REIN Press Release: April Home Sales

Real Estate Information Network(REIN)

Hampton Road

Real Estate Update

   As you will see the April report from REIN is consistent with     

   comments presented in previous posts:

     Home Sales are stuck in neutral in the initial months of 2014.

    The very good news is that distress homes are down and are less 

     impactful on home sales.

     Read for history but know that May's report will be much

     improved simply due to weather improvements.  Personally, I 

     have seen a direct correlation between weather and improved

     listing and sale activity.

Winter Blahs Gone.....Spring Has Arrived

Bye Bye

Winter!!!

  As anyone that has been in Hampton Roads for any length of time know, we suffered through one of the coldest, snowiest winters in some time.  The cold and snow was most prevalent in the January through March time frame.

When there wasn't snow or ice on the roads, it just simply was cold!

As our brothers and sisters up north and down south,  many of us hunkered down in our homes.  If we were out, we went to the movies, enclosed malls and any place were warmth could be found.

Thus, no one should be surprised car sales and homes sales lagged the 1st quarter of 2014.   You can clearly see impact on our local housing industr in the Summary of Settled Sales provided by the local Multiple Listing Service, REIN.

Yet, the last week to 10 days of Spring weather has already begun to turn the tide!!   We should see April show the more robust Spring Sales Time that

everyone expects.

REIN, Inc.
Settled Sales Summary Number of Units by Property Region (Through March 2014)

Month       Total Settled Sales                       Change  New Construction - Extract           Change
Year                                                              From                                                          From
                Southside     Peninsula         Total   2013        Southside    Peninsula    Total      2013
January
2012            885             274              1,159                     109             38            147
2013           1039            366              1,405                     153             32            185
2014            874            343               1,217    -13.38%   120             45            165    -10.81%

February
2012           1,032          305              1,337                       134            27            161
2013           1,052          344              1,396                       146            29            175
2014           1,022          347              1,369     -1.93%       124           30            154    -12.00%

March
2012           1,199          425              1,624                        147           49            196
2013           1,326          452              1,778                        173           37            210
2014           1,238          392              1,630    -8.32%         176          29            205        -2.38%

YTD        
Totals
2012           3,116        1,004             4,120                         390        114            504
2013           3,417        1,162             4,579                         478          98            570
2014           3,134        1,082             4,216     -1.93%        420        104            524       -8.07

REIN Data: We doing Good!!!

         Really no surprise here!!!

        Though the sales have been down each month from the prior month, each month smashed the 2012 results for the same month.  Thus, the seasonality of the real estate year is evident but the beat goes on!

             2014 should really be a great year to move!!!

REIN News Release

Another stellar month!  October's summary, as you can see, is "Seller Confidence on the Rise"

It is clear sellers are more confident that their home is saleable. Yet as you can see, the percentages are still in the single digits so the inventory shortage isn't going away for a bit. As a whole listings up .085% from 11, 128(2012) to 11, 223 in 2013.   

With homes under contract up almost 22%, the increase in listings won't keep up at that pace. 

This may be the year of an anomaly:  Best time to list is in the Fall. Typically Spring/early Summer is the best time to list; most sales happen prior to September 1st. 

Yet, active buyers could make now the right time to list a home in Hampton Roads.

Call me today    580-6546

August Sales in Hampton Roads

FOR IMMEDIATE RELEASE
Contact: Nancy May, Manager of Communications   REIN
Phone: (757) 531-7960
E-mail: nancym@reininc.com

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
sales.

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
$208,535.

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
Listings

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).

Sales

Total property sales and total residential sales increased when compared to August 2012 showing increases of
7.96% and 6.81% respectively.

Inventory

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
# # #
About REIN
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.

 

 



 

 April is in the books!!!

 

REIN's Press Release is titled:

 

                        Second Quarter Sales off

                          to a Good Start

 

 

 





 

No real surprise to me with the results!   Here are the summary facts:

 

 

                                                  April 2013 vs April 2013

 

Homes for Sale               Down 7.64%    

 

Supply of Inventory       Down 15.4%       Currently 6.48 Months

 

Closed Home Sales       Up       13.4%

 

Pending Home Sales     Up       21.98%

 

Short Sale/Foreclosed   Down    1.14%      23.89% of homes listed

    Homes Listed                                          (Lowest in 18 months)

 

Short Sale/Foreclose     Down    3.21%      27.7% of homes sold

  Closed Home Sales                                   (Lowest in 6 months)

 

 

You should expect the Short Sale/Foreclosed homes numbers to continue to improve as the market values increase.  The increase in home values will driven by the shortage of home on the market.

 

In given cities in Hampton Roads and in given price ranges,  the reduced home inventory caused by fewer homes listed, increased closed home sales and increased pending home sales will put increased pressures for rising home values. 

 

If you are on the sidelines,  it is time to get in the game!

 

Would you agree....why or why not??



Just the Facts!!! Hampton Roads Real Estate Sales

"Just the Facts, Sir"

The famous line from Dragnet, a "60's TV show" fits the Real Estate Information Press Release on Hampton Roads Real Estate Sales.

Area Covered:  Chesapeake, Norfolk, Virginia Beach, Suffolk,  
                          Portsmouth, Isle of Wight, Newport News and 
                          Hampton.

Time Frame:      February 2013

Summary:   Real Estate Market roaring back!



Read Hampton Roads February Sales Results-REIN Press Release
"Just the Facts"