MAY 2012 MARKET STATISTICS

The local real estate market continues to show improvement throughout the month of May 2012. Inventories are down, prices are up and houses are selling. Rates continue to be at historic lows. The links below are provided that you might examine the compiled statistics for yourself. If you have any questions about what you see, be sure to let me know and if you have any comments or observations, feel free to share them here. http://www.longandfoster.com/Market-Minute/VA/Hampton-City.pdf http://www.longandfoster.com/Market-Minute/VA/James-City-County.pdf

PHOEBUS REVISITED

Back in 2010, I wrote a blog post about Phoebus, located in Hampton, Virginia and on the National and Virginia Registers of Historic Places. I'm not sure why my fascination with Phoebus, but I do love it. I took a drive through yesterday and eveything is so quaint. The yards and homes are nicely maintained and manicured. While some shops are empty along Mellon Street, there are several antique stores and even a bridal shop, as well as the home of the Phoebus Improvement League. The most exciting recent happening for Phoebus was the announcement at the end of 2011 that President Barack Obama had signed to make Fort Monroe a National Monument that will be operated by the National Park Service. Phoebus Improvement League President, Faith Jones, said "We are the first ring to the National Monument" and "we need to be ready to take full advantage of it". For those that do not know this, in order to get to the main entrance of Fort Monroe, one needs to drive through a part of Phoebus. With this new annoucement the Phoebus Improvement League is working to update their master plan. What an exciting time for Phoebus...THE FUTURE COULD NOT LOOK ANY BRIGHTER! June 2012 Real Estate Data for Phoebus (as recorded by REIN MLS): 1) There are 10 active residential listings priced between $37,000 and $279,900 of which 2 are foreclosures and 1 is a short sale. There are 2 pending residential listings that are listed between $135,900 and $159,900 of which 1 is a foreclosure and 1 is a short sale. There were 12 sold residential listings within the past 12 months and they closed between $24,900 and $214,900. Of these 12 sold listings, 6 were foreclosures. 2) There is 1 active duplex listing priced at $170,000 and no sales reported within the past 12 months. 3) There is 1 active commercial listing priced at $500,000 and no sales reported within the past 12 months 4) There are 4 active lot listings priced between $25,000 and $75,000 and no sales reported within the past 12 months. For comparision, I have posted below my original post from 2010. Lynne Jakobowski, Long & Foster Realtors September 9th, 2010 \\ Uncategorized Phoebus is a Hampton, Virginia community that is showing signs of revitalization. In 2006 the Phoebus National Historic District was added to the National Register of Historic Places. It also was added to the Virginia State Register. There is a mix of specialty retail and residential. Some of Hamptons oldest homes are located in Phoebus. Because Phoebus was once a town unto itself, it still retains the small town charm. With revitalization, Phoebus is now home to The American Theatre. The American Theatre is one of Phoebus’ shining stars. The theatre holds many events to include concerts, art exhibitions and classes. Another recent Phoebus area historical renovation has been the Hotel Chamberlin. The Hotel Chamberlin currently is home to active adult rental apartments. For more information on Phoebus, check out the Phoebus Improvement Leauge website. Also a great read about the history of Phoebus can be found on the application for consideration as a historic district. This is located at the Virginia Department of Historic Resources website. August 2010 real estate statistics for Phoebus are as follows (as recorded in REIN MLS): 1) 26 active real estate listings consisting of 20 detached residential, 1 duplex, 2 commercial properties, and 3 lots for sale. The residential is ranging in price between $51,900 and $249,900. Commercial is ranging between $299,000 and $375,000. The lots are between $50,000 and $75,000. Of these, 2 properties are located within the historic district. 2) 2 pending sales on residential property. 3) 2 closed residential properties ranging in price between $49,000 and $68,400. 4) 1 expired listing at $165,000 and located in the historic district. If you would like any further information on the current Phoebus real estate market, email me at lynne.jakobowski@longandfoster.com or call me at (757) 240-9056. I would be happy to provide you a detailed listing.

2011 vs. 2006 New Single Family Home Statistics

It seems my post have centered around real estate statistics, but in the market every day we are looking for signs of recovery. Have any of you heard of Steve Harney and Keeping Current Matters. He provides a wealth of statistics for the real estate professional and generally offers simplistic interpretations of the data. Today his blog, kcmblog, put out data from the U.S. Census Bureau regarding new single family construction built in 2011 vs. 2006. Most of the data was on the type of financing used. While Conventional financing had dropped from 90% in 2006 to 62% in 2011, FHA and VA financing had increased, as well as those paying cash. While no real surprise here, the stats did cofirm, in my mind, what I see in my real estate practice. First time home buyers are taking advantage of these historic low rates and getting out of the rental pool. I find that they are most interested in the foreclosures and short sales. The increase in cash buyers would account for the investors who also are looking for the deals from the foreclosures and short sales and adding to their portfolios. Lynne Jakobowski, Associate Broker

Williamsburg-James City County Real Estate Stats April 2012

More April 2012 Real Estate statistics for the local area. These are for the Williamsburg and James City County area. While not as favorable as those for the Suffolk/Smithfield area that I recently blogged about, things are relatively stable. Inventories are decreasing in the area. This will allow more opportunity for sellers to move their properties that are on the market and also will allow prices to continue to stabalize. 35.37% of homes sold were in the $200,000-$300,000 range. With interest rates still at historical lows, this range should continue to sell well. Here is a link that will allow you to reveiw the detailed statistics for the month. http://member.waarealtor.com/Merge/April.pdf On a note of interest, this blog was written on June 1, 2012. Yesterday interest rates reached an all time historic low. It is a great time to buy a home! Lynne Jakobowski, Associate Broker

APRIL 2012 MARKET STATISTICS

WOW! The real estate market statistics are out for April 2012 and how encouraging to see signs of improvement within the local areaa. Attached are market report links for Suffolk and Isle of Wight County, Virginia. I'd encourage you to click on the reports and to see for yourself. The local market is busy! Rates are still reaching historic lows! As I told one of my recent 1st time homebuyers, WHAT ARE YOU WAITING FOR! If you are thinking about buying a home and you can qualify, I absolutely believe that you should. You will regret it in a few years, when rates go up again that you did not seize this golden opportunity! http://www.longandfoster.com/Market-Minute/VA/Suffolk-City.pdf http://www.longandfoster.com/Market-Minute/VA/Isle-of-Wight-County.pdf