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!