REIN's (Real Estate Information Network) Manager of Communications, Nancy May released the following report this month:
Listing Inventory Holds Steady Amidst Robust Sales
The Hampton Roads real estate market continues to heat up the summer. July 2013 was
categorized by double digit spikes in residential under contracts and settled sales, while the decline in residential active listings appears to be leveling off. 
In July 2013 Hampton Roads’ residential settled sale counts increased 18.03% when compared
to July 2012. Of the region’s seven major cities (Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, and Virginia Beach) five saw year-over-year increases of 17% or higher. Portsmouth and Norfolk improved the most compared to the previous year, with settled sales up 38.83% and 28.04% respectively. Newport News and Hampton were the only two cities to experience a decrease in settled sales, as they dipped 3.55% and 2.84%.
Residential pending sales experienced a 21.16% increase when compared to July 2012. Each of
the region’s major seven cities had a year-over-year increase in residential pending sales. Norfolk and Hampton saw the largest increases of 41.88% and 36.61% respectively, while Newport News saw the smallest year-over-year increase of 9.23%.
The region’s median residential sales price for July 2013 increased to $222,000, up 5.76% from
$209,900 during the same period of time last year. Many industry experts surmise that the threat of rising interest rates and increasing home prices are spurring homebuyers to make purchase decision now instead of continuing to wait.
July’s residential listings for sale decreased only marginally year-over-year, changing just 0.92%. Residential active listings have not seen a year-over-year decrease this low since February 2011, when it fell just .10%. Newport News and Chesapeake experienced the largest year-over-year decreases in active listings last month at 11.27% and 6.86%. Contrarily, Suffolk and Portsmouth faced increases in the number of residential active listings by 11.28% and 4.34%. The months’ supply of inventory is currently 6.56 months, down 9.77% from July 2012’s 7.27 months.
If you’re a seller who has been wondering if it might finally be time to sell, email us at concierge@lizmoore.com, or click below, and we can prepare a complimentary analysis of market value for you – you just may be pleasantly surprised.
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