(Virginia Beach, Virginia – April 2014)

First quarter 2014 closes out mildly, with March producing marginal statistical fluctuations yearover-
year for Hampton Roads’ real estate market. Overall, residential active listing and pending counts
are up, as settled sales are on the decline. Meanwhile, the distressed market makes solid improvements.

Residential active listings in March increased 5.42%
when compared to the same time period in 2013. Of the region’s seven major cities (Chesapeake,
Hampton, Newport News, Norfolk, Portsmouth, Suffolk, Virginia Beach) all but Hampton experienced a
year-over-year increase in the number of homes for sale.

The region’s residential pending sales increased a slight 2.15% when compared to March 2013.
Suffolk saw the most substantial year-over-year increase at 45.87%. Norfolk and Virginia Beach were the
only two major cities to experience year-over-year drops in the number of homes under contract, flagging
10.89% and 5.91% respectively.

Distressed homes, those that are either short sales or foreclosures, had a considerably smaller
impact on the region during March 2014. Distressed homes accounted for 19.5% of the area’s residential
active listings, a 5.69% decline year-over-year.

March 2014 Summary

All Categories March 2014 March 2013 Percent Change
Total Property Active Listings 13,889 13,109 5.95%
Total Residential Active Listings 11,180 10,605 5.42%
Total Property Pending Sales 2,072 2,055 0.83%
Total Residential Pending Sales 1,997 1,955 2.15%
Total Property Sales 1,630 1,778 -8.32%
Total Residential Sales 1,557 1,677 -7.16%
Total Residential New Construction Sales 204 210 -2.86%
Median Residential Sales Price $198,000 $199,000 -0.50%
Months’ Supply of Inventory 6.30 6.38 -1.25%

 

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photo of real estate agent Steve Southerland
Steve Southerland

Steve is the founder of Southerland Real Estate. And while he takes pride in having turned his dream into a robust reality, all that takes a back seat to the customer care he provides.