September 2011 Summary
Residential active listings decreased, 16.6% year-over-year, to 12,894 (September 2011) from 15,467 (September 2010). This is normal for this time of the year. Will we see the flood of listings come on the market around April/May. The listings still on the market are the ones that need to sell. Others will withdrawal their listing and wait till Spring.
Under Contract (Pending) Residential Sales
Total residential under contract sales increased by 27.8% as compared to September 2010 (1,603 vs. 1,254). Buyers are still out even though school has started and the holidays are coming.
Total property sales and total residential sales increased when compared to September 2010 showing increases of 21.9% and 20.5% respectively. This is big. We are lucky to have the military in our area.
There is currently 8.8 months’ inventory of residential homes on the market in the Hampton Roads area, a 5.1% decrease from the previous month and down 12.8% from September last year. In a normal market, inventory is about 6 months. So, we are getting closer!