A Strong Start for Local 2013 Real Estate Market

Lower interest rates, along with an improving economy are helping our local Hampton Roads, VA real estate market to steadily improve. In addition, a leaner inventory, of homes available for sale, within an improving number of homes for sale under agreement, has led to an improvement in housing pricing.

The following information pertains to year over year results dating from the end of February 2012 to end of February 2013:

Residential Inventory in Hampton Roads VA Southside has decreased 8.8% from 8390 to 7656 residential housing units for sale.

Residential Settled Sales in Hampton Roads VA Southside has increased 8.83% from 1867 to 2032 residential housing units sold.

Residential Pending Sales in Hampton Roads VA Southside has increased 20.5% from 1166 to 1405 and should these Pending Sales results in Settled Sales, the improving trend in the Hampton Roads VA Southside market will continue.

Distressed Sales in Hampton Roads VA continue to be a contributing factor in the local real estate market accounting for 34.2% of settled sales years to date.

March 18, 2013 by Mitch Burton, Norfolk VA Realtor

Information provided by REIN & deemed reliable but not guaranteed.

Mitch Burton has been a top producing Norfolk VA Realtor since 2003. As a Norfolk VA native, he grew-up in the West Norfolk community of Lakewood and attending Old Dominion University. Mitch has also owned properties in Ghent, West Belvedere, Colonial Place, East Beach and currently lives in Downtown Norfolk along the Elizabeth River in the Historic Freemason. He enjoys introducing his clients to the diverse neighborhoods throughout Norfolk VA. As a top Realtor, Mitch Burton has represented both those buying and selling real estate in all of West Norfolk including waterfront estates in Larchmont, Talbot Park, and Lochhaven, condos in Ghent and West Ghent, lofts in Downtown, and single-family homes in Larchmont, Winona, Lafayette Shores, and many other wonderful neighborhoods in Norfolk.