, geothermal heat, super-insulated and energy-efficient design, LEED-certification, green (living) roofs, rain-water cisterns, native plant landscaping, home (kitchen) gardens, rain gardens, and composting, as well as passive heating, cooling and ventilation. Owners and volunteers are available at each home to explain the technologies; their advantages, disadvantages, and financial benefits.

The 2012 Hampton Roads Solar Tour is sponsored by the Hampton Roads Green Building Council. The local tour is part of the 2012 National Solar Tour. This year, more than 170,000 participants are expected to visit some 5,500 buildings in 3,200 communities across the United States. This is the fourth year for the local tour here in Hampton Roads.

Want to Go ?

Who: Hampton Roads Green Building Council

What: 2012 Hampton Roads Solar Tour

Where: Locations throughout Hampton Roads, see details at http://www.hrsolartour.com

When: 10:00am to 4:00pm, Saturday and Sunday, October 6 and 7, 2012

Contact

For maps, schedules, touring instructions, and complete details, visit the 2012 Hampton Roads Solar Tour website at http://www.hrsolartour.com

South Side Tour Page

Middle Peninsula Tour Page

Peninsula Tour Page

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Report: Homeownership in Hampton Roads Area 48 Percent Cheaper Than Renting

Rent vs. Buy: Which is Cheaper for You?

You can save hundreds of dollars a month by buying a home instead of renting – especially if you can get today’s low mortgage rates, itemize your tax deductions and plan to live there for 7 years.

The decision to rent or buy a home is very personal. There’s a strong emotional component: some people want the security of homeownership and others want the footloose freedom of renting. But the financial factors are also very personal because the decision to rent or buy depends on:

  1. Can you qualify for a mortgage at the best rate available?
  2. Which tax bracket are you in, and do you itemize your deductions?
  3. How long will you stay in your home?

imageTrulia’s latest Rent vs. Buy Report released Thursday morning stated that homeownership is 48 percent cheaper than renting in the Hampton Roads or Richmond VA areas.

In their newest report, Trulia compared the average cost of renting versus owning for homes across the US..Their calculations reveal that homeownership is not only cheaper than renting in the area, but in all of the 100 largest metro areas in the U.S.

Where Buying is a Slam Dunk
With a 20% down payment, a 30-year fixed mortgage rate at 3.5% and at the 25% federal tax bracket, homeownership is cheaper than renting in all of the 100 largest metros by a wide margin. There is no market where the financial decision is even close, so long as you plan to stay in the home for at least seven years, get 3.5% mortgage, and itemize your tax deductions. However, how much cheaper it is to buy a home than to rent really depends a LOT on where you live.

The degree to which it is cheaper varies; in Honolulu, for example, buying is 24 percent cheaper than renting, but in Detroit, buying is 70 percent cheaper. In the Hampton Roads area or Richmond, Trulia determined that on average, renting is $693 more expensive per month than owning.

It is important to know that in coming to these conclusions, Trulia assumes that  people can get a low mortgage rate of 3.5%, itemize their federal tax deductions and are in the 25% tax bracket, and will stay in their home for seven years.

On this link,  interactive map Trulia created a map that allows you to vary the factors and see what happens when, for example, you only want to stay in your home for 5 years.

To determine the percentage, Trulia looked at all the for-sale homes and rentals on their site. “On for-sale homes, we took the asking price and estimated what it would rent for; for rentals, we took the asking rent and estimated what it would sell for. That way, we can calculate the average rent and asking price for an identical set of properties in a metro area, for a direct apples-to-apples comparison,” stated Kolko.

To see Trulia’s full post and interactive graphic, click here.

Hampton Roads real estate market continues its upward trend…

August 12, 2012

As a real estate agent in the Williamsburg and Hampton Roads market I post sales updates from two different MLS.  Here in Williamsburg we have the WAAR ( Williamsburg Assoc of Realtors) WMLS.  East of Williamsburg both on the peninsula and in Southside Hampton Roads  we use REIN (Real Estate Information Network) and to confuse you even more in Gloucester there is the CBRAR (Chesapeake Bay Association of Realtors) and west of Williamsburg is CVRMLS (the Central Virginia Regional MLS)

The info below is from REIN

The Hampton Roads residential real estate market continues to experience encouraging trends. August 2012 results, such as a year-over-year drop in active listings and year-over-year increases in residential under contract sales and settled sales, combine to indicate a stabilizing local market.

 

The Hampton Roads residential real estate market continues to experience encouraging trends. August 2012 results, such as a year-over-year drop in active listings and year-over-year increases in residential under contract sales and settled sales, combine to indicate a stabilizing local market.The number of  homes listed for sale in the region has dropped almost 16%  when compared to August 2011. This marks the 18th consecutive month that home listings have dropped over the previous year. Virginia Beach and Chesapeake experienced the largest year-over-year decline in active listings at 23.09% and 20.85% respectively.

 

The region’s months’ supply of inventory is currently down to 7  months. A six month inventory is considered a balanced market so we are almost there.

 

Sustained drops in residential active listings are the root source of this lower months’ supply.

Homes under contract or  pending sales increased 23.28% in August 2012, when compared to August last year. Chesapeake and Suffolk underwent the largest increases in residential pending sales at 40.08% and 34.83%. This boost in the number of homes that went under contract should  lead to a large spike in settled sales over the coming months.

 

Compared to the same month in 2011, closed home sale in the Hampton Roads area increased 16.74%. Suffolk and Newport News lead the region’s major cities in year-over-year increases at 33.7% and 22.4% respectively.

 

August 2012 marks the sixth consecutive month that median home sales price in Hampton Roads has increased year-over-year. August 2012’s median sales price was $208,535, up 1.72% from $205,000 in August 2011.

 

The distressed homes market (foreclosures and short sales) continues to show signs of improvement as well.    Based on August 2012 stats. Distressed homes, those that are bank-owned or short sales, accounted for 24.74% of all listings. This marks the 10th consecutive month distressed homes have declined as a percentage of closed residential sales in Hampton Roads VA.

 

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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

Home Values To Increase By $54 million if we get NBA Team

Will an NBA team make Virginia Beach and Hampton Roads better, more attractive places to live because the presence of the team provides visibility, cachet and entertainment? Further, will this bid up property values?

According to the economic impact  report prepared by James V. Koch, Board of Visitors Professor of Economics, Old Dominion University The answers to these two questions are yes.

Though nearly all of the previous studies have focused upon the economic impact of an NFL team on a region not an NBA team

Further, the studies have generated highly variable estimates of how large this “amenity” effect actually is. Given the variability of the estimates (as applied to Virginia Beach, for example, the methodology of one outlying study would produce an estimate of a $1.0+ billion amenity-induced increase in assessed valuation because of the NBA team), it seems prudent to adopt a conservative estimate. If we set aside the $1.0+ billion estimate as an outlier and then apply the methodologies of the other studies, then we emerge with a cluster of estimates around $20 million for the City of Virginia Beach and $30 million for Hampton Roads when those estimates are tailored to our area..

The bottom line is that there is a traceable amenity value to hosting an NBA team and as time passes, the presence of that team causes property values to rise. Note, however, that this is a one-time stimulus to property values and does not cumulate each year.

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Read the full study here

Suffolk, Loudon, Prince William Make Top 10 List for Job Growth in US

#9. Suffolk, VA job growth (2000-2011): 43.0% While actually a city not a county CNN noted It's smooth sailing for job growth in Suffolk, thanks to the Navy's recent decision to relocate four commands, . The move will add nearly 1,000 jobs -- which is about the total number of new jobs added to the area in all of 2011.  Suffolk is also located close to the Port of Virginia, and like many of the places on the list, quality of life is a big selling point here. Schools, transportation and community are all strong in this city with historic charm.It’s still a tough job market, but these three Virginia localities counties can make it a lot easier to find work and a great place to live.

This week, CNN Money Magazine published their annual list of ““Where the Jobs Are”

Virginia had three localities in the top ten list of U.S. counties with the highest job grown from 200-2011.

Loudoun County was ranked number 1 with the highest job growth rate, at 83.6 percent. Prince William County was eighth with a job growth rate of 48.6 percent, and Suffolk (which actually is a city) was ninth with a job growth rate of 43 percent.

#1. Got data? Loudoun County , VA does. Lots of it. With its expansive fiber networks and a swarm of tech workers, it’s a major traffic hub on the East Coast. The latest boom to hit this area is data centers, which now occupy 4.3 million square feet in the county, earning Loudoun the nickname "Data Center Alley."

Easy access to the nation’s capital and Dulles International Airport also creates opportunities for government and the airline and freight servicing industries.

#8 .Prince William County, VA takes the crown when it comes to offering enticing perks to businesses. Expedited permits for companies in "targeted" industries that promise high-paying jobs and capital investment is just one of the ways it rolls out the red carpet.

Also behind the job boom: proximity to the D.C. Beltway, a smart workforce and competitive tax rates.

#9. Suffolk, VA job growth (2000-2011): 43.0%

While actually a city not a county CNN noted It’s smooth sailing for job growth in Suffolk, thanks to the Navy’s recent decision to relocate four commands, . The move will add nearly 1,000 jobs — which is about the total number of new jobs added to the area in all of 2011.  Suffolk is also located close to the Port of Virginia, and like many of the places on the list, quality of life is a big selling point here. Schools, transportation and community are all strong in this city with historic charm.

Those strengths have lured a variety of businesses. The retail sector is growing, as are manufacturing and warehousing. Planters, now owned by Kraft, was started here a century ago and still operates a major peanut processing center.

CNN Money released twelve lists this year, including “Best Places to Live,” “Where the Jobs Are,” “Top Earning Towns,” “Hotspots for the Rich and Single,” “Where Homes Area Affordable,” as well as lists for commute times and climate.

This type of positive recognition is a boost not only for business people and residents living and working in these Virginia localities , but it draws attention from outside the region. Site selection consultants and recruiters can use these rankings as another tool to help draw attention to the state as a vibrant region with tremendous assets for companies and potential employees.

CNN Money creates their rankings using a variety of community metrics and data sources within financial, quality of life and housing criteria. .

Take these list with a grain of sale as according to their source data they will allow 2 places in a state to qualify. ( well I guess Virginia squeaked by with three on this list)

Source: Census data, Onboard Informatics projection. Only counties where each Best Place within it was also experiencing job and population growth, and where unemployment was below the national average, were considered. No more than 2 places within a state could qualify.

See the full list here.

psst … I’m a Realtor! Thanks for stopping by my website. I  would love to help you find your dream home and community in the Hampton Roads or Williamsburg areas of Virginia or to sell your existing home.

Continue reading

Hampton Roads Real Estate Update July 2012

The Hampton Roads real estate market offered up some promising statistics for July that suggest the region may be on the road to recovery. Significant increases in residential under contract and settled sales, combined with a downswing in the number of residential active listings and the months’ supply of inventory are all healthy indicators of a market on the rebound.

Residential pending sales increased 25.35% year-over-year for July 2012. This is the largest year-over-year increase since January 2012 when residential pending sales rose 32.9%. Newport News, with a modest increase of just 3.57%, was the region’s only major city not to experience a rise of 14% or higher. Suffolk and Chesapeake saw the largest year-over-year surges at 36.47% and 30.95% respectively. Though no guarantee, high under contract counts are often a pre-curser to a high volume of settled sales in the near future.

Closed Sales

The region saw a 20% increase in residential closed sales in July 2012 when compared to July 2011. Each of the seven major cities in Hampton Roads experienced year-over-year increases. Hampton and Chesapeake saw the largest growth at 38.24% and 27.69% respectively. Norfolk had the smallest year over year increase at only 0.94%. Also in the good news column, the median sales price for residential settled sales in the region climbed to $209,900, a 6.28% year-over-year increase from July 2011 when the median sales price was 197,500. This marks the fifth consecutive month the median sales price has increased year-over-year.

Listings are dropping

The number of residential homes listed for sale in Hampton Roads continues to decline and active listings are down 18.16% when compared to July 2011.

This marks the 17th consecutive month that residential active listings have dropped year-over-year. This steady downswing in residential active listings has resulted in a lower month’s supply inventory, now at 7.27 months. A 6 months’ supply of inventory is considered a “normal” market.

Despite  industry rumors of a “shadow inventory” of REO listings still to be unleashed on the market, distressed homes continue to drop as a percentage of the region’s residential active listings. Distressed homes accounted for 24.22% of residential active listings in July 2012, The ninth consecutive month that distressed homes have declined as a percentage of the market.

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Hampton Roads Real Estate Update June 2012

Hampton Roads’ real estate experienced predominately encouraging market statistics in June 2012. Optimistic statistics include a rise in residential pending sales, a drop in year-over-year residential active listings, and an increased median sales price, all of which are countered only slightly by data showing that the region’s residential settled sales are down marginally.

The number of residential homes listed for sale fell 18.61% in June 2012 when compared to the same time last year. All seven of the region’s major cities saw year-over-year decreases in active listings of 14% or more. Virginia Beach and Chesapeake experienced the largest year-over-year declines at 23.92% and 23.76% respectively. Hampton (20.53%) and Newport News (20.41%) also experienced significant drops in active residential listings. This reduction in active listings has resulted in a 7.44 months supply of inventory, the lowest it’s been since tracking began in January 2009. Approximately 6 months supply of inventory is considered normal, so this lower inventory suggests a stabilizing real estate market.

Last month’s number of residential pending sales increased 12.73% when compared to June 2011. Numbers were up 11.74% on the Southside and 13.03% on the Peninsula. Suffolk and Chesapeake had year-over-year increases of 44.19% and 19.79% respectively. Norfolk and Portsmouth were the only two of the seven major cities not to experience year-over-year increases, rather their pending sales dropped 10% and 7.08%. This marks the 14th consecutive month that residential pending sales have increased year-over-year. Year-to-date (January through June) 11,376 contracts have been reported to the MLS. This is the highest number of contracts written during the same time period since 2007 when 13,483 contracts were reported.

Residential settled sales for the region dropped a slight 1.82% in June 2012 when compared to the same period in 2011. Suffolk, Hampton and Chesapeake were the only cities among the region’s seven major cities to experience year-over-year increases at 36.56%, 20.35% and 1.37% (in that order). Newport News and Portsmouth saw the largest year-over-year drops at 20.57% and 18.70% respectively. Though residential settled sales are down slightly since last year, the median sales price is up to $207,500, which is a 3.8% upswing when compared to $199,900 in June 2011.

The distressed homes market shows positive signs for June 2012. Distressed homes accounted for 24.70% of all residential active listings, the lowest it’s been since October 2011 when they accounted for 24.29% of the listings. Distressed homes comprised 28.81% of the region’s residential settled sales. Though up from 26.26% in May 2012, this is the second lowest percentage of distressed homes in the residential sales makeup since the numbers rose above 30% in October 2010.

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ODU researchers develop Hampton Roads regional home-price index

Economists and programmers at Old Dominion University have created a home-price index modeled from national home-price trackers in a bid to more accurately track the rise and fall in local home prices.

The index, which was created by comparing multiple sales of the same properties over a period of more than 15 years, shows that home prices in Hampton Roads fell during 2011 a little more than previously reported.

In December, home prices were down 11.6 percent compared with the same month in 2010, according to the index. That’s compared with a median price drop of 9.2 percent during the same time period.

Vinod Agarwal, an ODU economist and one of the individuals behind the index, said that they weren’t surprised to see that difference.

The median is the point at which half of all sales are higher and half lower. One of the shortcomings of that approach to tracking home prices is that the median can be affected by a large volume of sales in a single price range. For example, if more sales are occurring at the lower price range of a housing market, the median price would shift lower.

More of the story here

Home Rental Demand is Up in US

The number of families living in rental housing rose 4.4 percent over the past year, according to Freddie Mac’s U.S. Economic and Housing Outlook for June.

Over the year ending in March, an additional 1.5 million households moved into rental housing, according to the study. At the same time, rental vacancy rates dropped about 2 percentage points over the past two years.

During the year, rental rates rose 2 to 4 percent, but were below rates prior to the Great Recession when adjusted for inflation.

The report also found that property values of multifamily facilities were up an average of 25 percent over their lowest point during the first quarter of 2010, but still about 14 percent below their peak before the Great Recession.

Construction of multifamily properties also is going up. Freddie Mac’s report said starts of buildings with five or more apartments have jumped 48 percent in the first five months of this year when compared to a year ago.

“Further increases in rental demand are likely in the coming year as newly formed households postpone homeownership decisions until the economy strengthens and they have accumulated sufficient savings,” Freddie Mac Chief Economist Frank Nothaft said in a statement. “Overall apartment market trends may show further vacancy declines and rent gains, with property values improving as well.“

Hampton Roads Real Estate Update May 2012

May’s statistics signify an upward trend for the Hampton Roads real estate market as residential settled sales and under contracts increase year-over-year. Active listings drop double digit percentages leading to a lower month’s supply inventory. Distressed homes account for fewer residential active listings and settled sales.

The amount of homes for sale dropped 18%  compared to May of 2011. Each of the major seven cities experienced double digit percentage declines in the number of homes for sale. Chesapeake and Virginia Beach experienced the biggest year-over-year dips at 23% and 22% respectively. The remaining major cities, with the exception of Suffolk, dropped at least 17%.

This drop in active listings for sale  led to a low 7.6 months supply of inventory for the region, the lowest it’s been since tracking began in January 2009.

(A balanced market is considered to be six months of inventory)

Pending home sales continue along a positive trend that has been ongoing for 13 months, with an increase of 18.18% over the same period in 2011. Hampton and Chesapeake displayed the largest year-over-year increases at 36% and 26.44% respectively. Newport News was the region’s only major city not to experience an increase in under contracts, with a drop of 4.82% when compared to May of last year.

Closed sales for the region climbed 9.77% when compared to May 2011. Norfolk and Hampton saw the largest increases in year-over-year closed sales at 21.13% and 19.66% respectively. Suffolk and Portsmouth did not experience increases from last year’s numbers during the same time, rather they dropped 12.5% and 5.56% respectively.

The median sales price for the region’s residential settled sales was $202,500, a 5.2% increase from May 2011’s median sales price of 192,475.

 Distressed homes comprised just 26.26% of all residential settled sales. This is the lowest percentage of distressed homes in the residential settled sales composition since August of 2010 when the percentage was 25.38%.

 

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Stats for other Virginia Markets May 2012

The housing markets in three Virginia metro areas followed national trends toward gradual improvement in May.

The National Association of Realtors reported Wednesday that median list prices for homes in Northern Virginia, Hampton Roads and Richmond rose in May when compared to the same month last year.

At the same time, total listings in each of these markets fell by more than 15 percent.

In Northern Virginia, the median list price was $399,900 in May, up 8 percent, while total listings were down 15.7 percent to 13,441.

In Richmond, the median price was $209,000, up 4.5 percent and total listings decreased 27.2 percent to 5,830.

Meanwhile in Roanoke, median list prices were down slightly in May (off 1.19 percent to $177,750)  but total listings declined 16.7 percent to 1,772.

bannerpsst … I’m a Realtor! Thanks for stopping by my website. I  would love to help you find your dream home and community in the Hampton Roads or Williamsburg areas of Virginia or to sell your existing home.

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  and his expertise in the local real estate market.

His websites, WilliamsburgsRealEstate.com and Mr Williamsburg.com were created as a resource for folks who are exploring a move to Williamsburg, VA , Hampton Roads VA and the  surrounding areas of the Virginia Peninsula.

Here you can search homes for sale , active adult communities, 55+ communities, condos and townhomes , foreclosures/ REOland, building lots, commercial property  in Williamsburg , Yorktown, New Kent, Gloucester, Poquoson as well as the surrounding areas of Hampton Roads, Virginia
You can reach John by phone at 757-254-8136 or email him atJohn@MrWilliamsburg.com

I look forward to serving your real estate needs!

Best,

John

Hampton Roads Real Estate Market Continues to Improve at a Slow and Steady Climb

The Hampton Roads residential real estate market continues to show signs of improvement. April 2012 was categorized by a year-over-year drop in active listings, as well as increases in homes under contract and residential settled sales.

Residential active listings in April 2012 were down 17.8% when compared to the same time last year. All seven of the major cities (Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, and Virginia Beach) experienced double digit percentage dips in the number of homes for sale. Norfolk and Portsmouth saw the largest drops at 23% and 22% respectively. The months supply of inventory was directly affected by this reduction in active listings, resulting in a new 7.66 months supply of inventory, down from 9.93 months in April 2011. Active inventory for residential new construction has experienced a 16.8% decrease since 2010, and a 23.7% decrease since 2010.

The number of residential under contract sales grew 23% this April when compared to April 2011. Six of the area’s major cities saw an increase in year-over-year under contract sales of at least 15%. Norfolk and Suffolk experienced the largest upturn with 41% and 29%. Of the region’s major cities, Portsmouth was the only city to not realize a year-over-year increase, but instead declined 3%.

Residential settled sales for April 2012 increased 4% when compared to the same time last year. Norfolk, Virginia Beach, Chesapeake and Suffolk all saw an improvement in their year-over-year numbers, with Suffolk and Chesapeake experiencing the largest increases of 23% and 17% respectively. Portsmouth, Newport News, and Hampton all underwent year-over-year drops in the number of settled sales, with Hampton falling 17% when compared to last year. Unit sales of residential new construction has shown an increase of 12.4% over 2011, and 16.7% over 2010. Comparing this information to the decrease in active new construction units for sale, indicates a shrinking inventory of new construction units and increased interest in new construction by ready buyers.

Continue reading

Steadily Improving Numbers Hint at a Recovering Hampton Roads Real Estate Market

The number of homes under contract sales grew by 7% in March this year when compared to the same time last year. Chesapeake and Hampton both saw 20% increases in year-over-year gains. The overall increase in under contract sales suggests an increase in future closed sales over the next few months, though not a guarantee.

Once again Hampton Roads’ residential real estate revealed optimistic statistics that point to a recovering market. The number of homes listed for sale in March 2012 decreased double digits, while the number of homes under contract experienced year-over-year increases. Residential settled sales slightly decreased when compared to March 2011, but increased significantly when compared with the previous month.

Residential active listings were down 19% when compared to the same time last year. All seven of the major cities (Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, and Virginia Beach) saw decreases in the number of homes for sale, with Portsmouth and Norfolk experiencing the largest year-over year percentage declines at 27% and 26% respectively. This drop in active listings resulted in the supply of inventory being reduced from 9.93 months in March 2011 to 7.57 months in 2012. A balanced market is considered to be a 6 to 8 month’s supply of homes.

Residential settled sales fell a marginal 3.6% in March 2012 when compared to March 2011. The last time there was a year-over-year drop in residential settled sales was June 2011 when sales declined 9.6% from June 2010. Hampton was the only major city not to show a decline, with an encouraging 19% increase. Portsmouth and Chesapeake showed the largest declines in residential settled sales when compared to last year at 25% and 12% respectively. Although residential settled sales waned in March, the median sales price increased to $185,000. This is a .54% increase from March 2011’s median sales price of $184,000, and is the first year-over-year increase in over 16 months, since November 2010’s median sale price was up 1.24% when compared to November 2009.

The distressed homes market, those that are bank owned or short sales, have shown slight signs of improvement for March 2012. Distressed homes comprised 33.53% of the settled sales in March 2012, the lowest proportion of distressed homes as settled sales so far this year. Distressed homes as a percentage of settled sales have dropped 9.27% since March 2011. The percentage of distressed homes that make up homes for sale is 25.73%, a 3.56% increase since March of 2011. Despite the slight increase year-over-year, this number has remained essentially flat for the past six months, ranging from 24-26%.

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bannerpsst … I’m a Realtor! Thanks for stopping by my website. I  would love to help you find your dream home and community in the Hampton Roads or Williamsburg areas of Virginia or to sell your existing home.

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  and his expertise in the local real estate market.

His websites, WilliamsburgsRealEstate.com and Mr Williamsburg.com were created as a resource for folks who are exploring a move to Williamsburg, VA , Hampton Roads VA and the  surrounding areas of the Virginia Peninsula.

Here you can search homes for sale , active adult communities, 55+ communities, condos and townhomes , foreclosures/ REOland, building lots, commercial property  in Williamsburg , Yorktown, New Kent, Gloucester, Poquoson as well as the surrounding areas of Hampton Roads, Virginia
You can reach John by phone at 757-254-8136 or email him at John@MrWilliamsburg.com

I look forward to serving your real estate needs!

Best,

John

HAMPTON ROADS REAL ESTATE MARKET REVIEW & FORECAST SET FOR MARCH 14 AT ODU-Norfolk

Old Dominion University’s E.V. Williams Center for Real Estate and Economic Development (CREED) will host its 17th annual Hampton Roads Real Estate Market Review & Forecast on Wednesday, March 14, at the Ted Constant Convocation Center.

The event is a look at the real estate landscape in Hampton Roads, with an emphasis on commercial real estate. This year’s review and forecast will include a review of the past year, which saw real estate prices continue to drop in the region, and a look at the year that has already begun.

Every March for the past 16 years, the research of ODU academics and other market real estate experts has been featured in CREED’s annual review.

John Lombard, CREED director and an ODU professor, said the market review plays a key role in the region, bringing together public, private and academic experts to examine current issues and trends in residential real estate.

"CREED wants to be part of the ongoing dialogue of real estate issues faced by our community. Real estate issues affect nearly every family in Hampton Roads. We hope to facilitate a broader understanding of important issues that face real estate, such as bankruptcy and future market trends," Lombard said.

The 2012 CREED Hampton Roads Real Estate Market Review & Forecast will be held from 3-6:30 p.m. Online registration is available. For more information, contact Kyllie Brinkley atkbrinkle@odu.edu, or 683-5352.

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So how is the real estate market in Hampton Roads ?

February 2012

I previously  posted an update on real estate sales in Williamsburg VA 

mr williamsburg for saleNow it’s time to review the surrounding areas of  Hampton Roads . That market which is primarily composed of  Carrolton,  Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth  Mathews, Newport News Norfolk, Poquoson, Smithfield, Suffolk,  Va Beach, Yorktown  and York County Virginia ,  experienced a strong start for the New Year. January’s encouraging trends, categorized by double digit changes in the number of residential under contract sales and residential active listings when compared with the same period last year, hint at a recovering housing market for 2012.

Residential active listings were down 18.8% in January 2012 when compared to January 2011 (11,394 vs. 14,040). All seven of the major cities (Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, and Virginia Beach) saw a decrease in the number of homes for sale. Norfolk experienced a 25% drop in percentage of active listings  the largest in the area . This decline in active listings led to a steep drop in months’ supply of inventory, down to 7.5 months compared to 9.82 months in January 2011.

Measured against the same period last year, the number of residential under contract sales for January 2012 jumped 32.9%. This is the largest increase year-over-year for the month of January for more than 5 years. All seven of the major local cities experienced year-over-year gains. Suffolk saw the largest increase with 67.86%, Hampton the second largest with 37.36%, and Norfolk third with 37.33%. The spike in under contract sales foreshadows strong settled sales over the next few months.

Similarly, the previous month’s increase in under contract sales led to a rise in the region’s residential settled sales for January 2012, up 5.27% compared to the same period last year. Newport News and Portsmouth saw the largest increases of 34.67% and 18.06% respectively, while Suffolk and Hampton were the only two major cities not to see increases in residential settled sales. The median residential sales price is $174,450, which is 8.4% lower than it was last January.

The distressed homes market, those that are bank owned or short sales, grew as a percentage of residential active listings, but fell as a percentage of residential settled sales. Distressed homes  accounted for 26.01% of active listing this month, a slight increase from 24.52% in January 2011. The number of residential settled sales that distressed homes comprised fell to 37.18%. This was a slight drop as distressed homes accounted for 39.16% of residential settled sales in January of 2011.

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The statistics are compiled from the Real Estate Information Network, Inc., (REIN) an MLS that serves real estate brokers in the Tidewater / Hampton Roads area of
Virginia. The primary service areas of REIN are : Carrolton,  Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth  Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry,  Va Beach, Yorktown  and York County Virginia

 

Like what you are reading ? Want to receive updates by email in the future ? Sign up here  banner psst … I’m a Realtor! Thanks for stopping by my website. I  would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home. 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 Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, WilliamsburgsRealEstate.com  and Mr Williamsburg.com were created as a resource for folks who are exploring a move to  Williamsburg, VA , Hampton Roads VA and the  surrounding areas of the Virginia Peninsula. On his website you can search homes for sale , foreclosures, 55+ active adult communities,   condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New KentPoquoson, and Gloucester, VA as well as surrounding markets of Carrolton,  Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth  Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry,  Va Beach, Yorktown  and York County Virginia

You can reach John by email John@MrWilliamsburg.com or phone @  757-254-8136

New Home Starts Are Up

imageNationwide production of new single-family homes rose 4.4 percent to a seasonally adjusted annual rate of 470,000 units in December, according to newly released figures from the U.S. Commerce Department. This marked a third consecutive increase and the fastest pace of single-family housing starts since April of 2011.

“Today’s report adds to the growing evidence that demand for new, single-family homes is finally starting to firm up in an increasing number of markets nationwide,” said Bob Nielsen, chairman of the National Association of Home Builders (NAHB) and a home builder from Reno, Nev. “This emerging trend is allowing builders to put more crews back to work, and could be even stronger if  not for the overly tight credit conditions that prevail for both builders and buyers, as well as the continuing foreclosure crisis and the challenges of obtaining accurate appraisal values on new homes. Policymakers should be doing everything possible to alleviate these problems and nurture the fledgling housing recovery in order to promote job and economic growth.”  

original1111“This report is in keeping with our expectations for slow but steady improvement in the single-family market, where production hit its lowest yearly rate in over 50 years in 2011,” said NAHB Chief Economist David Crowe. “Meanwhile, it should be noted that the decline in multifamily starts in December was coming off a dramatic increase from the previous month and simply brought that sector back closer to trend. Apartment production generally continues to gain strength heading into 2012 after posting a more-than 50 percent gain in 2011.” Looking forward, NAHB is forecasting gains of approximately 17 percent in both single- and multifamily housing production in 2012. 

Economic conditions are slowly improving for homebuilders, whose ranks have been decimated over the past few years in the wake of the housing collapse.

Homebuilder confidence in the market for new single-family homes rose for the fourth-straight month in January to its highest level since June 2007. The beaten-down stocks of publicly traded builders have been among the best performers on Wall Street of late.

 

View New Homes in Chesapeake VA up to $300k here

View New Homes in Chesapeake Va from $300k here

View New Homes in Hampton and Newport News

View New Homes in Isle of Wight VA

View New Homes in Norfolk VA

View New Homes in Smithfield VA here

View New Homes in Suffolk VA

View New Homes for sale in Va Beach here

View new homes for sale in Williamsburg VA here

View New Homes for sale in Yorktown Va here

Homeowner on Eastern Shore of Va Heats And Cools 5100 sq ft Home For $400 a year

This  recently completed home in Onancock on the Eastern Shore of Va is a Certified Passive House (click here) to see photos). What makes a home qualify for this certification is that in addition to passive solar orientation of the home, the home is constructed to be virtually air-tight, with high insulation values, thermal-bridge free construction, superior windows and doors, and great care taken at every stage of construction to make the home as energy efficient as possible. An Energy-Star rated home is about 15% more energy efficient than a typical home, but a Passive House is about 85% more energy efficient. The owners of the home expect the heating and cooling costs of their 5,100 sf home will not exceed $400 for the entire year.This  recently completed home in Onancock on the Eastern Shore of Va is a Certified Passive House (click here) to see photos). What makes a home qualify for this certification is that in addition to passive solar orientation of the home, the home is constructed to be virtually air-tight, with high insulation values, thermal-bridge free construction, superior windows and doors, and great care taken at every stage of construction to make the home as energy efficient as possible. An Energy-Star rated home is about 15% more energy efficient than a typical home, but a Passive House is about 85% more energy efficient. The owners of the home expect the heating and cooling costs of their 5,100 sf home will not exceed $400 for the entire year.

As the wind gusted up to 30 mph, making the air on the Middle Branch of Onancock Creek feel much colder than the mid-40s, Caleb and Anne Fowler basked in comfort inside their cozy 5,100-square-foot home.

It’s not often that "cozy" and "5,100 square feet" go together, but when you’re a certified Passive House – with only 25 in the United States and the only one in Virginia – that’s exactly how it feels. (The house is certified by Passive House Institute US.)

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More of the story here

You can learn more about passive houses at www.passivehouse.us

The Passive House  recently constructed by Mitchell Custom Homes, Inc. was featured in the Home section of the Virginian Pilot Newspaper. As an addition to that feature, the paper produced a 2-minute video (below).  David Mitchell is the first speaker on the video, and the homeowners, who were very involved in all phase of the construction weigh in on the project. You can see detailed photos of the construction of the home here.

 

Real Estate In Hampton Roads Finishes Out 2011 with a Strong Finish

The residential real estate market in Hampton Roads finished 2011 strong. Settled residential sales and under contract residential sales each posted healthy results in the final month of the year.

Settled residential sales for the region increased 21% in December 2011 when compared to December 2010 (1,589 vs. 1,311). It was the most settled residential sales for the month of December since 2006 with 1,914. James City County had the largest year-over-year percentage increase in units settled, 138%, from 39 units in 2010 to 93 units in 2011. Of the seven major cities in Hampton Roads, Virginia Beach had the lowest year-over-year increase at 10% (444 vs. 403).

Another positive sign was the median settled sales price for these homes. Though down 3% to $197,500 when compared to the 2010 median settled sales price in December of $203,000 this 3% was the lowest year-over-year decline for any month in 2011 and could point to stabilizing prices. James City County had the largest year-over-year percentage increase in median settled sales price, 12%, to $319,000. Suffolk had the next largest median settled sales price increase at 8%. The median settled sales price in Norfolk for December 2011 decreased, year-over-year, 15%.

The number of active residential listings for sale declined 19% to 11,095 in December 2011 as compared to the same time in 2010. This marked the tenth consecutive month with a decrease in the number of homes for sale and was the lowest measure for the month of December since 2006 when there were 9,960 homes for sale. Coupled with the solid increase in settled sales, the drop in active
listings for sale pushed the months’ supply of inventory to 7.3 months, the lowest reading since REIN began measuring in 2008.
Norfolk, Virginia Beach, Portsmouth and Newport News each saw a drop in homes for sale of at least 22% when compared to December 2010

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Top 10 Residential Property Sales in Hampton Roads Va for 2011

2011  MOST EXPENSIVE HOME SALES

This time of year it’s always interesting to look back and review the most expensive homes sold in the Hampton Roads VA area. According to data reported by the Real Estate Information Network ( REIN) a Multiple Listing Service that covers the area.

In 2011  there were 75 single family homes which sold for $1,000,000 or more in the Hampton Roads VA area in 2011 . Surprisingly that’s  2 more than were sold in 2010 although the average price for those was approximately $107k less than the same group in 2010.

While multi-million dollar price tags create oohs and aahs, it’s nothing more than a price tag until it’s sold. Three out of the top ten most expensive home sales in 2011 were in the Riverfront neighborhood in Suffolk, The remaining winners were all in VA Beach, two on the oceanfront and the others in Broad Bay Point, Linlier, Linkhorn,  Bay Island and other top end neighborhoods. The average discount from list price on the 10 homes was 10% from list price, ( although that doesn’t count data from homes that are relisted so the real number is substantially below that. The average sale price per square foot for the top ten list was $353 per square foot.

What follows is information on  the most expensive home sales in Hampton Roads, VA  in 2011  This includes  Va Beach, Norfolk, Chesapeake, Isle of Wight, Portsmouth, Franklin, Sussex, Southampton, Emporia, Greenville, Mathews, Suffolk, Surry, Smithfield, Newport News, Hampton , Poquoson, Gloucester and York County .  All information was obtained through REIN ( the Real Estate Information Network)

( Stats for date geeks)

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imageThe most expensive home on the list belongs to the owners of Tidewater Yacht Marina ,  Gordon and Kay Shelton.  It is a stately 7654 square foot home in the Riverfront community of Suffolk. The home is on the Nansemond River  It  sold for $2,483,000 and featured 4 bedrooms and 5 full baths. It seems that the price was for the home alone as they purchased the lot for $750k in 2008.  Sasser Construction of Portsmouth Va built this home along with # 4 and #9 on this list. Three out of the top ten most expensive home sales in 2011 were in the Riverfront neighborhood in Suffolk

.Top ten homes sale for hampton roads va in 2011

image#2 on the list was 1500 Southwick, Rd, Va Beach –in the Linlier subdivision. A 5976 square foot Tudor style home on a four acre lot  overlooking Linkhorn Bay. It was built in 1938 and still contained most of its original light fixtures, leaded windows, and more. At its $2,347,000 sales price it ranked as the highest priced fixer upper in the area. It was only on the market for 69 days ! Listed for $2,550,000 in June , 2011 it closed in November.

image#3 on the list was  originally listed for $ 3.5 million back in 2008, #3 on the list sold for $2.3 million in June of 2011.Total market time was a whopping 932 days !

This fabulous home had 7428 square feet, and overlooked The Princess Anne golf course in Linkhorn Park . Located less than one mile from the Virginia Beach oceanfront. The Linkhorn Park, neighborhood is a quiet and dignified neighborhood recessed slightly from the nearby north-end.The seller was Scott Gandy , principal at Kempsville Building Materials.

DSCN9442# 4 on the list is the second home in the Riverfront neighborhood in Suffolk.4001 River Park Dr, a 7825 square foot waterfront home built by Sasser Construction in 2007, This home was originally listed at $2,995,000 in 2009. After numerous price reductions it finally sold in 2011 for $2.2 million to  Kurt W. Taves, a Managing Partner with Cherry, Bekaert & Holland in Va Beach. image#5 on the list is an oceanfront home in VA Beach, located in the north end near 54th street this, 3891 square foot home was built in 1979. It holds the record for shortest market time , selling in an amazingly quick 18 days in April of 2011. This home offered panoramic views of the ocean, four bedrooms and four full baths. List price was $2,395,000 it sold for $2.1 million.

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#6 on the list was at 2301 Windward Shore Dr in Bay Island, VA Beach This stunning home over looks Broad Bay .Although built in 1965 it was totally renovated prior to being sold.

The six bedroom,. five bath home has 7094 square feet, a pool. pier with and jet ski lifts . Originally listed for $2.5 million it sold in only 19 days for 2,050,000.

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WHERE ARE THE TOP TEN HOME SALES IN HAMPTON ROADS click for larger map

#7 on the list is a stunning Mediterranean villa located in the premier Va Bch neighborhood, Estates on the Lynnhaven. This has to be one of the largest price reductions on record in the Hampton Roads real estate  market. Originally listed for $4.5 million in 2007 it sold for $1,975,000 in March of 2011. This magnificent, one of a kind, custom transitional residence is nestled on a  2.9 acre deep waterfront lot, Contains  Six Bedrooms,  Five Full and One Half Baths and  Approximately 6860 Square Feet of Living Area image

image#8 on the list was the only “Flip “ on this list, 2389 Haversham Close  in Broad Bay Point Greens in VA Beach sold for $1,250,000 in February of 2010, after a total renovation it then sold for $1,900,000 after only 33 days on the market. This waterfront home on a 1.3 acre lot overlooked Broad Bay. It has five bedrooms, five baths and 5428 square feet of living space.

image#9 on the list is the third entrant in the Riverfront neighborhood of Suffolk VA. 5236 Rockport Landing. An amazing one of kind waterfront home on 3.8 acres built by Sasser Construction. After an initial list price of $ 2,650,000, the sales price was $1.9 million after 292 days on the market. According to tax records the sellers paid $2,178,000 for the home in 2007.

imageRounding out the top 10 list in Hampton Roads  is 8808 OCEAN FRONT AVENUE in VA Beach is the second home on the oceanfront in VA Beach on the list. I guess the fourth times a charm since that how many times it was listed since 2007 when it was priced at a staggering $ 3,925,000. The sellers ( Ann & Harvey Davis) finally settled at $ 1,875,000 in November of 2011. This is about a far as you can go in the north end of VA Beach only one home away from Fort Story. The home offered six bedrooms, five baths and 4800 square feet. It was .built in 1962 but extensively renovated in 1988..

Want to find your million dollar + home in Hampton Roads ? Search for them here

 

 

Like what you are reading ? Want to receive updates by email in the future ? Sign up here  banner psst … I’m a Realtor! Thanks for stopping by my website. I  would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home. 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 Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, WilliamsburgsRealEstate.com  and Mr Williamsburg.com were created as a resource for folks who are exploring a move to  Williamsburg, VA , Hampton Roads VA and the  surrounding areas of the Virginia Peninsula. On his website you can search homes for sale , foreclosures, 55+ active adult communities,   condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New KentPoquoson, and Gloucester, VA as well as surrounding markets of Carrolton,  Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth  Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry,  Va Beach, Yorktown  and York County Virginia

You can reach John by email John@MrWilliamsburg.com or phone @  757-254-8136

Hampton Roads Supply of Homes Dips to 8 Months

imageFor the fifth consecutive month, the Hampton Roads real estate market showed strong results in the number of settled sales and under contract sales. In addition, the months’ supply of inventory continued to decline as the number of active homes for sale maintained its steady drop from May 2011. However, the median settled sales price also continued its decline on a year-over-year basis.

Overall, residential settled sales for the region climbed by 9% in November 2011 when compared to November 2010. Hampton, James City County, Newport News and Norfolk experienced the largest year-over-year gains showing increases of 35%, 34%, 27% and 19%, respectively. Nonetheless, not all of the local cities and counties experienced year-over-year gains. Suffolk, Chesapeake and Virginia Beach all showed declines in residential settled sales when compared to the year prior, down 16%, 2% and 1% respectively. The median settled sales price for these homes was 11% lower in November 2011 than November 2010. This is in line with each of the earlier months’ median settled sales prices as previously measured and reported. As measured year-to-date, the median residential settled sales price is down 9% in 2011 when compared to the same timeframe in 2010. Portsmouth has experienced the largest decline of median residential settled sales price at 18% while James City County has seen the smallest drop at 2%.

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