Long & Foster Market Minute® report show continued low inventory levels in March
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 March of last year, according to The Long & Foster Market Minute® reports. The median sale prices increased throughout much of the 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.
The median sale price increased in much of the Virginia Beach/Newport News region areas compared to March 2012. Virginia Beach City experienced a 7 percent increase in median sale prices. Newport News and Norfolk cities both saw an increase of 6 percent, while Hampton City saw an increase of 2 percent year-over-year.
In March, active inventory continued to tighten throughout the entire region compared to the same month last year, with Newport News City experiencing a 20 percent decrease. The cities of Chesapeake and Virginia Beach saw inventories decline by 19 percent and 14 percent, respectively. Norfolk City experienced a 3 percent decline in inventory while Hampton City saw a 2 percent decrease, according to data.
Throughout the region, homes are selling in approximately three to four months, on average. Chesapeake City’s days on market (DOM) was 77 days in March and Virginia Beach City’s was 87 days. The rest of the region experienced DOMs that ranged from 99 days to 106 days.
According to March data, the number of homes sold varied across most of the Virginia Beach/Newport News region due to tightened inventory. Newport News and Chesapeake cities saw an increase of 7 percent and 4 percent, respectively. Virginia Beach City saw an increase of 2 percent in the number of homes sold year-over-year.
“Spring is finally here, along with an uptick in activity in the residential real estate market in the Virginia Beach/Newport News region. With improving market conditions – including stronger than expected job growth, and rising affordability and consumer confidence – potential buyers and sellers are using this opportunity to explore what their market has to offer,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies.
“While inventory remains low, limiting the number of options for would-be buyers, the Virginia Beach/Newport News market is experiencing some positive trends such as appreciating home prices and decreasing average number of days on market. These are all promising signs for the Virginia Beach/Newport News region’s local housing market, and provide a prime opportunity for fence-sitters 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.