In this month’s edition of the Market Trends Report, we will re-cap the market activity from 2007 and take a look at the real estate forecast for 2008.

Happy New Year! In this month’s edition of the Virginia Beach Real Estate Market Trends Report, we will re-cap the market activity from 2007 and take a look at the real estate forecast for 2008.

Existing-home sales rose slightly in November, indicating a stabilization in housing in the wake of mortgage disruptions earlier in the year, according to the National Association of Realtors®.

Total existing-home sales nation-wide rose .4% in November 2007, when compared with October 2007, but were still down about 20% from the same time in 2006.

Looking ahead to 2008, Lawrence Yun (Senior NAR Economist) predicts “near term, existing-home sales should continue to hover in a narrow range, just as they have since September, and that’s good news because it’ll be a further sign that the housing market is stabilizing.” In further good news, he noted “mortgage interest rates are near historic lows, and the most current data shows decelerating price declines along with a modest reduction in the number of homes on the market.”

Yun reminds us, however, that “just like the weather, there are large local variations in home prices” and sales. Let’s take a look at the yearly totals for our South Hampton Roads cities in 2007 to see what the market looked like when compared with 2006:

Virginia Beach real estate (residential) sales dropped by 13 percent in 2007 compared to 2006, causing the average market time to increase 33 percent, from 45 days to 60 days. The median price increased 4 percent, while the average sale price increased 6 percent to $324,403.

Chesapeake VA real estate (residential) sales also decreased in 2007 by 16 percent, with market times increasing 45 percent. The median price remained unchanged, as the average sales price decreased 2 percent to $297,084.

Norfolk VA experienced a 19 percent decline in sales in 2007. Market times increased 24 percent. The median price increased 3 percent to $205,750 and the average sales price increased 3 percent to $249,631.

Portsmouth VA home sales also decreased by 15 percent, with market times increasing 31 percent compared to 2006. The median price increased to $169,900 or 1 percent and the average sales prices decreased 1 percent to $185,835.

Suffolk VA also experienced a decrease in sales of 15 percent compared to  2006. Market times increased 39 percent, 75 days vs 54 days. The average sales price decreased in Suffolk to $312,924 or 1 percent while the median price declined 4 percent.

If you are planning to buy or sell a home in 2008, or if you want to learn more about Hampton Roads and Virginia Beach real estate, please contact us at 888-222-0158 #550 or visit ButlerTeamHomes.com. To begin searching for Hampton Roads homes, please use our complimentary MLS search. Best wishes for a very happy and prosperous new year!

Statistics compiled from Real Estate Information Network. They are deemed reliable, but not guaranteed.

Realted Posts:
Virginia Beach Real Estate Market Report-Feb 2008
Virginia Beach Real Estate Market Trends-Feb 2008

Virginia Beach Tops For Having A Baby

Fit Pregnancy looked at everything from doctors and hospitals to doulas, midwives, breastfeeding success rates, birth and health risk, stroller-friendly trails and parks, affordability, and a whole lot more, when looking at the best cities in America to have a baby.

Our very own Virginia Beach came in at #8. Congratulations!

If you are expecting and considering a move to Virginia Beach, you can learn about virginia Beach by visiting our website, ButlerTeamHomes.com.

Search all Virginia Beach homes for sale.

Virginia Beach Real Estate Podcast

The January edition of our Virginia Beach Real Estate Podcast covers Virginia Beach real estate market activity and then our experts explain how a new trend is creating demand and opportunity in our local housing market.

Features special guest Terri Murphy of US Learning.

Program length: approximately 7 minutes.

download podcast mp3 file |   subscribe to podcast feed

For more information on Virginia Beach real estate and to view homes for sale, visit our website, ButlerTeamHomes.com.

Ruth Ann Macklin (formerly Butler) has been in the Real Estate business since 1987

Ruth Ann Macklin (formerly Butler) has been in the Real Estate business since 1987. She was The Butler Team’s leader until 2005, but now works behind the scenes as Marketing Specialist, creating the marketing materials for the Team and for the properties we list and sell.

Ruth Ann obtained the ABR (Accredited Buyer’s Representative), CRS (Certified Residential Specialist) and GRI (Graduate Realtors Institute) and is an Associate Broker. Ruth Ann is married to Team Leader, Dave. She and Dave have 4 sons, Matthew, Tim, Greg and Brian.

Ruth Ann has grew up in West Trenton, NJ and lived in Vermont, Massachusetts and Rhode Island before moving to Virginia Beach in 1982. She is a real beach bum and can be found walking or reading on the beach anytime the weather permits. Her other hobbies are gardening and travel.

Ruth Ann graduated from Wilson College with a Bachelors Degree in Sociology and ran an Inn in Vermont before becoming a Mom and then a Realtor.

Although, Ruth Ann enjoyed working directly with buyers and sellers, she was ready for a change and now enjoys focusing on marketing. So much so, she has opened a Virtual Assistant business, helping Realtors all around the country with their marketing. Be sure to visit her website, myREassistant.com.

Dave Macklin is the Butler Team leader, specializing in assisting Sellers and Landlords to sell and manage their properties. Dave’s knowledge of the market conditions and negotiating skills assure Sellers top dollar for their property with a minimum of disruption in their lives.

Dave also enjoys working with Buyers to help them achieve their goal of home ownership. Whether a 1st home, move-up home, 2nd home, vacation or investment property Dave has the knowledge and expertise to make the purchase a great experience!

Dave firmly believes that there is no substitute for education and continues to attend classes and seminars whenever possible, keeping him on the cutting edge of the real estate industry.

One of Dave’s greatest strengths is Active Listening, listening for both the spoken and unspoken meanings in statements and actions. This allows him to do a superior job of negotiating in his clients’ best interest.

Dave has obtained a number of designations…the ABR (Accredited Buyer’s Representative), CRS (Certified Residential Specialist) and GRI (Graduate Realtors Institute) and is an Associate Broker. He is a member of the National Association of Realtors, Real Estate Information Network, RE/MAX International Network and the Hampton Roads Realtor Association. He also belongs to the by-invitation-only organization, Cyber Professionals.

Dave grew up and lived in Columbus OH most of his life and sold real estate there for 15 years prior to moving to Virginia Beach. Dave moved to Virginia Beach in 1998 after meeting Ruth Ann (wife and Team marketing specialist) on the Internet (In one of our real estate marketing groups). In his spare time, Dave loves to play golf and relax on the beach…his license plate is BchTme (Beach Time). And there is no better place to do this than in Virginia Beach!

Dave and the rest of the Team are here to guide you through your real estate transaction, whether you are buying, selling or managing property, they are here to help. They use cutting edge technology combined with good, old fashioned service to give you the best real estate experience possible, while getting the best deal!