Monday, October 10, 2011

Up Up and Away!!!!

Wake up Hampton Roads!!!


It's official!!!  September continues the improving trend in home sales in Hampton Roads.   

REIN(Local MLS) reported the following highlights and summary based on all reported activity within Hampton Roads.  

A quick read of impressive results!!!! 

                                              September 2011 Highlights 

Residential active listings decreased, 16.6% year-over-year, to 12,894 (September 2011) from 15,467 (September 2010).

Under Contract (Pending) Residential Sales:
Total residential under contract sales increased by 27.8% as compared to September 2010 (1,603 vs.
Total property sales and total residential sales increased when compared to September 2010 showing
increases of 21.9% and 20.5% respectively.

There is currently 8.8 months’ inventory of residential homes on the market in the Hampton Roads area,
a 5.1% decrease from the previous month and down 12.8% from September last year.    

                             September 2011 Summary 

All Categories          September 2011      September 2010            Percent Change 

Total Active Listings        15,683                     18,556                              -15.5%

Total Pending Sales           1,668                       1,316                                 26.7%

Total Residential                1,603                      1,254                                 27.8%  
  Pending Sales

Total Property Sales          1,625                       1,333                                21.9%

Total Residential Sales       1,550                       1,286                                 20.5%

Median Residential          $197,498                 $217,500                            -9.2%**
Sales Price

Months’ Supply                 8.8                           10.09                             -12.8%

* Months’ Supply Inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months average sales activity.

**Don't be dismayed at Median Sales Price....notes continue popularity of homes priced under $250,000 versus homes priced $400,000 and above.
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