The market continues to improve. Since all sales are determined by Supply and Demand, then changes in either indicates movement in a plus or minus direction. In 2011 the total number of listings in our Hampton Roads market was 16,945, today it is 9,285. This is a 45% reduction. Definitely going in the right direction, getting closer to a normal number, but our challenge is still in the overall economy and the continued stalemate in Congress. Major business decisions are being held up because we have no direction from our elected leaders. The over all rating of Congress before was bad, but now I think they deserve an F-. We should have voted them out when we had the chance last time. Maybe we will be smarter next time!
Below are two informative charts. Settled Sales show the history of how we got into this mess and for the first time since 2007 shows an increase in home values, overall. The second chart shows the influence of Distressed sales on the market. They are still at 26.37%, which is a huge negative influence on the sales price of homes. To get better prices we need for the Distressed sales to be much less.
If Sequestration does not overly affect the Hampton Roads economy, then we will continue to improve. But my guess is that the Sequestration will slow down recovery for our area. It is about a Congress that is not doing its job that is holding everything back. Let’s call for a new election! You In?
Send me one client this year! Have you been to Sweet Frog yet on Main St. near Panera?