• 800.539.8014
  • Buyer
  • Seller
  • Offices & Agents
  • About
    • Blog
    • Careers
  • Real Estate School
  • Contact

Century 21 Nachman Realty

We Are Where You Are.

MENUMENU
  • Commercial
  • Rentals
    • Apt Rentals
    • Property Management
    • Rental Search
  • Mortgage
  • Foreclosures
  • Relocation
    • Community Info

Distressed sales account for less and less of the Virginia housing market

November 20, 2012 By admin

One of the best indicators of the improving health of the housing market is the percentage of homes for sale that are distressed.

If there are a lot of them (short sales and REOs/foreclosures), they keep overall prices down — and it indicates that there’s still of lot of mess left to clean up. That was the case through the entire housing collapse.

As we recover, though, the percentage goes down. So we look at those numbers to get a rough, overall picture of the market … and hope to see fewer distressed properties out there.

All that said…

We only have October numbers for MRIS and Hampton Roads, but they do cover a large portion of Virginia.

In MRIS territory, distressed properties accounted for 31.2% of sales in October 2011, but only 20.7% in October 2012. (Short sales dropped from 15.2% of the market to 11.7%; foreclosures dropped from 16% to 9.1%.)

In Hampton Roads we don’t have the detailed breakdown, but distressed sales overall dropped from 33.2% of the market to 28.3%.

So it’s safe to say that foreclosures and short sales are making up less and less of Virginia’s housing market, and that’s one good sign of a solid and ongoing recovery.

The post Distressed sales account for less and less of the Virginia housing market appeared first on VARbuzz.

Contact Us

Century 21 Nachman Realty
  • Agent Login

Office Locations

Chesapeake/Suffolk


3325 Taylor Rd., Suite 107
Chesapeake, VA 23321
(757) 638-5700
(800) 556-1611
(757) 638-5800

Norfolk


1512 East Little Creek Rd.,
Norfolk, VA 23518
(757) 480-2121
(800) 441-2112
(757) 480-0324

Elizabeth City


1880 West City Dr., Suite B,
Elizabeth City, NC 27909
(252) 331-1300
(866) 288-7413
(252) 331-1325

Virginia Beach/Chesapeake


1201 Lake James Dr., Suite 201,
Virginia Beach, VA 23464
(757) 424-0202
(800) 539-0238
(757) 424-9531

Newport News


720 Thimble Shoals Blvd.,
Suite 116,
Newport News, VA 23606
(757) 833-8400
(800) 539-8014
(757) 833-0545

Williamsburg


1031 Richmond Rd.,
Williamsburg, VA 23185
(757) 220-8205
(800) 369-8206
(757) 229-3196

Kitty Hawk


4628 North Croatan Hwy.,
Kitty Hawk, NC 27949
(252) 261-6400
(800) 252-6401
(252) 261-1400

At the Beach


1092 Laskin Road, Suite #204,
Virginia Beach, VA 23451
(757) 264-6530
(757) 233-7921

Gloucester County Office


5103 George Washington Memorial Highway,
Hayes, VA 23072
(804) 331-0422
(800) 539-8014
(757) 833-0545

Copyright © 2023 Nachman Realty LLC. All rights reserved.

CENTURY 21® and the CENTURY 21 Logo are registered service marks owned by Century 21 Real Estate LLC. Nachman Realty, L.L.C. fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated. Any services or products provided by independently owned and operated franchisees are not provided by, affiliated with or related to Century 21 Real Estate LLC nor any of its affiliated companies.

CENTURY 21® is a registered trademark licensed to Century 21 Real Estate LLC.

Equal Housing Opportunity. Each Office Independently Owned and Operated.