Number of units sold increased in some areas

December brought some good news to the Hampton Roads region real estate market, which includes Chesapeake, Hampton, Newport News, Norfolk and Virginia Beach cities, according to The Long & Foster Market Minute® reports. In one area, the number of units sold increased significantly, while inventory remains low throughout the region.

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

According to December data, the number of homes sold varied throughout the region. Hampton City saw a large increase at 21 percent, while Norfolk City saw an increase of 4 percent. Virginia Beach City saw no change, and Newport News City and Chesapeake City saw small decreases of 1 percent and 4 percent, respectively.

Median sale prices also varied throughout the Hampton Roads region compared to December 2012 data. The cities of Virginia Beach and Norfolk saw increases of 5 percent and 1 percent, respectively. Newport News City experienced no change in median sale price, while Chesapeake and Hampton cities both saw an 8 percent decrease in median sale price.

Inventory remains low in most of the region compared to the same month last year, with Chesapeake City seeing a 7 percent decrease in inventory, Newport News City seeing a 5 percent decrease and Hampton City seeing a 4 percent decrease. Norfolk City experienced no change in active inventor compared to the same month a year earlier, and Virginia Beach City saw a small 1 percent increase in inventory.

Homes are continuing to sell quickly in much of the Hampton Roads region. Virginia Beach City saw the lowest days on market (DOM) at 70 days, followed by Chesapeake City at 73 days on market. Other areas saw an average DOM between 79 to 115 days.

“We’re continuing to see many improvements throughout the real estate market on the East Coast, including in the Hampton Roads region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Many areas are experiencing rising sale prices and increases in the number of homes sold. These developments bode well for the market in 2014, and we expect to see continued improvement in the housing market, meaning better opportunities for both home buyers and sellers.”

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.

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