Norfolk real estate sales statistics for February 2009 show a 29 percent decrease when compared to February 2009 with 40 fewer homes sold. The averages sales price declined 23 percent and the median sales price declined 18 percent during the same time period. Market times increased 18 percent.

Norfolk Real Estate Sales Statistics – February 2009

The National Association of Realtors reported an increase in existing-home sales in February, reversing losses in January. Sales activity, however, remains relatively soft, reflecting additional layoffs and buyers waiting for housing provisions in the economic stimulus package to take effect.

Norfolk real estate sales did not reflect the national figures, making this a great time to buy a home, if you are looking for a long term investment. Now is not the time to buy and flip…but to buy and hold for 3,4 or 5 years. 

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

Interested in knowing what your Norfolk home is worth?

Visit HRHouseValue.com. 

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

Norfolk Real Estate Market Report – March 2008

Little change is expected in Norfolk real estate sales of existing homes over the next few months, before notably improving during the second half of the year, according to the latest forecast by the National Association of Realtors. 

Lawrence Yun, NAR Chief Economist, said the market will come into clearer focus this summer. Existing home sales could start to show a sustained increase within a few months, unless there are some additional economic problems or excessive inflationary pressure, he said. The wider access to affordable credit should increase sales activity notably this summer as pent-up demand begins to be met.

Lets take a look at the Norfolk real estate market activity for this March to see how the spring is looking so far:

Norfolk experienced a 31 percent decline in sales. Market times increased 27 percent. The median price was only $900 lower than last year, while the average sales price decreased 8 percent to $220,612.  

What do these statistics mean for Norfolk real estate?

It is good news for Norfolk homebuyers. Slower sales means higher inventory and more homes to choose from with reasonable prices. It is also a good time to buy if you are looking for a long term investment. Now is not the time to buy and flip¦but to buy and hold for 3, 4 or 5 years.

As a Norfolk homebuyer, you will get the best deal when you are represented by a real estate professional, working for you as a Buyer Representative and looking out for your best interests. We are glad to talk with you about how we can best represent your interests. To begin searching for Norfolk homes, please use our complimentary MLS search. 

Also read:
Virginia Beach Mortgage Market Recap-April 14
Seven Tips For First-time Virginia Beach Homebuyers
Schools Are Important When Buying Virginia Beach Real Estate
Virginia Beach VA Real Estate: 7 Reasons To Own Your Own Home
10 Things You Should Know About Todays Virginia Beach VA Real Estate Market
6 Ways To Beat The Stress Of Buying A Virginia Beach Home

Norfolk home sellers on the other hand, need to make their home stand out from all the other homes on the market. This is done with competitive pricing and being in tip top condition. With a volatile market, like the one we are in, market values chance quickly. A real estate professional can guide you in both pricing and preparing you home for sale. Learn the market value of your home by visiting HRHouseValue.com.

Also read:
10 Tips To Sell Your Virginia Beach Home For The Most Money
Virginia Beach VA Real Estate: How To Get Your Home Sold Fast
Virginia Beach Real Estate: Whats The Value Of Your Home
Hampton Roads & Virginia Beach Real Estate Market Trends
Selling Your Virginia Beach Home: Add Curb Appeal

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

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

Norfolk real estate (residential) experienced a 31 percent decline.

Norfolk real estate (residential) experienced a 31 percent decline in sales this February compared to February 2007. Market times decreased 6 percent. The median price increased 2 percent to $205,500, while the average sales price decreased 11 percent to $224,438. 

Now is a GREAT time to be buying a home in Norfolk. To learn more about Norfolk and Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. To begin searching for Norfolk homes, please use our complimentary MLS search. 

Interested in knowing what your home is worth? Visit HRHouseValue.com.
 

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

Related posts:

Norfolk real estate experienced a 35 percent decline in sales this January compared to January 2007. Market times increased 73 percent. The median price declined 1 percent to $208,225 and the average sales price decreased 8 percent to $247,699.  

Now is a GREAT time to be buying a home in Norfolk VA. To learn more about Norfolk real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. To begin searching for Norfolk VA homes for sale, please use our complimentary MLS search. 

Also read Virginia Beach real estate market report.