virginia beach/norfolk/newport news market conditions report
DESCRIPTION
Virginia Beach/Norfolk/Newport News Metropolitan Statistical Area Market ConditionsTRANSCRIPT
® The Long & Foster Market Conditions Report
46
Hampton Roads Area - September 2013
●
● The current median sale price was 6%
lower than in August.
This September, the median sale price
was $202,000, a decrease of 2%
compared to last year.
Highlights
$1
97
,49
5
$1
88
,00
0
$1
91
,70
0
$1
97
,50
0
$1
71
,60
0
$1
85
,00
0
$1
94
,90
0
$1
97
,75
0
$2
05
,00
0
$2
11
,00
0
$2
10
,00
0
$2
11
,00
0
$2
05
,25
0
$2
00
,00
0
$2
05
,00
0
$2
00
,00
0
$1
92
,76
5
$1
92
,00
0
$1
99
,90
0
$1
99
,90
0
$2
09
,90
0
$2
25
,00
0
$2
25
,00
0
$2
15
,00
0
$2
02
,00
0
$0
$50,000
$100,000
$150,000
$200,000
$250,000
Median Sales Price
$235,0
00
$225,0
00
$160,0
00
$169,8
25
$230,0
00
$220,0
00
$227,0
38
$171,7
50
$161,9
50
$207,2
50
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
Virginia
Beach City
Chesapeake
City
Norfolk City Newport
News City
Suffolk City
Median Sale PriceOf Top Five Counties/Cities Based on Total Units Sold
One Year Ago Current Month
-9% -8
%
-11
%
-6%
-8%
-5%
5%
-1%
8%
5% 6
%
1%
4%
6% 7%
1%
12
%
4%
3%
1% 2
%
7% 7%
2%
-2%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
Median Sale PricePercent Change Year/Year
® The Long & Foster Market Conditions Report
47
Hampton Roads Area - September 2013
1,4
73
1,3
79
1,2
82 1
,46
7
1,0
93 1
,28
4
1,5
56
1,6
00 1,7
51
1,9
65
1,8
33
1,9
15
1,4
74
1,4
86
1,4
93
1,4
49
1,2
55
1,3
58
1,6
23 1
,79
4
2,0
59
2,0
59
2,1
13
2,0
71
1,6
51
0
500
1,000
1,500
2,000
2,500
Total Units Sold
446
267
177
126
89
499
263
192
140
122
0
100
200
300
400
500
600
Virginia
Beach City
Chesapeake
City
Norfolk City Newport
News City
Suffolk City
Total Units SoldOf Top Five Counties/Cities Based on Total Units
Sold
One Year Ago Current Month
●
● There was a decrease of 20% in total
units sold in September compared to
August.
This month's total units sold was
higher than at this time last year, an
increase of 12% versus September 2012.
Highlights2
0%
17
%
10
%
15
%
10
%
19
%
-1%
3%
0%
7%
16
%
20
%
0%
8%
16
%
-1%
15
%
6%
4%
12
%
18
%
5%
15
%
8%
12
%
-10%
0%
10%
20%
30%
Total Units SoldPercent Change Year/Year
® The Long & Foster Market Conditions Report
48
Hampton Roads Area - September 2013
0
500
1,000
1,500
2,000
2,500
Total Units Sold by Type
Detached Attached
1,263
76%
388
24%
Total Units Sold by TypeCurrent Month
Detached Attached
506
31%
791
48%
247
15%
64
4%
43
2%
Total Units Sold by Price RangeCurrent Month
< 150K 150K to < 300K 300K to < 450K
450K to < 600K 600K and up
0
200
400
600
800
1,000
1,200
Total Units Sold by Price Range
< 150K 150K to < 300K 300K to < 450K 450K to < 600K 600K and up
® The Long & Foster Market Conditions Report
49
Hampton Roads Area - September 2013
13
,00
3
12
,53
2
12
,20
5
11
,30
7
11
,41
3
11
,50
9
11
,69
6
11
,82
0
11
,80
6
11
,70
4
11
,54
7
11
,36
6
11
,21
7
11
,03
5
10
,68
6
9,8
72
10
,17
7
10
,47
4
10
,65
6
10
,94
4
11
,13
8
11
,12
5
11
,28
8
11
,25
4
10
,98
6
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Total Active Inventory
2,5
00
1,5
87
1,4
56
961
823
2,5
27
1,4
24
1,4
31
912
790
0
500
1,000
1,500
2,000
2,500
3,000
Virginia
Beach City
Chesapeake
City
Norfolk City Newport
News City
Suffolk City
Total Active InventoryOf Top Five Counties/Cities Based on Total Units Sold
One Year Ago Current Month
-16
%
-17
%
-17
%
-18
%
-18
%
-19
%
-18
%
-18
%
-18
%
-17
%
-18
% -16
% -14
% -12
%
-12
%
-13
% -11
%
-9%
-9% -7
%
-6% -5
%
-2% -1
%
-2%
-25%
-20%
-15%
-10%
-5%
0%
Total Active InventoryPercent Change Year/Year
●
● Active inventory this September was
2% lower than the previous month's
supply of available inventory.
Versus last September, the total
number of homes available this month
was lower by 231 units or 2%.
Highlights
® The Long & Foster Market Conditions Report
50
Hampton Roads Area - September 2013
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Total Active Inventory by Type
Detached Attached
8,662
79%
2,324
21%
Total Active Inventory
by TypeCurrent Month
Detached Attached
2,915
27%
4,664
42%
1,874
17%
728
7%
805
7%
Total Active Inventory by
Price RangeCurrent Month
< 150K 150K to < 300K 300K to < 450K
450K to < 600K 600K and up
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Total Active Inventory by Price Range
< 150K 150K to < 300K 300K to < 450K 450K to < 600K 600K and up
® The Long & Foster Market Conditions Report
51
Hampton Roads Area - September 2013
96
.2%
96
.8%
96
.3%
96
.5%
96
.2%
96
.1% 9
6.3
%
96
.6%
96
.7%
96
.9%
97
.3%
96
.7% 96
.9%
96
.8%
97
.1%
97
.1%
96
.7%
96
.7%
96
.7%
97
.5%
97
.9%
97
.4% 97
.6%
97
.4%
97
.5%
95.0%
95.5%
96.0%
96.5%
97.0%
97.5%
98.0%
Average Sale Price as a Percent of List Price
96.5
% 98.0
%
95.6
% 97.3
%
98.3
%
97.4
% 98.6
%
96.8
%
96.7
% 98.4
%
93.0%
94.0%
95.0%
96.0%
97.0%
98.0%
99.0%
100.0%
Virginia
Beach City
Chesapeake
City
Norfolk City Newport
News City
Suffolk City
Sale Price as % of List PriceOf Top Five Counties/Cities Based on Total Units
Sold
One Year Ago Current Month
Days on Market
Current
Month
One Year
Ago81 95
Down -15% Vs. Year
Ago
Avg Sale Price as % of List Price
Current
Month
One Year
Ago97.5% 96.9%
Up 0.6% Vs. Year Ago
84%
86%
88%
90%
92%
94%
96%
98%
100%
Average Sale Price as a Percent of List Price by Price Range
< 150K 150K to < 300K 300K to < 450K 450K to < 600K 600K and up
98
105104
106
110
107108
104
96
9189
91
9596 96
94
97
101
96
90
94
8283 83
81
80
85
90
95
100
105
110
115Days on Market
® The Long & Foster Market Conditions Report
52
Hampton Roads Area - September 2013
$3
26
,01
0
$2
97
,53
4
$2
84
,57
1
$3
31
,08
3
$2
14
,72
0
$2
71
,42
7
$3
41
,02
8
$3
57
,58
1
$4
14
,67
8
$4
64
,16
0
$4
23
,37
1
$4
48
,22
9
$3
40
,49
3
$3
31
,38
1
$3
46
,17
5
$3
24
,60
8
$2
69
,97
0
$3
00
,38
2 $3
79
,01
6
$4
03
,21
8 $4
89
,18
9
$5
18
,29
5
$5
34
,11
1
$5
07
,75
8
$3
80
,04
3
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
Total Dollar Volume SoldIn Thousands
Total Dollar Volume Sold
Current
Month
One Year
Ago$380,043,330 $340,492,514
Up 12% Vs. Year Ago
Months of Supply
Current
Month
One Year
Ago6.7 7.6
Down -13% Vs. Year Ago
8.8 9.1 9
.5
7.7
10
.4
9.0
7.5
7.4
6.7
6.0 6
.3
5.9
7.6
7.4
7.2
6.8
8.1
7.7
6.6
6.1
5.4
5.4
5.3 5.4
6.7
0
2
4
6
8
10
12
Months of SupplyCurrent Month's Active Inventory/Current Month's Unit Sales
●
●
Total volume sold this September was
12% greater than the same month one
year ago.
In September, there was 6.7 months of
supply available, compared to 7.6 in
September 2012. That was a decrease
of 13% versus a year ago.
Highlights
® The Long & Foster Market Conditions Report
53
Hampton Roads Area - September 2013
2,4
66
2,3
15
2,1
85
1,6
96
2,6
89
2,5
77
3,0
99
2,9
34
2,8
82
2,7
87
2,5
42
2,6
86
2,3
04
2,4
33
2,0
43
1,5
86
2,8
65
2,6
80 2,9
38 3,2
15
3,2
94
2,8
25 3
,15
3
3,0
13
2,5
21
1,4
26
1,3
63
1,3
20
1,2
11
1,3
96
1,4
84 1
,80
6
1,8
09
1,8
39
1,7
86
1,7
06
1,8
06
1,3
67
1,5
57
1,3
75
1,2
23 1,4
70
1,5
73 1
,90
2
2,0
55
2,1
92
1,7
84
1,9
27
1,8
85
1,6
29
0
500
1,000
1,500
2,000
2,500
3,000
3,500
New Listings & New Contracts
New Listings New Contracts (Under Active Contract Status)
New Listings
Current
Month
One Year
Ago2,521 2,304
Up 9% Vs. Year Ago
New Contracts
Current
Month
One Year
Ago1,629 1,367
Up 19% Vs. Year Ago
1.7 1.7 1.7
1.4
1.9
1.7 1.71.6 1.6 1.6
1.5 1.5
1.71.6
1.5
1.3
1.9
1.7
1.5 1.61.5
1.6 1.6 1.6 1.5
0.0
0.5
1.0
1.5
2.0
2.5
Supply/Demand RatioNumber of New Listings to New Contracts
605
348
357
194
163
698
370
343
219
134
0200400600800
1,000
Virginia
Beach City
Chesapeake
City
Norfolk City Newport
News City
Suffolk City
New ListingsOf Top Five Counties/Cities Based on Total Units Sold
One Year Ago Current Month
390
248
145
139
90
458
240
230
141
112
0
100
200
300
400
500
Virginia
Beach City
Chesapeake
City
Norfolk City Newport
News City
Suffolk City
New ContractsOf Top Five Counties/Cities Based on Total Units Sold
One Year Ago Current Month
● Based on this month's amount of new
listings and new contracts, the ratio of
home supply (new listings) to current
home demand (new contracts) was 1.5,
a decrease of 8% from September 2012.
Highlights