VIRGINIA BEACH/NEWPORT NEWS HOUSING MARKET SEES INCREASED SALES, TIGHTENING INVENTORY IN NOVEMBER

Chantilly, VA — The Virginia Beach/Newport News real estate market, which includes Chesapeake, Hampton, Newport News, Norfolk and Virginia Beach cities, experienced some positive trends compared to November of last year, according to The Long & Foster Market Minute® reports. Active inventory tightened across the Virginia Beach/Newport News region, and days on market remained less than four months, on average.

The Long & Foster Market Minute™ reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

November data

Units sold decreased throughout most of the region in November compared to the same month last year, according to data.

In November, active inventory decreased throughout the Virginia Beach/Newport News region compared to the same month last year. Both Norfolk City and Virginia Beach experienced decreases in total inventory of 23 percent, while Newport News experienced a decrease of 20 percent, versus November 2010. Hampton and Chesapeake cities saw decreases of 17 percent and 9 percent, respectively.

Throughout the region, homes are selling, on average, in roughly three-to-four months. Virginia Beach City and Norfolk City both had days on market (DOM) of 97 days. Chesapeake City’s DOM was 102 days in November, Hampton City’s was 128 days and Newport News City’s was 112 days.

According to November’s data, median sale price decreased for most areas in the Virginia Beach/Newport News region to November 2010.

Throughout the region, sellers received 95 percent to 98 percent of their asking price, on average, another indicator of a shift toward a more balanced market between sellers and buyers.

“As we round out what has been a challenging year for real estate, it’s more important than ever for consumers to have as much information as possible to support their buying and selling decisions,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies. “Because every real estate market is different, national housing data may not support local buyers and sellers as they look to make well-informed decisions pertaining to their homeownership goals.”

“For example,” Detwiler continued, “we are continuing to see some very positive trends in the Virginia Beach/Newport News/Norfolk region, including tightening inventory throughout the region, and homes selling in less than four months, on average. For consumers, these dynamics could signal an ideal opportunity to buy or sell real estate.”