August Market Re-cap for the Peninsula Region

As previously introduced by my colleague Amerika Davis (Managing Broker for Prudential Towne Realty’s Williamsburg office); I am Regina Scott the Managing Broker for the Peninsula Operation of Prudential Towne Realty. In spirit of “keeping it local” I wanted to share with you the most recent data for our Peninsula Region as of August 31, 2014.

newlistings-aug2014

Of the Peninsula’s region (Hampton, Newport News, James City County, York County, Poquoson, Williamsburg, Gloucester, Mathews County, Middlesex County) a total of 814 new listings were added to the Real Estate Information Network (REIN) Multiple Listing Service (MLS) in August of 2014, which is on par with the number of listings typically added in this month each year (850 in 2013 and 773 in 2012).

The Peninsula region’s months’ supply of inventory for residential homes presently for sale is currently at 8.02 months, down 7.29 from August 2013. Newport News currently maintains only a 6.73 months’ supply of inventory, the lowest for the Peninsula region, while Mathews County retains the highest months’ supply of inventory at 20.84 months. Six months is considered to be a balanced market.
August’s residential pending sales for the Peninsula region declined 2.80% as compared to the prior year. On the brighter side, Mathews County and York County contributed the greatest increases in pending sales among the market area with 59% and 23.70% respectively.

pendingsales-aug2014

The Peninsula region’s median sales price for August 2014 was $187,000 down 5.17% from the previous year of $197,200. Middlesex, York County and Hampton enjoyed a year over year increase by 48.39%, 17.31%, 19.48% respectively.

 

Regina R. Scott, Managing Broker

Prudential Towne Realty – Peninsula Operation

(757)251-6089