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Hampton Roads Market Numbers

Hampton Roads Market Numbers

  • On the market now: 9124 units (4-2018)
  • Resale: 8090 units
  • New Construction: 1034 units
  • Estimated Months to Absorb Resale Inventory: 4.57
  • Estimated Months to Absorb Resale Inventory: 3.65
  • Neutral is 5 Months. Greater than 5 months equal a seller’s market

Month Ending March 2018

  • Number of Price Reductions: 2230
  • Number Entered the Market: 4384
  • Number Off the Market (Pending/Sold/Withdrawn): 3945
  • Contracts Ratified: 2679
  • Bank/REO/Government: (7.6%)
  • Short Sale: 51 (1.9%)
  • Resale: Detached=1801,  Attached=480
  • New Construction: Detached=209, Attached=117

Closings for Month of March 2018

  • Total: 2254
  • Resale Detached: 1545
  • Resale Attached: 431
  • New Construction Detached: 209
  • New Construction Attached: 69
  • Southside Resale Det $200-249K 2.99 months
  • Southside NC Det $250-299K 2.16 months

Chesapeake Market Snapshot

  • 359 Sales in March (Up 27% from February/ 5.2% 2017)
  • Average Sales Price %288,035 (Up 7.3% over 2017)
  • Median Days on Market: 32
  • 48% of Homes Selling within 30 Days of List
  • 1331 Total Active Residential Listings (Down 12%)
  • 661 Currently Under Contract (Up 20% from February)

Suffolk Market Snapshot

  • 92 Homes Sold February (Down 14.1% y/y)
  • $271,827 Average Sales Price (Up 8.5% y/y)
  • Median Days on Market: 26
  • 37% of Homes Selling withing 30 Days of List
  • 683 Total Active Residential Listings
  • 199 Currently Under Contract (Up 15% from January)
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