South Hampton Roads Real Estate Area 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 South Hampton Roads real estate market activity, including Virginia Beach, Chesapeake, Norfolk, Suffolk and Portsmouth, Smithfield and Isle of Wight for this July.

South Hampton Roads July 2008 Sales Statistics

Residential sales in South Hampton Roads dropped by 18 percent in July compared to July 2007, causing the average market time to increase 13 percent, from 63 days to 76 days. Both the median sales price and the average sales price decreased 4 percent, dropping to $249,000 and $287,302, respectively.

What do these statistics mean for South Hampton Roads and Virginia Beach real estate?

Our market has not started to stabilize yet and remains a great time to buy a home. Especially with the new first time home buyer incentives provided for in the Housing and Economic Recovery Act.

Also read:

Virginia Beach Real Estate: Housing & Economic Recovery Act
Virginia Beach Real Estate: South Hampton Roads Market Trends
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008

To learn more about South Hampton Roads and Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. 

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