Hampton Roads Real Estate August 2012 recap

August news for Hampton Roads Real Estate

Hampton Roads Real Estate

Hampton Roads Real Estate

* The number of residential homes listed for sale in the region has dropped 15.78% when compared to August 2011.
For the last 18 months this inventory has been shrinking. This is EXCELLENT NEWS and points to a stable market !

*The absorption rate (the average number of listings that have sold in the last 12 months) is currently 1599.92

*The region’s months’ supply of inventory is currently down to 7.04 months. A balanced market is said to be about 6 months supply

*Residential pending sales increased 23.28% in August 2012, when compared to August last year.

*Residential pending sales increased 23.28% in August 2012, when compared to August last year an increased 16.74%.

*The distressed homes market persists in showing signs of improvement based on August 2012
stats. Distressed homes, those that are bank-owned or short sales, accounted for 24.74% of all
residential active listings. Though this number is up slightly from last month, the overall number is down
by 1.27% since the beginning of the year. Distressed homes continue to account for less of the total
residential settled sales, measuring in at only 24.4% for August. This marks the 10th consecutive month
distressed homes have declined as a percentage of the residential settled sales.

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