Category: real estate
The Storm came barreling across the bay last night… The winds picked up, the waves were crashing, and the skies turned ominous!
And an hour later…. Sitting on the deck enjoying one of the most beautiful sunsets! Did I forget to mention….I love where I live!
The numbers are in… And here is the REIN data…hot off the press!
FOR IMMEDIATE RELEASE
An Increase in Pending Sales and Decreasing Inventory Help Stabilize the Hampton Roads Real Estate Market
(Virginia Beach, Virginia – April 2013)
The first quarter of 2013 ended strong for the Hampton Roads real estate market as March 2013
posted nearly a double digit percentage increase in residential settled sales when compared to last year.
Residential under contracts increased significantly year-over-year while active residential listings
continued to decline, once again lowering the months’ supply of inventory.
In regards to monthly residential settled sales, the Hampton Roads region saw an increase of
8.53% for March 2013 when compared to March 2012. Of the region’s seven major cities (Chesapeake,
Hampton, Newport News, Norfolk, Portsmouth, Suffolk, and Virginia Beach) Portsmouth and Suffolk
recorded the highest year-over-year increases of 27.03% and 13.10% respectively. Hampton and Norfolk
were the only two cities to experience year-over-year decreases, dipping 21.60% and 2.68%. Residential
settled sales are up 10.71% for the first quarter of 2013 (January-March) when compared to first quarter
2012. The residential median sales price is currently $199,000, a considerable increase of 7.57% from
March 2012’s $185,000.
Last month’s strongest statistical improvement was in residential under contract sales, with a
year-over-year increase of 12.84%. Portsmouth and Newport News saw the largest increases of 36.17%
and 18.18% respectively. Hampton and Chesapeake did not see year-over-year gains, falling instead by
8.03% and 3.09%. Potential settled sales may result from this steady increase in residential under
contracts.
The region’s residential active listings for March experienced a drop of 8.62% compared to the
same time last year. Newport News and Chesapeake contributed largely to this decline, with recorded
reductions in inventory of 18.75% and 17.71% respectively. Contrarily, Portsmouth and Hampton saw
increases in year-over-year active listing counts of 7.01% and 0.82%. The overall decrease in the
number of homes for sale has resulted in a 6.38 months’ supply of inventory, as compared to 7.57
months in March 2012. A healthy real estate market typically maintains a 5 to 6 months’ supply of
inventory, so this statistic does suggest a stabilizing market for the area.
Distressed properties, those that are short sales or foreclosures, continue to have an impact on
the region, while maintaining a relatively consistent marketshare. In March 2013 25.20% of all resale
residential active listings in the Hampton Roads real estate market were distressed properties. This is
little change from March 2012 when distressed properties accounted for 25.73% of resale residential
active listings. Distressed properties comprised 28.44% of all resale residential settled sales in March
2013, a 5.09% decrease from the same time last year, when distressed properties accounted for
33.53%.
March 2013 Highlights
Listings Residential active listings decreased, 8.62% year-over-year, to 10,605 (March 2013) from 11,606 (March 2012).
Under Contract (Pending) Residential Sales Total residential under contract sales increased by 12.84% when compared to March 2012 (2,109 vs. 1,869).
Sales Total property sales and total residential sales increased when compared to March 2012 showing increases of 9.61% and 8.53% respectively.
Inventory There is currently 6.38 months’ inventory of residential homes on the market in the Hampton Roads area, an increase from last month (6.34) and down 15.72% from March last year when it was 7.57 months.
March 2013 Summary
All Categories March 2013 March 2012 Percent Change
Total Property Active Listings 13,109 14,305 -8.36%
Total Property Pending Sales 2,220 1,938 14.55%
Total Residential Pending Sales 2,109 1,869 12.84%
Total Property Sales 1,780 1,624 9.61%
Total Residential New Construction Sales 213 196 8.67%
Total Residential Sales 1,679 1,547 8.53%
Median Residential Sales Price $199,000 $185,000 7.57%
Months’ Supply Inventory 6.38 7.57 -15.72%
* Total Property statistics include all property types (Residential, Commercial, Duplex, Apartment and Land & Farms), resale and new construction. Sacramento Association of REALTORS® http://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® http://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 530 real estate firms with 650 offices, 5700 real estate agents, and 150 appraiser members using REIN. For more information visit http://www.REINMLS.com.
Contact: Nancy May, Manager of Communications Phone: (757) 531-7960 E-mail: nancym@reininc.com
This great house is available for private showings by calling 757-537-6802. It is just listed at 395,000 and is a totally renovated 1938 home. You won’t believe it!
This message is from Liz Burns from the Greater Pinewell Civic League regarding our farmer’s market… I know many of us enjoyed this market last year, and support is needed to continue this year. I will be delivering flyers again this weekend asking for volunteers… We had a great time last year!
Dear Greater Pinewell residents:
Tonight the Board of Directors met for the monthly meeting and the most important matter on the agenda was the produce stand project.
Last year we had a great first selling season. We had the financial and expert produce guidance from Bev Sell and the Five Point Farmers Market. There was a gathering of talent, supervision, managing skills, and a great deal of volunteer time given for this project to work. All of those who worked during the Saturday produce stand hours enjoyed the time spent with neighbors and were all thrilled at the incredible success of bring locally grown, fresh produce so very close to home for purchase.
We reviewed the current list of volunteers that have agreed to help this summer. There is NOT an increase in the number of residents who have come forward to help with this project. As a civic league we stated that we would do everything we can to get enough volunteers to come forward to make this a 2nd year success and that we would make a decision by the February 19, 2013 civic league meeting whether or not we would proceed with this project. It is IMPERATIVE that we have more people come forward to help make this project happen. We can’t expect the same few people to do all of the work each and every week-end.
If you did not get an opportunity last year to visit the produce stand on a Saturday morning during the summer then you missed out on superbly delicious, fresh, and high quality produce. We had many people from the Ocean View area who visited each and every week to purchase items to take home and prepare for their families. All of us who worked on this project were very proud of the way we all worked together and more importantly how well received and successful this venture became. We certainly want to move forward for another year. But we need more people to commit to at least one Saturday a month for this project to work. There are so many different ways to help on any given Saturday. Duties such as setting and putting away stand supplies, weighing, bagging, and setting out the food, advertising, storing of stand supplies, and selling the produce all have to be done weekly.
If you think you may be able to commit to some time in support of this venture please contact Chris or Liz
We hope to hear from you within the next few days. We are very anxious to begin planning for this great project but we need your help and support for this to happen. I will be handing out more information this weekend on where to sign up, or who to contact.
Pinewell by the Bay is a bay front community with only 73 homes, each with views of the bay. This is a great place to call home, centrally located in Norfolk, beautiful views, and a quiet beach.
Love Where You Live In Hampton Roads 