100 90 80 70 60 50 40 30 20 10 0 Average Days on the <strong>Market</strong> 84 87 87 69 66 61 46 48 36 27 28 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Existing <strong>Real</strong> <strong>Estate</strong> Closings 2,500 2,000 Distressed Closings Closings % <strong>of</strong> Distressed Closings 40% 35% 30% 1,500 25% 1,000 20% 15% 500 10% 5% 0 0% JAN 09 FEB 09 MAR 09 APR 09 MAY 09 JUN 09 JUL 09 AUG 09 SEP 09 OCT 09 NOV 09 DEC 09 JAN 10 FEB 10 MAR 10 APR 10 MAY 10 JUN 10 JUL 10 AUG 10 SEP 10 OCT 10 NOV 10 DEC 10 <strong>2011</strong> <strong>Hampton</strong> <strong>Roads</strong> <strong>Real</strong> <strong>Estate</strong> <strong>Market</strong> <strong>Review</strong> 62
<strong>2011</strong> R E S I D E N TIAL dian <strong>of</strong> $301,900 in 2009. For 2010, only Chesapeake and Surry County experienced rising median sale prices for existing homes <strong>of</strong> significance, 2% and 29% respectively. Only two other areas avoided drops in median sale prices, Virginia Beach and Isle <strong>of</strong> Wight County. The median sale price in Virginia Beach was flat year-over-year at $230,000 and Isle <strong>of</strong> Wight County had a slight increase <strong>of</strong> 0.4%, otherwise all <strong>of</strong> the local cities and counties had median price declines when compared to 2009. Portsmouth and Mathews County experienced the largest declines in median sale prices <strong>of</strong> existing homes, 10% and 19% respectively. The average number <strong>of</strong> days a home spent on the active market for sale, or market time, for existing homes that closed in 2010 in the <strong>Hampton</strong> <strong>Roads</strong> region was 87 days, the same as in 2009. This was the first year without an increase since 2004. The stabilizing <strong>of</strong> this measure may signify a leveling and strength in the real estate market, but the statistic is susceptible to manipulation and may not be truly indicative <strong>of</strong> the time it takes to sell a home. For instance, when the same measure is taken for all existing homes that exit the active market (i.e. the home becomes no longer for sale due to closing, listing expiration, contract fall through, or the listing is withdrawn from the active market) the average number <strong>of</strong> days on market was 128 for 2010, whereas it was 125 days for 2009, much larger than the market time <strong>of</strong> only those homes that closed. Detached homes accounted for 79% <strong>of</strong> all existing home closings in 2010, up 2% from 2009. The number <strong>of</strong> closings was down 7% for detached existing homes in 2010 when compared to 2009. The median sale price for detached homes in 2010 was $220,000, down 2.2% from 2009’s measure. The Southside’s cities and counties comprised 72% <strong>of</strong> all the existing detached home closings in 2010. Virginia Beach had the highest percentage, 26%, for any single city or county for the <strong>Hampton</strong> <strong>Roads</strong> region. Existing Homes Median Sale Prices $350,000 $300,000 $250,000 $200,000 $150,000 $225,500 $230,000 $232,500 $213,750 $200,000 $198,350 $169,250 $155,000 $254,950 $256,000 $301,900 $295,000 $265,000 $215,000 $183,900 $172,250 $175,000 $164,900 $293,700 $270,000 $150,500 $135,000 $230,000 $214,800 $135,000 $173,500 $230,000 $230,000 $229,000 $215,500 $290,000 $279,000 $100,00 $50,000 $0 CHES CURR GLOC HAMP IWC JCC MATC NNEW NORF POQ 2009 Median SP 2010 Median SP PORT SUFF SURC VBCH WMBG YORK <strong>2011</strong> RESIDENTIAL 63