Hampton Roads Market Snapshot for 2nd Quarter 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
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 |
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 |
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 |
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 |
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 |
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 |
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/
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