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.”

Let’s take a look at the Chesapeake real estate market activity for this June.

Chesapeake June 2008 Sales Statistics

Residential sales in Chesapeake dropped by 29 percent in June compared to June 2007, causing the average market time to increase 31 percent, from 65 days to 85 days. The median sales price decreased 6 percent, while the average sale price decreased 8 percent to $286,055.

What do these statistics mean for Chesapeake 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. Search for all Chesapeake and Virginia Beach real estate listings or get the current market value of your Chesapeake 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: Chesapeake Market Report May 2008