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The Facts About Hampton Roads Real Estate (January - September 2010)

All real estate is local, as the saying goes. Here in Hampton Roads, we have had our share of market woes. Below you will find a summary of the facts, and just the facts, for real estate sales in the Hampton Roads area:

  • During the first three quarters of 2010 (January 1 through September 30), 12,927 homes have sold. This represents a decrease of 4.9% from the same period last year.
  • In September of this year, 937 homes have sold. This represents a 44% decrease from September 2009.
  • Currently, there are 1,912 homes under contract with no contingencies (i.e., home to be sold in order to purchase the next home, awaiting bank approval, etc.) in Hampton Roads.
  • There are 15,464 homes currently for sale in Hampton Roads. This is 10.2% higher than this time last year.
  • We have 9.8 months of inventory, considering the current rate of home sales applied to the current inventory (also known as the Absorption Rate). This means we are in a buyer's market with downward pressure on home prices due to the excess of supply relative to demand.

What this means for sellers:
Now, more than ever, you need to make sure that your home is priced correctly. If you are waiting for the market to "catch up" to the price that you want, you may have to wait quite some time as prices are likely to continue to decline for the next year.

What this means for buyers:
There is an incredible selection of homes on the market. This inventory, combined with historically low interest rates, make it a great time to purchase a home. Even if you are concerned with ongoing downward pressure on prices, an increase in interest rates could wipe out savings in price for the home when contrasts with the costs of your mortgage payments.

If you have questions regarding the state of the real estate market in Hampton Roads, Virginia, or any other real estate questions, please feel free to contact me at (757) 560-0881 or Kathryn@MyAgentKathryn.com. To search the MLS without any registration required, access my website at RedWhiteAndBlueRealEstate.com.

Posted Tuesday Oct 05