Homes.com’s Local Market Reports for April have arrived and all signs point to a strong continued recovery. Of the nation’s top 300 markets, 137 (46 percent) have officially reached a full pricing recovery. The Top 100 markets all saw annual increases, while the top midsize markets all reported increases on a 3-month average basis. In terms of regional recovery, the South continued to dominate with 23 markets having a complete rebound in home prices.
The Homes.com Local Market Report is designed to keep you informed about how the top local markets are progressing on their road to recovery. To give you a deeper understanding of the local factors behind these results, we’ve started the Local Market Expert Series. Each month, we’ll have agents and brokers from some of the top performing markets provide us with an insider look at the housing recovery in their area. This month, we will be peeling back the layers and taking a closer look at Hampton Roads (Virginia Beach, Norfolk, Newport News), VA. In April’s report, this area saw a 5.10% year-over-year increase, 2.31% monthly increase and has now achieved a rebound rate of 98.33%.
Kristie Weaver of William E. Wood and Associates is a well-known agent serving the Hampton Roads region of Virginia. Weaver has received many awards throughout her career and comes highly recommended by all of her clients. We took the time to get her insight on which factors are driving the recovery in her area and what changes she has noticed from working there. Here’s what she had to say:
Homes.com: What changes have you noticed in your market’s inventory over the last six months and how does your inventory look now?
Weaver: “There has been a continued decrease in the number of distressed properties on the market in Hampton Roads. In addition, with the slow appreciation of home values, more owners are starting to list their homes, in part because they are no longer ‘underwater.’ When we have a six month supply of homes for sale, economists say that it is a balanced market. We are finally there.”
What’s your outlook on the recovery of home prices in your local market?
“I believe that the decline in housing prices is behind us. For the past few years we’ve been noticing a slow appreciation in home prices. Based on what we’re seeing now, it’s my opinion that home prices will continue to steadily improve over the next few years.”
Have you noticed an upswing in sales for a particular type of property (townhouses, condos, single-family homes, etc.)? If so, is there a specific segment of buyers that is driving the upswing for those properties?
“According to numbers reported by our local MLS, we’re seeing an increase in overall sales in Hampton Roads, but no significant increase in a particular type of property.”
What specific local economic factors are driving home sales in your area?
“Hampton Roads is a very transient area due to a high number of military installations and diverse industries with both a national and international presence. In addition, we attract millions of vacationers a year who come to enjoy our 38 miles of beautiful beaches and other great local attractions.”
What do you enjoy most about living in Hampton Roads?
“Hampton Roads has so much to offer, making it difficult to pinpoint one thing I enjoy most. We have four distinct seasons that are all relatively mild, so residents can truly enjoy being outdoors year round. Hampton Roads has a great music scene and one of my favorite things to do in the summer is to stroll the boardwalk and listen to the live music. Whether you love culture, appreciate history or enjoy having fun, you can find it all in Hampton Roads.”
Homes.com would like to thank Kristie for shedding a helpful light on the recovery of home prices in her area. Check out all the properties that are currently listed on Homes.com for the Virgina Beach area. Also, be sure to review April’s full report for more details on the nation’s housing recovery!
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