Long & Foster Market Minute® report show continued low inventory levels

The Virginia Beach/Newport News real estate market, which includes Chesapeake, Hampton, Newport News, Norfolk and Virginia Beach cities, experienced many positive trends compared to April of last year, according to The Long & Foster Market Minute® reports. The number of homes sold increased throughout the entire region as inventory continued to fall compared to year-ago levels.

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 April data, the number of homes sold increased across the entire Virginia Beach/Newport News region. Norfolk City saw a significant 21 percent increase compared to April 2012. Hampton and Chesapeake cities saw an increase of 9 percent and 5 percent, respectively. Virginia Beach and Newport News cities both saw an increases of 3 percent in the number of homes sold year-over-year.

Active inventory continued to tighten throughout the entire region compared to the same month last year, with Newport News City experiencing a 23 percent decrease. The cities of Chesapeake and Virginia Beach saw inventories decline by 17 percent and 13 percent, respectively. Hampton City experienced a 5 percent decline in inventory while Norfolk City saw a 4 percent decrease, according to data.

In April, the median sale price increased in parts of the Virginia Beach/Newport News region areas compared to April 2012. Norfolk City experienced a 10 percent increase in median sale prices. Newport News and Virginia Beach cities both saw an increase of 2 percent year-over-year.

Throughout the region, homes are selling in less than four months, on average. Virginia Beach City’s days on market (DOM) was 73 days in April and Chesapeake City’s was 79 days. The rest of the region experienced DOMs that ranged from 80 days to 103 days.

“The residential real estate market continues to bloom in the Virginia Beach region this spring. Market conditions remain on the upward trend – including job growth, home affordability and consumer confidence – and those interested in the local market are researching what it has to offer,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies.

“Although housing inventory is still low, limiting buyers’ options, the Virginia Beach market continues to show a number of positive trends, such as appreciating home prices, an increasing number of homes sold and decreasing average days on market. These indicators are all good signs for the Virginia Beach region’s local housing market, and just go to show it’s a great time for those considering buying to fulfill their dreams of homeownership.”

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.