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Hampton Roads Real Estate Market Continues to Improve

Source: Real Estate Information Network (REIN)

 

Modest improvements in October for Hampton Roads real estate support the reality of a

normalized market, with the month’s leading statistical measurements (residential active listings, pending

sales, settled sales, and median sales price) all rising year-over-year.

 

Residential active listings rose 8.7% when compared to October 2013. Of the region’s seven

major cities (Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, Virginia Beach) all but

Portsmouth experienced a year-over-year increase in the number of homes for sale. Chesapeake,

Suffolk and Virginia Beach saw the largest growth at 16.53%, 14.40% and 13.02% respectively, while

Portsmouth’s residential listings declined marginally by 1.38%. A total of 3,386 new listings were added

to the MLS in October 2014, an 8.8% upturn in the number of units added in this month 2013.

 

The region’s months’ supply of inventory for residential homes for sale is currently 6.89 months,

up 10.59% from October 2013 when it was 6.23 months. Virginia Beach currently maintains only 5.71

months’ supply of inventory, the lowest in the region, while Suffolk sports the highest of the seven major

cities at 7.89 months. Six months is considered a “balanced” market.

 

Hampton Roads’ October residential pending sales surged 11.91% as compared to the prior year.

Of the region’s major cities, Norfolk and Suffolk improved the most with increases of 29.65% and

24.04% respectively. Hampton and Portsmouth were the only regional major cities to see a reduction in

the number of pending sales, down 12.68% and 4.96% compared to the same month last year.

October’s residential settled sales were up a token .21% when compared to October 2013.

Newport News (22.22%), Norfolk (11.21%) and Hampton (6.67%) were the only major cities to

experience an increase in settled sales year-over-year. All others declined between 3.55% and 8.82%.

The region’s residential median sales price for October 2014 is $205,000, up 2.5% from the previous

year when it was $200,000. Chesapeake has the highest median sales price at $238,000.

 

Distressed homes, those that are either short sales or foreclosures, appear to be leveling off and

settling into a new “norm” that has significantly less impact on the region’s market. During October 2014,

distressed homes accounted for just 18.38% of all residential active listings, down 3.75% from the same

period of time last year. October’s distressed homes accounted for only 19.68% of all residential settled

sales, a decrease of 5.86% from October 2013.