April was the first month in 2011 to not have year-over-year gains .Residential homes listed for sale fell by 6.7% in April when compared to the same time last year. Surprisingly Hampton is the only city to see a increase, up 5% when compared to April 2010. Virginia Beach experienced the largest decline, down 14.9%. The months’ supply of inventory remained at 9.9 months.
Less contracts were written in all the cities at a decline of 13.5% Virginia Beach saw the biggest fall,25%. Residential settled sales edged lower when compared to April 2010 by 1.9% to 1,557 marking the first time in four months that the region did not see growth in settled sales. The Hampton Roads region’s median sales price for residential settled sales was down 8.15% when compared to the same time last year and stayed below $200,000 for the fourth consecutive month. Distressed listing are down to ,21.7% from a high of 24.9% in December 2010.The gradual decline of distressed homes in the active market and sharp drop in the number of distressed settled homes are signs of a market clearing and stabilizing effect that should bode well for the overall housing market and should help median home prices to level off.
Listing inventory are down (this is good to balance the market) -6.99%
Pending sales are down ( this is not good) -12.9%
Residential Pending sales are down ( this is not good) -13.5%
Total Property sales down 3.3%
Total Residential sales down -1.9%
Median sales price declines to 192k from 209900 -8.5%
Months supply inventory is up 2.3% 9.93 months from 9.71
Again we are doing far better then many markets. Its appears April there was a slow down in distressed homes on the market being listed. Sellers continue to see pressure on the sales prices with the median Residential sale price dropping again. I wonder why Virginia Beach had the lowest amount of contracts written in this city. Is it because buyers feel they can get more for the money in other cities.
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