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) 
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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