Rose & Womble Realty and our affiliate Residential DataBank are your local experts on Hampton Roads‘ Real Estate
market data. Here is some of the data we have collected through September 30, 2011. Our agents are armed with this
data and can help you when buying or selling here in Hampton Roads.
During the past 12 months 17,211 homes have sold, a 5.6% decrease from the previous 12 month period.
In September 1192 homes sold, a 7.7% decrease from August’s total, but a 27% increase year over year.
There are currently 2098 residential properties that are under contract but have yet to close.
There is a housing inventory of 8.0 months which is considered a normal buyer’s market,
characterized by moderate downward pressure on prices. There is a strong seasonal element
to inventory levels but this is a major decrease from the 9.8 months supply in October of 2010.
Although the decrease in absorption rates is encouraging, these lower levels have been caused
more by a decrease in active listings than by an increase of sold properties.
Distressed properties continue to be a significant part of the Hampton Roads real estate market.
Currently 21% of all properties listed for sale could be classified as distressed, meaning they are bank owned,
government owned, or subject to a short sale. Of the properties that sold in June 32.8% were distressed .
This marks the first month over month increase in 5 months.
Sales Price versus New Listing Price The following chart includes the average price of homes sold by
month over the past year, as well as the average price of all new listings taken during the month.
A widening gap between the two indicates a disconnect between sellers and buyers over pricing.
Conversely, a narrowing means new listings are being priced more in line with current sales.
Mortgage rates continue to be at historical lows, providing extreme purchasing power to
buyers in the marketplace. In September the 30 year fixed rate mortgage dropped below 4%
on several occasions. Many capable buyers have been holding off on purchasing a home
in the hopes of timing the market or “buying the bottom”. The potential risk in this strategy is the
significant effect a rise on mortgage interest rates will have on the true “cost” of purchasing a home.