June 2012 Hampton Roads Real Estate market update

Number of residential homes listed for sale fell 18.61% in June 2012 when compared to the same time last year.

All seven of the region’s major cities saw year-over-year decreases in active listings of 14% or more.

Lower inventory suggests a stabilizing real estate market.

Residential pending sales increased 12.73% when compared to June 2011.

11,376 contracts have been reported to the MLS. This is the highest number of contracts written during the same time period since 2007 when 13,483 contracts were reported.

Residential settled sales for the region dropped a slight 1.82% in June 2012 when compared to the same period in 2011.

The median sales price is up to $207,500, which is a 3.8% upswing when compared to $199,900 in June 2011.

Distressed homes accounted for 24.70% of all residential active listings, the lowest it’s been since October 2011 when they accounted for 24.29% of the listings.

Distressed homes comprised 28.81% of the region’s residential settled sales. Though up from 26.26% in May 2012, this is the second lowest percentage of distressed homes in the residential sales makeup since the numbers rose above 30% in October 2010.

Inventory
There is currently 7.44 months’ inventory of residential homes on the market in the Hampton Roads area, a decrease from last month (7.6) and down 25.53% from June last year.

Over all the health of our market is stabilizing !

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