A Positive Month For Hampton Roads Real Estate

Dated: 07/12/2014

Views: 821

Statistical reports for June 2014 are indicative of a positive real estate market for Hampton  Roads. A majority of the metrics that measure the local housing market show clear-cut growth, with residential listings, pending sales and settled sales all experiencing increased year-over-year results.  The distressed market continues to improve as well.

Residential active listings increased 12.04% when compared to June 2013. Each of the region’s seven major cities (Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, Virginia Beach) saw year-over-year increases in the number of homes for sale. Similar to the previous month,  Chesapeake and Suffolk saw the largest year-over-year increases at 18.97% and 18.70% respectively.  The months’ supply of inventory for residential homes for sale is currently 6.98 months, which is a mild 7.88% increase from June 2013’s 6.47 months.
The number of residential pending sales for the region swelled 15.68% from the year prior, with Newport News and Portsmouth contributing impressive increases of 44.70% and 30.63% respectively. In fact, all seven of the region’s major cities saw year-over-year increases in pending sales, a statistic that often influences settled sales over the next 30-90 days.
For the first time this year, residential settled sales increased year-over-year. June 2014 saw a 1.22% uptick in the number of residential settled sales when compared to the same period of time in 2013. Portsmouth experienced the most dramatic improvement, with a gain of 30%. Newport News and Norfolk followed with the next highest increases of 6.75% and 5.98% respectively. Conversely,
Chesapeake, Suffolk and Hampton suffered declines in their settled sales.
The region’s median sales price is currently $217,500, down 3.33% from June 2013. Individually, of the area’s major cities Portsmouth has the lowest median sales price of $134,950 and Chesapeake has the highest at $259,208.
Distressed homes, those that are either short sales or foreclosures, had less significance on the region’s market during June 2014. Distressed homes accounted for just 17.36% of all residential active listings for the month, which is down 4.32% from the same period of time last year, and marks the sixth consecutive month they’ve declined. June’s distressed homes accounted for 20.08% of all residential settled sales, a decrease of 2.76% from June 2013, and down 9.41% from the beginning of the year.
Blog author image

Chenea Powell

Whether it is your first home or the home you plan to retire in, I will be there to ease the process every step of the way! I find great pleasure in helping people achieve their goals in real estate a....

Want to Advertise on this Site?

Latest Blog Posts

How To Obtain Real Estate Financing In Virginia Beach VA

It is very difficult to get real estate financing in Virginia Beach, VA. The requirements of investors as well as property developers are very high here. Above all it takes a lot of time to

Read More

The Best Property Management Service In Virginia Beach VA

Blu Skyy Realty, provides reliable and highly efficient real estate services as well as property management service in Virginia Beach, VA and neighborhoods for years. As a professional

Read More

Providing High Class Service To Investors In Virginia Beach VA

Marion Long is an experienced real estate agent of Virginia Beach, VA and Blu Skyy Realty, the professional real estate agency owned by Marion Long offers a wide range of real estate services to

Read More

House Marketing And Property Management Service In Virginia Beach VA

Blu Skyy Realty is one of the reputed real estate agencies in Virginia Beach, VA offering a wide range of real estate services to the clients. This real estate firm is owned by Marion Long,

Read More