by drose
22. February 2013 14:45
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In 2012 there were 19,535 homes sold, a substantial 8% increase from the previous year. Combined
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with a modest 2% increase in average sales price, this caused an almost $400 million increase in
total sales.
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For the month of December sales units were virtually unchanged from year ago levels.
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Inventory levels continue to fall, down over 40% from the peak levels
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and lower than at any point in the last several years.
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First time home buyers re-entering the market last year, especially in Va. Beach and
Chesapeake, has created an inventory shortage in many lower price ranges. This in turn
has freed up many "move up buyers" who had previously been unsuccessful in selling.
This has caused inventory levels to fall in higher and higher price ranges across our market.
*Market Data courtesy of REIN, analysis by Rose and Womble. Deemed accurate but not guaranteed. Copyright 2012 All Rights Reserved
by drose
14. August 2012 09:59
During the past 12 months 18,806 homes have sold, a 9.9% increase from the previous 12 month period.
In July there was a slight month over month decline in total homes sold for the first time this year, but
sales levels were significantly higher than at the same time last year as they have been every month this year.
The following chart shows the total number of homes for sale by month for the past 2 years. There
are currently 11,509 homes for sale, which is 17.5% lower than the same time last year .
This is the fewest number of properties for sale in August since 2006.
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 1.4% from the same time period last year. Mortgage rates continue to set new records, falling to 40 year lows. With conventional 30 yr. fixed rates as low as 3.5% for many borrowers, all housing
affordability indexes continue to be at record levels even as home prices stabilize.
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Absorption rates continue to trend downwards towards a more balanced market between buyers and sellers.
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This is a function of both increased sales and lower inventory levels. The overall rate is the lowest in over
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5 years and is dramatically lower than the 9.0 reading in August of last year.
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*Market Data courtesy of REIN, analysis by Rose and Womble. Deemed accurate but not guaranteed. Copyright 2012 All Rights Reserved
by drose
3. May 2012 16:36
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During the past 12 months 18,391 homes have sold, a 5.9% increase from the previous 12 month period.
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In March 1,564 homes sold, a 24% increase from February's total, and a 19% increase year over year.
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There are currently 2,511 residential properties that are under contract but have yet to close.
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There are currently 11,555 homes for sale, which is 18.5% lower than the same time last year .
There have been many positive stories in the media about both national and regional real estate:
*America's greatest investor is bullish on U.S. Housing
Appearing live on CNBC Warren Buffett said he'd buy up "a couple hundred thousand" single family homes if it were practical to do so." 2/27/12
*Lending Tree study ranks Virginia's housing market as one of the 10 healthiest in the country.
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There is a housing inventory of 8.6 months, which is a slight uptick over previous month's levels.
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Because the calculation method for these absorption rates uses sales from the previous
six months there is a seasonal element with inventory levels increasing over the winter months.
However, inventory levels are much lower than the 12.6 reading at the same time last year.
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* all information on sold properties is accurate at time of publication but subject to increase as sales are recorded.
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*Market Data courtesy of REIN, deemed accurate but not guaranteed. Copyright 2012 All Rights Reserved