Im seeing a trend here and I like it ! Hampton Roads is getting a little closer to a balanced market. We still have a long way to go but not near as bad as some areas of the country.
Most or all stats are compared to the same month last year so that would be AUGUST 2010.
RESIDENTIAL SALES LISTING
Our residential listings for sale in August 2011 was down 15%. I’m sure you’re trying to understand why this is a good thing ? See when the inventory and buyer traffic are not so skewed you tend to get a better quality of buyers and offer.
This decrease in Inventory almost beat the 2004 decline when listing dropped by 16.7%
RESIDENTIAL PENDING SALES
Hampton roads must have been booming with people looking to buy homes at the end of the summer out residential under contract sales grew by 23.4%.
INTERESTING TO NOTE THIS GREAT FACT !
Newport News had the largest gain, 57%, with Norfolk showing the second largest, 49%.
this mean offers were written but may not come to full sales we have to watch for that still in the next few months. LETS HOPE MOST OF THESE OFFERS TURN TO SOLD HOMES !
THE number of residential settled sales was higher in all seven major local cities and the region as a whole in August 2011. THIS IS EXCELLENT NEWS FOR OUR AREA.
The region showed a 15.8% year-over-year rise in settled residential sales. Chesapeake and Newport News had the highest gains, 39% and 37% respectively. Suffolk had the smallest improvement with 5% growth.
BAD NEWS FOR SELLERS BUT GREAT IF YOUR LOOKING TO BUY
Hampton Roads median settled sales price for homes was down 6.8% and settled at $195,000.
BANK OWNED AND DISTRESSED UPDATE
THE bank owned or short sales market, grew as a percentage of residential active listings, but fell as a percentage of residential settled sales. We did have more listings but less of them were chosen as homes for people. The active listing inventory went up to 22.6% of the market where only 29.3% of the market sold was distressed. This is the lowest number since 2010.
Is it possible that the over all the distressed market appears to be declining ?
Listed Distressed home inventory dropped each month from 2,897 to 2,526.
CURRENTLY MONTHS SUPPLY
There is currently 9.27 months’ inventory of residential homes on the market in the Hampton Roads area, a 5.7% decrease from the previous month and down 8.1% from August last year.
See more homes at http://www.BuyHamptonRoadsHOMES.com
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