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How’s The Market – April 2014 Report

How’s The Market April 2014 Report as published by the Real Estate Information Network (REIN):

(Virginia Beach, Virginia – May 2014) examplehouse

Exhibiting both losses and gains for the month of April, the Hampton Roads real estate market is
off to a relatively neutral start for second quarter 2014.

While residential listings for sale and residential pending sales are up, residential settled sales and distressed home activity have seen slight drops.

Specifics:

Residential active listings increased 8.91% when compared to April 2013. Of the region’s seven major cities (Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, Virginia Beach)

  • Hampton was the only city to experience a year-over-year decrease in the number of homes for sale, down 2.58% from last year.
  • Newport News and Chesapeake were the two key influences to the region’s uptick in residential active listings, with increases of 13.44% and 13.41% respectively. The months’ supply of inventory of residential homes for sale is currently 6.69 months, up 3.24% from April 2013’s 6.48 months.
  • Residential pending sales for the region have increased 5.27% when compared to April 2013.
  • Portsmouth and Suffolk saw the largest increases year-over-year at 27.03% and 21.6% respectively.
  • Conversely, Chesapeake and Virginia Beach experienced declines in the number of pending sales, down 6.15% and 2.49%.
  • Residential settled sales for April 2014 dropped 2.46% year-over-year. To date for 2014, residential settled sales have decreased year-over-year every month (January through April), resulting in a year-to-date decline of 6.42% when compared to the same period of time in 2013. Virginia Beach and Hampton were the top contributors to April’s year-over-year decline with drops of 9.54% and 6.45% respectively. On the positive side, Suffolk and Portsmouth saw gains in residential settled sales of 13.21% and 7.41%. The region’s residential median sales price is currently $203,000, which is up a marginal 1.88% from April 2013’s $199,250.
  • Distressed homes, those that are either short sales or foreclosures, saw slight drops during April 2014. Distressed homes accounted for 18.45% of all residential active listings on the market in April. This marks the fourth consecutive month that distressed homes have dropped as a percentage of all active listings. They were also down 5.44% year-over-year from April 2013’s 23.89%.
  • On the sales side, distressed homes accounted for 24.42% of all residential settled sales during April 2014, which is down 3.34% from April 2013’s 27.76%.

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