27 Oct 2015

Peninsula housing inventory shrinks as demand increases

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For area Realtor Kyle Hause, the Peninsula housing market is showing signs of recovery.

“I’ve sold more lots in 12 months than I’ve sold in the last four years,” said Hause, a Realtor with Chantilly-based Long & Foster Real Estate Inc. that’s been selling real estate in the region for nearly 30 years. “We’re coming out of this thing.”

With housing inventories declining and pending sales increasing across the Peninsula, area real estate agents are seeing the region’s housing market become more balanced — meaning potential residents looking to sell their homes could get their asking price or better.

“As properties continue to leave the market at a quicker rate than they are added … the Hampton Roads real estate market appears to be heading toward a balanced and sustainable market,” said Art Zachary, president of Real Estate Information Network Inc. (REIN) and president and CEO of Rose and Womble Realty. “That is beneficial for both buyers and sellers.”

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