Hampton Roads Southern VA Real Estate Market 2011 Sales Statistics- Highlights from REIN MLS
Residential active listings decreased, 17.3% year-over-year, to 12,162 (November 2011) from 14,698 (November 2010).
Under Contract (Pending) Residential Sales-
Total residential under contract sales increased by 34.8% as compared to November 2010 (1,510 vs. 1,120).
Total property sales and total residential sales increased when compared to November 2010 showing increases of 9.4% and 9.3% respectively.
There is currently 8.15 months’ inventory of residential homes on the market in the Hampton Roads area, a slight decrease from the previous month and down 20.95% from November last year.
What does all this mean, Things are better since 2010 but we are not out of the woods yet. As of Nov 2011 there are 14,909 properties for sale in Hampton Roads including both Southside and the Peninsula. The new focus for sellers for 2012 is to make their home marketable focusing on presentation and upgrades. But Price is still the most important indicator- you must price it correct for your subdivision. Appraisers ARE using foreclosure and short sale comps from the last year of sales and this can further drive prices down. You have to be smart with upgrades, fixups, and remodeling just to sell because dollar for dollar return will not be the case. Kitchens and Baths still yield the best returns but focus on what is doable for your budget. It is possible and sometimes more advantageous to just sale as-is but remember you will need an as-is price
The numbers above are skewed because they do not clarify if he property sold was a foreclosure, resale, or short sale and this can and will make a difference. The best advice is focus on the comparable market analysis study the competition and read the full listing sheets on sold sales.
For a Free Comparitive Market Analysis on your Hampton Roads Home contact me!!!