Existing-home sales increased in February, reversing losses in January. Even so, sales activity remains relatively soft, reflecting additional layoffs and buyers waiting for housing provisions in the economic stimulus package to take effect, according to the National Association of Realtors^®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 5.1 percent to a seasonally adjusted annual rate of 4.72 million units in February from a pace of 4.49 million units in January, but are 4.6 percent below the 4.95 million-unit level in February 2008. Seasonal adjustment factors are more volatile in winter months, but sales rates over the past few months show dampened sales activity.

Now, let’s take a look at the numbers for Virginia Beach and see how February 2009 compared to last year. 

Virginia Beach Real Estate Sales Statistics – February 2009

100 single family Virginia Beach homes sold in February, a 75 percent decrease from February 2008. The average sales priced dropped to $261,882, down 14 percent from 2008. The median sales priced dropped to $234,700, a 24 percent decline. Market times decreased by 4 percent with market times of 77 days in 2009 vs 80 days in 2008.

Virginia Beach real estate sales didn’t follow the national trend of increased sales in February, making this a great time to buy Virginia Beach real estate, 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 Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. 

Interested in knowing what your Virginia Beach home is worth?

Visit HRHouseValue.com. 

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