A Positive Month for Hampton Roads Real Estate
Virginia Beach, Virginia – July 2014
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.