In the last 12 months there were 19,916 homes sold, a 7.9% increase 

from the previous 12 month total. In March 1718 homes sold, a 15.7% increase 

from February and a 9.8% increase year over year from March of 2012.

The average sales price of a home sold in Hampton Roads continues to

increase, another sign of the renewed strength in the market. The average for March

is 8.3% higher than the level of a year ago, and over 13% higher than March of 2011.

Sales activity has remained strong on a seasonally adjusted basis. 

Many areas of Hampton Roads, especially in the lower price points, are still seeing properly 

priced homes put under contract in a matter of days, often after generating multiple offers. 

There is still a clear defining line, homes above $500,000, where the supply of inventory is 

well in excess of 1 year and only the most desirable homes are selling quickly. 

*Market Data courtesy of REIN, analysis by Rose and Womble. Deemed accurate but not guaranteed. Copyright 2013 All Rights Reserved

During the past 12 months 19,176 homes have sold, a 10.5% increase from the previous 12 month period.

In August there were 1,925 homes sold, a 5% increase from the previous month’s levels.

The following chart shows the total number of homes for sale by month for the past 2 years. There 

are currently 11,300 homes for sale, which is 16% lower than the same time last year . 

The monthly average price for homes sold continues to hold steady, up almost 17% from the January lows. Year to date the average price of homes sold is up 1.7% from the same time period last year.

Positive signs of a housing recovery exist on a national level according to NAHB

List of Improving Housing Markets Expands to 99 in September 

September 10, 2012 – The number of improving housing markets across the country rose to 99 in September, according to the National Association of Home Builders/First American Improving Markets Index (IMI), released today. This is up from 80 metros that were listed as improving in August and includes representatives from 33 states as well as the District of Columbia. 

The index identifies metropolitan areas that have shown improvement from their respective troughs in housing permits, employment and house prices for at least six consecutive months. Markets added to the list in September include such geographically diverse locations as Tucson, Ariz.; Jacksonville, Fla.; Springfield, Ill.; Greenville, N.C.; and Bend, Ore. 

“This solid growth is an encouraging sign that housing continues on a slow but steady recovery path that is gradually advancing from one local market to the next.” 

*Market Data courtesy of REIN, analysis by Rose and Womble. Deemed accurate but not guaranteed. Copyright 2012 All Rights Reserved 

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