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: Norfolk Market Report July 2008
August 25th, 2008 by Dave MacklinNorfolk 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.
|
Norfolk |
Sold |
Median |
Average |
Average Days |
|
July 2008 |
186 |
$207,500 |
$260,274 |
78 |
|
July 2007 |
235 |
$209,900 |
$245,692 |
64 |
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®.
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Statistics compiled from Real Estate Information Network. They are deemed reliable, but not guaranteed.
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