More GREAT NEWS!!!
Straight from the Real Estate Network for Hampton Roads are stats that show inventories and buyers match up. This is a recipe for improving values and continuing tight inventory. If you have been considering a move, you might want to strike before the interest rates start following the home prices.
Read and be impressed!!!
Region’s Real Estate Supply No Longer Outpacing Demand
(Virginia Beach, Virginia – November 2012)
Promising real estate trends in Hampton Roads continued through October 2012, with double
digit percentage increases in year-over-year residential settled sales and under contracts. Residential
active listings also experienced a double digit percentage decrease, thereby lowering the month’s supply
of inventory.
October 2012 saw a 13.8% year-over-year increase in residential settled 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 residential under contract sales 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.
Residential listings for sale continue to decline and were down 12.1% overall when compared to
October 2011. Each of the major seven cities experienced year-over-year drops in active listings.
Chesapeake and Virginia Beach showed the largest declines of 21.9% and 19.9% respectively, with
Portsmouth experiencing the smallest decline of 5.9%. 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. 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.
Distressed homes (homes that are banked owned or short sales) continue to have an impact on
the region. Although the number of distressed active listings has dropped 25 units year-over-year, 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 homes comprised
28.3% of all residential settled sales in October 2012. Though this is up 2.9% from last month, distressed
residential settled sales are down 4.8% from October 2011.
October 2012 Highlights
Listings
Residential active listings decreased, 12.15% year-over-year, to 10,993 (October 2012) from 12,514 (October
2011).
Under Contract (Pending) Residential Sales
Total residential under contract sales increased by 26.16% when compared to October 2011 (1,765 vs. 1,399).
Sales
Total property sales and total residential sales increased when compared to October 2011 showing increases of
13.09% and 13.89% respectively.
Inventory
There is currently 6.79 months’ inventory of residential homes on the market in the Hampton Roads area, a
decrease from last month (6.94) and down 19.54% from September last year when it was 8.44 months.
October 2012 Summary
All Categories
October 2012 October 2011 Percent Change
Total Property Active Listings
13,618 15,323 -11.13%
Total Property Pending Sales
1,860 1,459 27.48%
Total Residential Pending Sales
1,765 1,399 26.16%
Total Property Sales
1,676 1,482 13.09%
Total Residential New Construction Sales
217 206 5.33%
Total Residential Sales
1,615 1,418 13.89%
Median Residential Sales Price
$199,000 $188,780 5.41%
Months’ Supply Inventory
6.79 8.44 -19.54%
* Total Property statistics include all property types (Residential, Commercial, Duplex, Apartment and Land & Farms), resale and new construction.
* Months’ Supply Inventory estimates the number of months it will take to deplete current active inventory based on the prior 12
Source: Nancy May, Manager of Communications REIN
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