Hampton Roads January 2009 Housing Numbers

Hello Hampton Roads,

With the start of the new year past us, many are wondering what the 2010 housing market is doing compared to last year. According to the latest press release from REIN (Real Estate Information Network) our local MLS, the housing numbers show mixed results. Both instances of growth and decline can be seen: The number of listings under contract and closed increased but there was a decrease in the number of active listings.

How It All Looks Comparing January Year Over Year Figures:

-1.8% Active Residential listings from 13,490 (Jan 2009) to 13.253 (Jan 2010)
-7.4% Median List Price for Active Residentail Properties *downward pricing pressure is due to both an influx of distressed property sales and sellers bringing their homes down to market value.

Increase13% Under Contract/Pending Sales for Residential Properties from 1116 (Jan 2009) to 1262 (Jan 2010)
5.4% Total Residential Sales

Lastly Hampton Roads has 8.57 months of inventory on the market still representing a buyer's market. A seller's market would be less than 6 months of inventory and balanced market would be 6 months of inventory on the market.

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