Virginia Beach is an independent city located in the South Hampton Roads area of Virginia, on the shores of the Chesapeake Bay and the Atlantic Ocean. It is the most populous city in Virginia and the 41st largest city in the United States, with an estimated population of 435,619 in 2006.
Virginia Beach Real Estate: Chesapeake Market Report - July 2008
August 22nd, 2008 by Dave MacklinChesapeake 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.
|
Chesapeake |
Sold |
Median |
Average |
Average Days |
|
July 2008 |
297 |
$289,800 |
$305,880 |
84 |
|
July 2007 |
319 |
$283,100 |
$301,767 |
68 |
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
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Statistics compiled from Real Estate Information Network. They are deemed reliable, but not guaranteed.
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