CHANTILLY, Va., March 18, 2013 — The Virginia Beach/Newport News real estate market, which includes Chesapeake, Hampton,-News-City.htm” target=”_blank”>Newport News, Norfolk and Virginia Beach cities, experienced many positive trends compared to February of last year, according to The Long & Foster Market Minute® reports. The number of homes sold increased, while median sale prices throughout much of the region also increased as inventory continued to fall, compared to year-ago levels.

The Long & FosterMarket Minute® reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

According to February data, the number of homes sold increased across most of the Virginia Beach/Newport News region, compared to the same month last year. Hampton and Newport News cities saw an increase of 16 percent and 10 percent, respectively. Chesapeake City saw an increase of 8 percent in the number of homes sold year-over-year. Virginia Beach saw an increase of 2 percent.

The median sale price increased in much of the Virginia Beach/Newport News region areas compared to February 2012. Norfolk City experienced a 12 percent increase in median sale prices. Hampton City saw an increase of 8 percent, while Chesapeake City saw an increase of 4 percent year-over-year. Virginia Beach City median sales prices remain unchanged when compared to the previous year.

In February, active inventory continued to tighten throughout the entire region compared to the same month last year, with Chesapeake City experiencing a 23 percent decrease. Newport News and Virginia Beach cities saw inventories decline by 19 percent and 16 percent, respectively. Hampton City experienced a 9 percent decline in inventory while Norfolk City saw an 4 percent decrease, according to data.

Throughout the region, homes are selling in approximately three to four months, on average. Virginia Beach City’s days on market (DOM) was 86 days in February and Chesapeake City’s was at 92 days. The rest of the region experienced a DOM that ranged from 99 days to 105 days.

“As we gear up for the 2013 spring buying season, the local real estate market in the Virginia Beach/Newport News region continues to benefit from positive economic conditions, job growth, and consumer optimism,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies.

“In February 2013, home prices continued to appreciate in much of the region, inventory remained low, and houses were snapped up at a rapid pace – all great signs for a Virginia Beach/Newport News-area residential real estate market that is in full recovery mode.”

The Long & Foster Market Minute® is an overview of market statistics based on residential real estate transactions and presented at the county level. The easy-to-read and easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. Featuring reports for more than 500 local areas and neighborhoods in addition to more than 100 counties in eight states, The Long & Foster Market Minute is offered to buyers and sellers as they aim to make well-informed real estate decisions.

The Long & Foster Market Minute® reports are available at www.LongandFoster.com, and users can subscribe to free updates for the reports in which they’re interested.