It might be cold here in Hampton Roads but the Real Estate marketing is heating up. 2013 was a great year for the area. Recovery is happing in all areas.

Stats from December 2012 compared to December 2013
Total Property Active Listings increase of 3.46%
Total Property Sales increased of 10.23%
Months’ Supply Inventory DECREASED -7.78% This is the lowest recorded month’s supply of inventory since REIN began monitoring this statistic.

A Balanced market has about 6 months of inventory supply. We are currently at about 5.45%

SELLERS are feeling a bit of strength with decreased inventory and selection for  buyers. Prices are stable in most areas but there is still a slow decrease of value due to short sales and bank owned property still.

Median sales price did drop in 2013 from 200k to 197,745.

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