The Start... Market Snap Shot for October 12th

I'm going to start this real estate blog...  it will be updated a minimum of once a week with a Peninsula Market Update.  This covers Newport News, Hampton, York County (south not by Williamsburg) and Poquoson.  I hope to update at least twice a week with a real estate related article in addition to the Market Update, but let's start our guarantees off small...  it's taken me 2 years to actually commit to doing this blog. 

 

 

Peninsula Market Update

October 12th, 2012

 

We are in the midst of a pretty strong buyer's market.  Seller's are selling their house for 4% less than asking on average and they are typically contributing to a buyer's closing costs.  There are 2,140 active homes on the market for buyers to choose from so selection remains very good.  The market will likely improve for buyer's over the winter.  Typically prices drop and inventory rises to it's highest level during the winter months as there is less buyer activity. 




 

 

As you can see in the chart above inventory is dropping, but not at the rate pending and sold homes are.  Inventory is dropping at about a 4% rate compared to 13% drops for both pending and sold numbers. 

 

It's not all bad news for sellers though.  Houses are still selling at an average price of $185,256 which is $99.52 per square foot across the Peninsula.  As you can see in this chart the YOY inventory is down dramatically and prices and number sold are up significantly. 

 

 

 

 

We seem to be working towards a balanced market as real estate, like all other products, are controlled by supply and demand.  We are coming into the slow season though, so we'll see how it pans out.  The decrease in pendings YOY is the only thing keeping the annual comparison from being all rosy for sellers. 

 

 

Dan Peters

Associate Broker

Anchor Realty Group

Newport News, VA