Hampton Roads Home Sales Rebound in March 2010

Hello Hampton Roads,

Hampton Roads Home Sales Rebound! Could we be seeing an uptrend in housing sales? REIN (Real Estate Information Network) our local MLS, just released its housing data for the Hampton Roads Real Estate Market for March 2010.  The good news is that real estate sales up from a year ago!

According the numbers above, an increase is seen in almost every category except for the Median Sales Price of residential homes in Hampton Roads. In this case we see a slight decrease of 1.64% from $213,500 to $210,000.  Below is a table showing the Median Sales Price of residential homes per city:

 Although the median sales price of residential homes may have dropped slightly, the absorption rate or  months of inventory has decreased!  Months Inventory indicates how many months it would take to sell the current number of homes on the market at the current sales rate—this figure helps determine whether it is a buyers or sellers market; a sellers market has a Months Inventory less than six, and a buyers market is greater than six. The numbers show that it is still a strong buyers market.

If you are looking for a new home, now is a good time to buy—distressed property sales continue to exert downward pressure on prices, and loan rates continue to be at historic lows, although they have been increasing slightly over the last month. The Federal Reserve chairman Ben Bernanke has indicated that the Fed will keep interests rates low for the next six months or so, but many analysts believe rates will rise.

If you have been considering buying a home, now is good time to do so.  Feel free to contact me and I will be happy to help you with your next real estate purchase.

Thanks for Reading,

Serving your Hampton Roads and Virginia Beach Real Estate needs.


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