During the past 12 months 17,491 homes have sold, a 1% decrease from the previous 12 month period.
In October 1141 homes sold, a 4.4% decrease from September’s total, but a 30% increase year over year.
There are currently 2046 residential properties that are under contract but have yet to close.
There is a housing inventory of 7.85 months which is considered a balanced market, characterized
by neither extreme upward or downward pressure on prices . This is the first overall balanced reading
in over three years. Absorption rates on an actual and annualized basis have been steadily declining
for the past 6 months. 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 21.2% 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 October 34.3% were distressed .
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.
*Information courtesy of REIN, deemed accurate but not guaranteed. Copyright 2011 All Rights Reserved