Courtesy of the Virginia Pilot
The Hampton Roads real estate market started 2015 on a positive note.
The number of existing homes sold and the median price grew year-over-year in January, as did the number of active listings across the region, according to a report released recently by the Real Estate Information Network, the Virginia Beach-based multiple listing service for Hampton Roads.
Pending sales rose significantly, according to the service, which suggests that “consumer confidence is up and buyers are jumping into the market.”
Residential active listings rose 7.6 percent over January 2014 to 10,994 last month. All seven of the region’s biggest cities experienced a year-over-year increase in the number of homes for sale, according to the report.
In South Hampton Roads, the number of existing homes sold increased to 707 in January – a 4.9 percent bump over the 674 sold the same month in 2013.
The median price grew 3.9 percent in South Hampton Roads to $185,000 in January from $178,000 the year prior.
Distressed sales decreased year-over-year in January, but they accounted for more than a quarter of all sales in the region.
January’s distressed homes accounted for 27.7 percent of all residential settled sales, a 1.8 percent drop from the prior year. But it was also the highest percentage since February 2014 when it was 30.7 percent, according to the report.
Home sales picked up steam toward the end of 2014, but for the year, the market lost the forward momentum that had been building slowly since 2012.