Hampton Roads Market report for May 2011
Rein also known as Real Estate Information Network published the May 2011 market report for Hampton Roads. Here is a recap of that information.
Bad news first
1.Median Sales prices continue to fall May 2011 is 192,475 compared to May 2010 215,000 this is a 10.5% drop
2. Settled sales declined from last year YTD 5.5% (all types )
3. Inventory climbed to 10.4 month supply.
4. Residential sales declined 6%
1. Pending sales are up 10.9%, Residential pending are up 9.9% YTD
2. Hampton median sales price up by 0.6%
3. James City County has the largest increase in pending at 40% increase
4. Listing inventory is down year over year basis of 6%( region). Largest drop Va beach 13%.
5. Distressed market is slowing down on listings.
What does this mean for a home buyer in Hampton Roads? If your shopping for a good deal prices have continued to drop. With excellent interest rates you can secure a home for less then rental. Inventory is high but we can see it's just a matter of time before some cites inventory starts to slow down as we move past the summer season. If your looking for a low price and a great rate you might find the summer months offer you the greatest selection as a buyer.
What does this mean for a home seller in Hampton Roads? It looks like by the numbers your not having to compete with as many distressed homes on the market. While this is not neighborhood specific and a regional report, you may see some stabilized pricing in some areas. The distressed market ratio has dropped as well. If your a seller this is a good sign. We are still experiencing the pressure of pricing in the region as median sales price has continued to drop. Sellers need to be very aware of the competition when pricing the home. All the standard factors are crucial in getting your home under contract and sold. Location, Condition, and Flexible on closing cost and settlement date.
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