FOR IMMEDIATE RELEASE
Contact: Nancy May, Manager of Communications REIN
Phone: (757) 531-7960
Inventory Increases Year-Over-Year for the First Time in Over 2½ Years
(Virginia Beach, Virginia – September 2013)
As summer’s end nears, the Hampton Roads real estate market remains hot with August yearover-
year increases across the board, including residential listings for sale, pending sales and settled
For the first time in 31 months the number of residential listings for sale has increased year-overyear.
There were 0.85% more residential homes listed for sale in August 2013 than there were in August
2012. The Hampton Roads market hasn’t seen an increase in this segment of the market since January
2011. Of the region’s seven major cities (Chesapeake, Hampton, Newport News, Norfolk, Portsmouth,
Suffolk, Virginia Beach) Norfolk and Suffolk saw the largest increases at 8.55% and 4.6% respectively,
while Newport News and Chesapeake each decreased 7.04% and 5.20%.
Residential pending sales exhibited a positive trend, increasing 9.09% year-over-year. Suffolk
and Portsmouth experienced the largest increases at 30.77% and 27.08% respectively, while Hampton
and Newport News dropped 2.9% and 2.7%.
Residential settled sales continue to increase year-over-year and rose 6.81% when compared to
August of last year. Norfolk and Virginia Beach saw the most significant increases at 15% and 14.23%.
Newport News and Chesapeake were the only two major cities not to experience year-over-year
increases, instead declining 24.39% and 5.52% respectively. The residential median sales price for the
region is currently $218,450, up 4.75% when compared to August 2012’s median sales price of
The distressed market, homes that are either short sales or foreclosures, showed slight
improvements. Though up a slight .05% from the previous month, distressed properties made up just
22.08% of the total number of residential listings for sale in August 2013, which is 2.66% less than the
same period of time last year. On the sales side, distressed properties accounted for 20.98% of all
residential settled sales, up .45% from last month, but still down 3.42% year-over-year.
August 2013 Highlights
Residential active listings increased, 0.75% year-over-year, to 11,347 (August 2013) from 11,263 (August 2012).
Under Contract (Pending) Residential Sales
Total residential under contract sales increased by 9.09% when compared to August 2012 (2,041 vs. 1,871).
Total property sales and total residential sales increased when compared to August 2012 showing increases of
7.96% and 6.81% respectively.
There is currently 6.51 months’ supply of inventory of residential homes on the market in the Hampton Roads area,
a decrease from last month (6.56) and down 7.53% from August last year when it was 7.04 months.
August 2013 Summary
All Categories August 2013 August 2012 Percent Change
Total Property Active Listings 14,091 13,972 0.85%
Total Property Pending Sales 2,153 1,922 12.02%
Total Residential Pending Sales 2,041 1,871 9.09%
Total Property Sales 2,183 2,022 7.96%
Total Residential New Construction Sales 284 285 -0.35%
Total Residential Sales 2,086 1,953 6.81%
Median Residential Sales Price 218,450 208,535 4.75%
Months’ Supply Inventory 6.51 7.04 -7.53%
* Total Property statistics include all property types (Residential, Commercial, Duplex, Apartment and Land & Farms), resale and
new construction. Sacramento Association of REALTORS® www.sacrealtor.org (916) 437-1205
* 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.
Sacramento Association of REALTORS® www.sacrealtor.org (916) 437-1205
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Real Estate Information Network, Inc., (REIN) serves real estate brokers in the Tidewater / Hampton
Roads area of Virginia from Williamsburg east to Virginia Beach and south to the North Carolina border.
REIN is an independent MLS owned by broker stockholder members. Currently there are approximately
525 real estate firms with 640 offices, 5800 real estate agents, and 150 appraiser members using REIN.
For more information visit www.REINMLS.com.