Home Sales on the Rise

    Have you been thinking about selling your home? The market is looking up for sellers.  The following article courtesy of the Daily Press has great news for sellers in our area.

    home chart

    More people are buying homes on the Peninsula — signaling what some real estate officials call a throwback to the boom days of the mid-2000s.

    Completed homes sale on the Peninsula increased 7.4 percent in March, according to data recently released by Real Estate Information Network Inc.

    The Virginia Beach-based firm, which tracks and researches housing trends across Hampton Roads, reported 552 new and existing home sales across the Peninsula last month, up from 514 new and existing residences sold in March 2015.

    The report reflects home sales in Newport News, Hampton, Poquoson and Williamsburg, as well as James City, York, Gloucester, Mathews and Middlesex counties. The report also includes residential sales in Isle of Wight County.

    While the report does not include sales from real estate agents who do not belong to the Real Estate Information Network, it pinpoints parts of the region that are seeing increased residential sales activity, along with average sales price information for a number of Hampton Roads communities.

    Overall, Hampton Roads experienced a 5.3 percent gain in residential sales — the result of higher sales volumes in Virginia Beach, Chesapeake and Norfolk.

    Pending residential sales were also high last month across the Peninsula.

    Homes under contract soared 28 percent in March — growing from 531 pending home sales in March 2015 to 680 homes pending sale last month.

    Hampton posted a 33.3-percent spike in homes under contract — growing from 141 pending homes in March 2015 to 188 homes pending sales for an average listing price of $171,018 last month.

    James City County also posted high pending home sale contract volume last month. The fastest-growing municipality in Hampton Roads recorded 146 homes under contract last month for an average price of $343,487. That’s up 38 percent from 106 homes placed under contract in March 2015.

    Newport News was tops in home sale volume on the Peninsula, with 170 residential units sold in March for an average price of $173,206, the report stated. In March 2015, 151 homes were sold.

    York County posted an impressive 24 percent spike in home sales last month — posting 73 home sales last month for an average price of $300,630, according to the report.


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