Norfolk July 2008 Market Report & Sales Statistics

Residential sales in Norfolk dropped by 21 percent in July compared to July 2007, causing the average market time to increase 22 percent, from 64 days to 78 days. The median sales price decreased 1 percent, while the average sale price increased 6 percent to $260,274.

 What do these sales statistics mean for Norfolk real estate buyers?

The Norfolk real estate market has not started to stabilize, however, values are appreciating and remains a great time to buy a home. Especially with the new first time home buyer incentives provided for in the Virginia Beach Real Estate: Housing & Economic Recovery Act.

National Association Reports Sales Increase

Existing-home sales rose from the first quarter in 13 states, largely from buyers responding to discounted home prices, according to the latest quarterly survey by the National Association of Realtors®. Nearly one-quarter of metropolitan areas showed rising home prices in the second quarter from a year ago, with greatly mixed conditions continuing around the country.  

NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said foreclosures are distorting the price data. “In many areas with large concentrations of foreclosure sales, homes are being purchased below replacement cost values,” Gaylord said. “Many buyers with long-term expectations are getting exceptional value in the current market. Once the inventory is drawn down, price pressure will return because the costs of construction are rising – today’s buyers are very well positioned to build wealth over time.” National Association of Realtors®.

Also read:

Virginia Beach Real Estate: South Hampton Roads Market Report July 2008
Re-capturing the American Dream With Virginia Beach Real Estate
Virginia Beach Real Estate: South Hampton Roads Market Trends
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008
Virginia Beach Real Estate: Norfolk Market Report June 2008
Virginia Beach Real Estate: Norfolk Market Report May 2008

To learn more about Norfolk and Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. 

Search all Chesapeake and Virginia Beach homes for sale.

Find out what your home is worth.

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

Chesapeake Real Estate Market Report

Existing-home sales rose from the first quarter in 13 states, largely from buyers responding to discounted home prices, according to the latest quarterly survey by the National Association of Realtors®. Nearly one-quarter of metropolitan areas showed rising home prices in the second quarter from a year ago, with greatly mixed conditions continuing around the country.  

NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said foreclosures are distorting the price data. “In many areas with large concentrations of foreclosure sales, homes are being purchased below replacement cost values,” Gaylord said. “Many buyers with long-term expectations are getting exceptional value in the current market. Once the inventory is drawn down, price pressure will return because the costs of construction are rising – today’s buyers are very well positioned to build wealth over time.” National Association of Realtors®.

Let’s take a look at the Chesapeake real estate market activity to see how sales are increasing locally.

Chesapeake July 2008 Sales Statistics

Residential sales in Chesapeake dropped by 7 percent in July compared to July 2007, causing the average market time to increase 24 percent, from 68 days to 84 days. The good news is, the median sales price increased 2 percent, while the average sale price increased 1 percent to $305,880.

What do these statistics mean for Chesapeake real estate buyers?

The Chesapeake real estate market has not started to stabilize and remains a great time to buy a home. Especially with the new first time home buyer incentives provided for in the Virginia Beach Real Estate: Housing & Economic Recovery Act.

Also read:

Virginia Beach Real Estate: South Hampton Roads Market Report July 2008
Virginia Beach Real Estate: South Hampton Roads Market Trends
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008
Virginia Beach Real Estate: Chesapeake Market Trends June 2008

To learn more about Chesapeake and Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. 

Search all Chesapeake and Virginia Beach homes for sale.

Find out what your home is worth.

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

Virginia Beach Real Estate Market Report

Existing-home sales rose from the first quarter in 13 states, largely from buyers responding to discounted home prices, according to the latest quarterly survey by the National Association of Realtors®. Nearly one-quarter of metropolitan areas showed rising home prices in the second quarter from a year ago, with greatly mixed conditions continuing around the country.  

NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said foreclosures are distorting the price data. “In many areas with large concentrations of foreclosure sales, homes are being purchased below replacement cost values,” Gaylord said. “Many buyers with long-term expectations are getting exceptional value in the current market. Once the inventory is drawn down, price pressure will return because the costs of construction are rising – today’s buyers are very well positioned to build wealth over time.” National Association of Realtors®.

Let’s take a look at the Virginia Beach real estate market activity for this July to see what is happening locally.

Virginia Beach July 2008 Sales Statistics

Residential Virginia Beach real estate sales dropped by 18 percent in July compared to July 2007, causing the average market time to increase 11 percent, from 56 days to 67 days. The median sales price decreased 6 percent to $255,000 and the average sales price decreased 9 percent, dropping to $304,470.

What do these statistics mean for Virginia Beach real estate buyers and sellers?

Our market has not started to stabilize yet, but remains a great time to buy a home. Especially with the new first time home buyer incentives provided for in the Virginia Beach Real Estate: Housing & Economic Recovery Act.

Also read:

Virginia Beach Real Estate: South Hampton Roads Market Report July 2008
Re-capturing the American Dream With Virginia Beach Real Estate
Virginia Beach Real Estate: Housing & Economic Recovery Act
Virginia Beach Real Estate: South Hampton Roads Market Trends
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008

To learn more about South Hampton Roads and Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. 

Please use our complimentary Virginia Beach real estate search.

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

South Hampton Roads Real Estate Area Market Report

Existing-home sales rose from the first quarter in 13 states, largely from buyers responding to discounted home prices, according to the latest quarterly survey by the National Association of Realtors®. Nearly one-quarter of metropolitan areas showed rising home prices in the second quarter from a year ago, with greatly mixed conditions continuing around the country.  

NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said foreclosures are distorting the price data. “In many areas with large concentrations of foreclosure sales, homes are being purchased below replacement cost values,” Gaylord said. “Many buyers with long-term expectations are getting exceptional value in the current market. Once the inventory is drawn down, price pressure will return because the costs of construction are rising – today’s buyers are very well positioned to build wealth over time.” National Association of Realtors®

Let’s take a look at the South Hampton Roads real estate market activity, including Virginia Beach, Chesapeake, Norfolk, Suffolk and Portsmouth, Smithfield and Isle of Wight for this July.

South Hampton Roads July 2008 Sales Statistics

Residential sales in South Hampton Roads dropped by 18 percent in July compared to July 2007, causing the average market time to increase 13 percent, from 63 days to 76 days. Both the median sales price and the average sales price decreased 4 percent, dropping to $249,000 and $287,302, respectively.

What do these statistics mean for South Hampton Roads and Virginia Beach real estate?

Our market has not started to stabilize yet and remains a great time to buy a home. Especially with the new first time home buyer incentives provided for in the Housing and Economic Recovery Act.

Also read:

Virginia Beach Real Estate: Housing & Economic Recovery Act
Virginia Beach Real Estate: South Hampton Roads Market Trends
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008

To learn more about South Hampton Roads and Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. 

Search all South Hampton Roads and Virginia Beach homes for sale.

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

Residential sales in Suffolk, Smithfiled & Isle of Wight dropped by 35 percent in June compared to June 2007, causing the average market time to increase 23 percent, from 91 days to 112 days. The median sales price decreased 3 percent, while the average sale price decreased 7 percent to $310,513.

What do these statistics mean for Suffolk, Smithfield, Isle of Wight and Virginia Beach real estate?

It remains an excellent market for first time home buyers to get their feet wet. Market times have increased and prices have decreased, making sellers more negotiable. 

Modest near-term movement is expected in Virginia Beach real estate sales, with a recovery in sales seen during the second half of the year, according to the latest forecast by the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said some pullback after a sharp increase in the previous month was expected. “The overall decline in contract signings suggests we are not out of the woods by any means. The housing stimulus bill that is still being considered in the Senate is critical to assure a healthy recovery in the housing market, jobs and the economy,” he said.

Furthermore, Yun said location has never mattered more than in the current market. “Some markets have seen a doubling in home sales from a year ago, while others are seeing contract signings cut in half. Price conditions vary tremendously, even within a locality, depending upon a neighborhoods exposure to subprime loans.”

Search for all Suffolk, Smithfiled, Isle of Wight and Virginia Beach real estate listings or get the current market value of your Suffolk home.

Also read:
Virginia Beach Real Estate: South Hampton Roads Market Trends
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008
Virginia Beach Real Estate: Suffolk Market Report May 2008

Portsmouth Real Estate Market Report

A modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors^®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.

Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. “Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he said.

Let’s take a look at the Portsmouth real estate market activity to see how the spring market is shaping up.

Portsmouth May 2008 Sales Statistics

Residential sales in Portsmouth dropped by 49 percent in May compared to May 2007, while the average market time remained relatively unchanged, with market times of  57 days vs 58 days. The median sales price increased 14 percent and the average sale price increased 6 percent to $195,657.

What do these statistics mean for Portsmouth real estate buyers and sellers?

Portsmouth residential sales are starting pick up, which is good news for sellers and buyers should get into the market before prices jump even more.

Also read:

Virginia Beach Real Estate: Chesapeake Market Report May 2008Virginia Beach Real Estate: Market Report May 2008
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008
Fannie Mae Lowers Down Payments For Virginia Beach Real Estate Borrowers
Virginia Beach Real Estate: Luxury Home Buyers Wanted

To learn more about Portsmouth and Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com.

Search all Portsmouth and Virginia Beach real estate homes for sale.

Find out what your home is worth.

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

Let’s take a look at the Norfolk real estate market activity to see how the spring market is shaping up.

Norfolk Real Estate Market Report

A modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors^®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.

Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. “Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he said.

Let’s take a look at the Norfolk real estate market activity to see how the spring market is shaping up.

Norfolk May 2008 Sales Statistics

Residential sales in Norfolk dropped by 15 percent in May compared to May 2007, causing the average market time to increase 24 percent, from 58 days to 72 days. The median sales price remained the same, while the average sale price decreased 5 percent to $244,396.

What do these statistics mean for Norfolk real estate buyers and sellers?

Norfolk residential sales have not started to pick up, which means more inventory for buyers to choose from and motivated sellers.

Also read:

Virginia Beach Real Estate: Chesapeake Market Report May 2008
Virginia Beach Real Estate: Market Report May 2008
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008
Fannie Mae Lowers Down Payments For Virginia Beach Real Estate Borrowers
Virginia Beach Real Estate: Luxury Home Buyers Wanted

To learn more about Norfolk and Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com.

Search all Norfolk and Virginia Beach homes for sale.

Find out what your home is worth. 

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

Chesapeake Real Estate Market Report

A modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors^®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.

Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. “Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he said.

Let’s take a look at the Chesapeake real estate market activity to see how the spring market is shaping up.

Chesapeake May 2008 Sales Statistics

Residential sales in Chesapeake dropped by 14 percent in May compared to May 2007, causing the average market time to increase 30 percent, from 63 days to 82 days. The median sales price decreased less 5 percent, while the average sale price decreased 4 percent to $282,514.

 What do these statistics mean for Chesapeake real estate buyers and sellers?

Chesapeake residential sales have not started to pick up, which means more inventory for buyers to choose from and motivated sellers.

Also read:

Virginia Beach Real Estate: Market Report May 2008
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008
Fannie Mae Lowers Down Payments For Virginia Beach Real Estate Borrowers
Virginia Beach Real Estate: Luxury Home Buyers Wanted

To learn more about Chesapeake and Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. 

Search all Chesapeake and Virginia Beach homes for sale.

Find out what your home is worth.

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

Residential sales in Virginia Beach dropped by 25 percent in May compared to May 2007.

Virginia Beach Real Estate Market Report

A modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors^®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.

Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. “Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he said.

Let’s take a look at the Virginia Beach real estate market activity to see how the spring market is shaping up.

Virginia Beach May 2008 Sales Statistics

Residential sales in Virginia Beach dropped by 25 percent in May compared to May 2007, causing the average market time to increase 323 percent, from 51 days to 74 days. The median sales price decreased less than 1 percent, while the average sale price increased 9 percent to $338,609.

 What do these statistics mean for Virginia Beach real estate buyers and sellers?

Virginia Beach residential sales have not started to pick up, which means more inventory for buyers to choose from and motivated sellers. The good news for sellers is Virginia Beach real estate fared better than South Hampton Roads with a 9 percent increase in prices compared to a 2 percent increase for the region as a whole.

Also read:
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008Fannie Mae Lowers Down Payments For Virginia Beach Real Estate Borrowers
Virginia Beach Real Estate: Luxury Home Buyers Wanted

To learn more about Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. 

Search all South Hampton Roads and Virginia Beach real estate homes for sale.

Find out what your home is worth.

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

A flat pattern in Suffolk VA real estate sales activity could continue for the next couple months before improving over the summer, according to the latest forecast by the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said the extent of an expected recovery hinges on better access to affordable loans. “Things are beginning to improve, but the availability of affordable mortgages is uneven around the country and sometimes within metropolitan areas,” he said. “As anticipated, we continue to look for a soft first half of the year, for both housing and the economy, before notable improvements in the second half. Some time is needed for FHA and new conforming jumbo loans to become widely available.”

Let’s take a look at the Suffolk VA real estate market activity for this April to see how the spring is looking so far: 

The number of sold Suffolk VA real estate listings dropped dramatically this April. Sales were down 37 percent compared to April 2007, with 51 less homes sold. The median sale price decreased 13 percent or $35,050, while the average sale price also decreased 13 percent or almost $37,040. Market times increased 88 percent to 111 days.

As you can see, Suffolk VA real estate sales have not started to rebound. This strong buyers market means Suffolk VA sellers need to price their homes competitively and have them in tip-top condition for buyers to think twice about buying.

Suffolk VA home buyers have all the balls in their court. Inventory is high. Prices are moderate and interest rates are near historic lows.

Read more about Suffolk VA real estate market trends:
Virginia Beach Real Estate: Hampton Roads Market Trends-April 2008
South Hampton Roads Real Estate Area Market Report Suffolk Statistics
South Hampton Roads Real Estate Market Report March 2008
Hampton Roads & Virginia Beach Real Estate Market Trends