January 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. Inventory remained low throughout the region and most homes were sold close to asking price. The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
Compared to the same month last year, inventory remained low throughout the area, decreasing by 6 percent in Chesapeake City. Norfolk City saw a 3 percent decrease in active inventory, while both Hampton and Newport News cities saw a 2 percent decrease. Virginia Beach City experienced no change in active inventory levels.
Median sale prices in the Hampton Roads region were mostly on the decline, although Newport News City experienced a 9 percent increase. Virginia Beach City experienced a decrease in median sale price of 1 percent, followed by Hampton City with a 2 percent decrease and Norfolk City with a 3 percent decrease. Chesapeake City saw a 5 percent decrease in median sale price.
The number of homes sold decreased throughout most of the area, though Newport News City saw no change. Norfolk City experienced a 2 percent decrease in the number of homes sold, while other areas experienced decreases of 12 percent to 25 percent.
Homes are continuing to sell at a steady pace in much of the Hampton Roads region. Norfolk City saw the lowest days on market (DOM) at 78 days, followed by Chesapeake City at 79 days on market. Other areas saw DOM averages ranging from 80 days to 125 days.
“January’s cold weather and winter storms had an impact on the beginning of the 2014 real estate market, but we’re seeing encouraging trends along the East Coast, including in the Hampton Roads region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “While the number of homes sold dropped, there have been other positive signs, including continued low inventory and low days on the market. With many people holding off on home searches in the cold weather, we anticipate a robust spring market.”
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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