Hampton Roads Market Snapshot for 2nd Quarter 2008 ~ Hampton Roads Real Estate Ramblings

Hampton Roads Market Snapshot for 2nd Quarter 2008

Wednesday, April 2, 2008

Hello Hampton Roads:

Here's a look at the 2nd Quarter 2008 real estate market for all 7 Tidewater cities:

Hampton Roads Real Estate Market Snapshot


Virginia Beach

Total # Homes sold 2007

6855

*Total Homes Currently on the Market 4/2/08

3586

# Times Inventory is turned

1.91

Absorption Rate in Months

6.28

DOM (Days on Market Based Upon Absorption Rate)

188.32

Chesapeake

Total # Homes sold 2007

3309

Total Homes Currently on the Market on 4/2/08

2018

# Times Inventory is turned

1.64

Absorption Rate in Months

7.32

DOM (Days on Market Based Upon Absorption Rate)

219.55

Norfolk

Total # Homes sold 2007

2493

Total Homes Currently on the Market 4/2/08

1791

# Times Inventory is turned

1.39

Absorption Rate in Months

8.62

DOM (Days on Market Based Upon Absorption Rate)

258.63

Portsmouth

Total # Homes sold 2007

1340

Total Homes Currently on the Market 4/2/08

769

# Times Inventory is turned

1.74

Absorption Rate in Months

6.89

DOM (Days on Market Based Upon Absorption Rate)

206.60

Suffolk

Total # Homes sold 2007

1438

Total Homes Currently on the Market 4/2/08

1030

# Times Inventory is turned

1.40

Absorption Rate in Months

8.60

DOM (Days on Market Based Upon Absorption Rate)

257.86

Hampton

Total # Homes sold 2007

1798

Total Homes Currently on the Market 4/2/08

787

# Times Inventory is turned

2.28

Absorption Rate in Months

5.25

DOM (Days on Market Based Upon Absorption Rate)

157.58

Newport News

Total # Homes sold 2007

2164

Total Homes Currently on the Market on 4/2/08

1076

# Times Inventory is turned

2.01

Absorption Rate in Months

5.97

DOM (Days on Market Based Upon Absorption Rate)

179.00

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

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


So what do these numbers mean?

Currently in Hampton Roads there is still 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.

Comparing these numbers to what we saw in the 1st qtr. Hampton Roads Market Snapshot, you can see that time on the market is increasing slightly.

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/