* 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.
Tags: Alison Creamer, August 2012, Bzibee, Bzibee Real Estate Team, chesapeake, Chesapeake Real Estate, Distressed, Hampton Roads, Hampton Roads Real Estate, home for sale, Homes for sale, Homes for sale in Hampton Roads, Keller Willams Hilltop, Keller Williams, moving to virginia beach, Norfolk, Real Estate, Real Estate Market trends, Real Estate Recap, rein, Virginia Beach