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
slow recovery, according to the National Association of REALTORS®’ index of pending home sales. The index of deals for previously
owned homes is up 8 percent compared with the 89.8 level from January 2011. Last month saw the highest point on the index since
April 2010, when consumers drawn by a home-buyer tax credit pushed the figure to 111.3. That was the last time the measure
exceeded 100 — the benchmark for industry health. The index showed year-over-year increases in every region—a 9.8 percent
increase in the Northeast, a 10.8 percent rise in the Midwest, a 10.5 percent boost in the South and a smaller 0.7 percent uptick in the West.
Contracts are usually signed a month or two before a deal closes and the home purchase is finalized, making the pending-sales index a
leading indicator for where the market is headed.
©2012 the Los Angeles Times
There is a housing inventory of 8.5 months, which is a slight uptick over previous month’s levels.
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