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 19,180 homes have sold, an 8.9% increase from the previous 12 month

period. Sales in September were dramatically higher than during the same month a year ago.

The residential real estate market in Hampton Roads continues to show strong signs of

recovery. Year over year sales totals continue to increase, with lower overall inventory 

levels and absorption rates, as well as sales price stability.

*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 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 

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.

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. 

*Market Data courtesy of REIN, deemed accurate but not guaranteed. Copyright 2012 All Rights Reserved 

Reporting as of March 5, 2012. 

During the past 12 months 18,366 homes have sold, a 6.5% increase from the previous 12 month period. 

In February 1261 homes sold, a 12.5% increase from January’s total, and a 20% increase year over year.

There are currently 2175 residential properties that are under contract but have yet to close.

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

are currently 11,555 homes for sale, which is 19% lower than the same time last year . 

This is the fewest number of properties for sale in January since 2007.

Distressed properties continue to be a significant part of the Hampton Roads real estate market. 

Currently 22% 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 February 

32% were distressed . That is a large , almost 7%, decrease from the previous month’s total. 

Housing High Point: Pending Sales of Existing Homes Up to Nearly Two-Year High 

More Americans are signing contracts to buy existing homes than at any time in nearly two years, boosting the housing industry’s 

*Market Data courtesy of REIN, deemed accurate but not guaranteed. Copyright 2012. All Rights Reserved