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    Market Summary For August 2012

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    During the past 12 months 18,806 homes have sold, a 9.9% increase from the previous 12 month period. In July there was a slight month over month decline in Total Homes Sold for the first time this year. The monthly average price for homes sold continues to hold steady, up almost 17% from the January lows.

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    Market Summary For August 2012

    Uploaded by

    api-96684081
    36 views3 pages
    During the past 12 months 18,806 homes have sold, a 9.9% increase from the previous 12 month period. In July there was a slight month over month decline in Total Homes Sold for the first time this year. The monthly average price for homes sold continues to hold steady, up almost 17% from the January lows.

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    During the past 12 months 18,806 homes have sold, a 9.9% increase from the previous 12 month period. In July there was a slight month over month decline in Total Homes Sold for the first time this year. The monthly average price for homes sold continues to hold steady, up almost 17% from the January lows.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    36 views3 pages

    Market Summary For August 2012

    Uploaded by

    api-96684081
    During the past 12 months 18,806 homes have sold, a 9.9% increase from the previous 12 month period. In July there was a slight month over month decline in Total Homes Sold for the first time this year. The monthly average price for homes sold continues to hold steady, up almost 17% from the January lows.

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    Hampton Roads Real Estate

    Market Report August 6, 2012

    During the past 12 months 18,806 homes have sold, a 9.9% increase from the previous 12 month period. In July there was a slight month over month decline in total homes sold for the first time this year, but sales levels were significantly higher than at the same time last year as they have been every month this year.

    Total Homes Sold


    2500 2000 1500 1000 500 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

    2010 2011 2012

    www.roseandwomble.com
    * Market Data courtesy of REIN, analysis by Rose and Womble. Deemed accurate but not guaranteed. Copyright 2012 All Rights Reserved

    The following chart shows the total number of homes for sale by month for the past 2 years. There are currently 11,509 homes for sale, which is 17.5% lower than the same time last year . This is the fewest number of properties for sale in August since 2006.

    17,000 15,000 13,000 11,000 9,000 7,000 5,000

    Total Residential Properties for Sale

    2010 2011 2012

    Jan

    Feb Mar Apr May Jun

    Jul

    Aug Sep Oct Nov Dec

    The monthly average price for homes sold continues to hold steady, up almost 17% from the January lows. Year to date the average price of homes sold is up 1.4% from the same time period last year,

    Average Sales Price


    $270,000 $250,000 $230,000 further evidence of a stabilizing in prices. $210,000 $190,000 $170,000 $150,000 Mar-11 May-11 Mar-12 May-12

    Sep-10

    Jan-11

    Nov-10

    Nov-11

    Sep-11

    Jan-12

    Jul-10

    Jul-11

    Mortgage rates continue to set new records, falling to 40 year lows. With conventional 30 yr. fixed rates as low as 3.5% for many borrowers, all housing affordability indexes continue to be at record levels even as home prices stabilize.

    30 Yr Fixed Mortgage Rate


    10 8 6 4 2 0 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
    * Market Data courtesy of REIN, analysis by Rose and Womble. Deemed accurate but not guaranteed. Copyright 2012 All Rights Reserved

    Jul-12

    Current Absorption
    Absorption rates continue to trend downwards towards a more balanced market between buyers and sellers. This is a function of both increased sales and lower inventory levels. The overall rate is the lowest in over 5 years and is dramatically lower than the 9.0 reading in August of last year.

    Total Absorption Rate All Areas for August 2012


    Price Range ($000's) Active Listings Sold Properties 2/1/12-7/31/12 Transactions Per Month Months to Absorb Market Condition

    <100 101-150 151-200 201-250 251-300 301-350 351-400 401-500 501-600 601-700 701-800 801-900 901-1000 1M-2M 2M+ Total

    1362 1810 2102 1698 1193 816 673 680 393 254 128 79 84 196 41 11509

    1679 1593 1928 1695 1144 793 524 430 202 98 54 32 14 34 3 10223

    280 266 321 283 191 132 87 72 34 16 9.0 5.3 2.3 5.7 0.5 1704

    4.9 6.8 6.5 6.0 6.3 6.2 7.7 9.5 11.7 15.6 14.2 14.8 36.0 34.6 82.0 6.8

    Normal Seller's Market Balanced Market Balanced Market Balanced Market Balanced Market Balanced Market Balanced Market Normal Buyer's Market Normal Buyer's Market Extreme Buyer's Market Extreme Buyer's Market Extreme Buyer's Market Extreme Buyer's Market Extreme Buyer's Market Extreme Buyer's Market Balanced Market

    0-3 Months of Inventory 3-5 Months of Inventory 5-8 Months of Inventory 8-12 Months of Inventory 12+ Months of Inventory

    Extreme Seller's Market Normal Seller's Market Balanced Market Normal Buyer's Market Extreme Buyer's Market

    High Appreciation Moderate Appreciation Flat Moderate Depreciation High Depreciation

    City By City Absorption


    Price Range ($000's) Chesapeake Hampton Newport News Less Than 100 3.2 4.6 6.8 101-150 5.5 8.8 7.9 151-200 5.0 7.2 6.6 201-250 4.5 8.1 6.8 251-300 5.7 5.0 6.9 301-350 5.5 9.6 4.7 351-400 8.2 11.3 13.5 401-500 11.1 14.4 22.0 501-600 10.4 27.0 21.0 601-700 60.0 24.0 18.0 701-800 12.0 36.0 0.0 801-900 9.0 0.0 0.0 901-1000 12.0 0.0 0.0 1M-2M 0.0 6.0 0.0 2M+ 0.0 0.0 0.0 Norfolk Portsmouth Suffolk 3.5 7.0 7.4 6.6 8.8 5.2 7.9 11.2 11.0 17.5 10.5 0.0 36.0 0.0 0.0 6.5 10.3 9.7 10.6 21.4 8.4 20.0 13.2 6.0 0.0 0.0 0.0 0.0 0.0 0.0 5.2 6.3 6.8 6.7 6.8 8.0 13.0 11.5 37.2 11.1 12.0 0.0 0.0 0.0 0.0 Virginia Beach 3.6 4.4 4.5 4.3 3.7 4.0 4.5 5.5 8.2 10.9 9.9 12.8 24.5 20.4 52.0

    *Data courtesy of REIN. Analysis by Rose and Womble. Information deemed accurate but not guaranteed.

    * Market Data courtesy of REIN, analysis by Rose and Womble. Deemed accurate but not guaranteed. Copyright 2012 All Rights Reserved

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