Hampton Roads Real Estate Market Snapshot

Hello Hampton Roads,

Here’s a look at the current real estate market in all 7 Tidewater cities.
Look for this to be a regular quarterly contribution with the next snapshot update in April!

Hampton Roads Real Estate Market Snapshot

Virginia Beach
Total # Homes sold 2007	6855
*Total Homes Currently on the Market 1/23/08	3324
# Times Inventory is turned	2.06
Absorption Rate in Months	5.82
DOM (Days on Market Based Upon Absorption Rate)	174.56
Chesapeake
Total # Homes sold 2007	3309
Total Homes Currently on the Market on 1/23/08	1800
# Times Inventory is turned	1.84
Absorption Rate in Months	6.53
DOM (Days on Market Based Upon Absorption Rate)	195.82
Norfolk
Total # Homes sold 2007	2493
Total Homes Currently on the Market 1/23/08	1689
# Times Inventory is turned	1.47
Absorption Rate in Months	8.13
DOM (Days on Market Based Upon Absorption Rate)	243.89
Portsmouth
Total # Homes sold 2007	1340
Total Homes Currently on the Market 1/23/08	710
# Times Inventory is turned	1.88
Absorption Rate in Months	6.36
DOM (Days on Market Based Upon Absorption Rate)	190.74
Suffolk
Total # Homes sold 2007	1438
Total Homes Currently on the Market 1/23/08	982
# Times Inventory is turned	1.46
Absorption Rate in Months	8.19
DOM (Days on Market Based Upon Absorption Rate)	245.84
Hampton
Total # Homes sold 2007	1798
Total Homes Currently on the Market 1/23/08	749
# Times Inventory is turned	2.40
Absorption Rate in Months	5.00
DOM (Days on Market Based Upon Absorption Rate)	149.97
Newport News
Total # Homes sold 2007	2164
Total Homes Currently on the Market on 1/23/08	931
# Times Inventory is turned	2.32
Absorption Rate in Months	5.16
DOM (Days on Market Based Upon Absorption Rate)	154.88

Note:
These numbers are based upon information from REIN MLXchange residential search. The total number of homes sold is for both detached and attached residential properties.

* Total homes currently on the market include those properties with the status of New, Active, Reduced, Increased, Extended and Back on Market.

So what do these numbers mean?
Currently in Hampton Roads there is 5 to 8 months of inventory on the market. This time period is the absorption rate—meaning it would take between 5 and 8 months to sell the current inventory if no other homes were put on the market.

This should give you an idea of where the market stands today. If you have any questions or would like to discuss your particular real estate needs, feel free to contact me.




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For your real estate needs, visit my website at http://www.hamptonroadsrealestate.us/