Apr 201628

Home Sales Varied in the Hampton Roads Market in March 2016

Apr 201628

Home Sales Varied in the Hampton Roads Market in March 2016

Market Minute LogoThe number of homes sold varied in the Hampton Roads real estate market last month, according to The Long & Foster Market Minute reports. The Hampton Roads market includes Chesapeake, Hampton, Newport News, Norfolk and Virginia Beach cities. The Long & Foster Market Minute reports are based on data provided by the Real Estate Information Network multiple listing service and its member associations of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.

Hampton MMMarch2016 chart

In the Hampton Roads region, the number of homes sold increased by 17 percent in Chesapeake City when compared to March 2015. Home sales rose by 11 percent in Newport News City and fell by 1 percent in Hampton City. Virginia Beach City saw the number of homes sold decrease by 2 percent followed by a 3 percent increase in Norfolk City.

Median sale prices fell in most the Hampton Roads region when compared to the previous year with Newport News City seeing the area’s only increase of 7 percent. Median sale prices decreased by 1 percent in the cities of Chesapeake and Virginia Beach, and by 2 percent in Norfolk City. Hampton City experienced an 18 percent decline in median sale price.

Inventory fell in much of the area in March, decreasing by 12 percent in Chesapeake City and by 9 percent in Norfolk City. Newport News City saw a 7 percent drop in inventory. In Virginia Beach City, active inventory decreased by 1 percent, while it rose by 4 percent in Hampton City.

Many areas continued to see homes selling at a steady pace in March. In Chesapeake City, the days on market (DOM) average was 65 days, while homes are selling in about 70 days on average in Virginia Beach City. Norfolk City experienced an average DOM of 82 days, followed by the cities of Hampton and Newport News with 102 days.

“The real estate market has been off to a good start this year and although low inventory has impacted many areas, homes are continuing to sell at a steady pace, including in the Hampton Roads region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Across Long & Foster’s markets we’ve seen modest overall growth in sales in the first quarter of 2016 and we expect to see even more positive trends in the months ahead.”

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 you can subscribe to free updates for the reports in which you’re interested.    Information included in this report is based on data supplied by the Real Estate Information Network, which is not responsible for its accuracy. The reports do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of REIN or Long & Foster Real Estate, Inc.