Virginia Beach Real Estate

A flat pattern in Norfolk VA real estate sales activity could continue for the next couple months before improving over the summer, according to the latest forecast by the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said the extent of an expected recovery hinges on better access to affordable loans. "Things are beginning to improve, but the availability of affordable mortgages is uneven around the country and sometimes within metropolitan areas," he said. "As anticipated, we continue to look for a soft first half of the year, for both housing and the economy, before notable improvements in the second half. Some time is needed for FHA and new conforming jumbo loans to become widely available."

Let's take a look at the Norfolk VA real estate market activity for this April to see how the spring is looking so far: 

The number of sold Norfolk VA real estate listings dropped dramatically this April. Sales were down 41 percent compared to April 2007, with 41 less homes sold. The median sale price increased 8 percent or $17,600, while the average sale price also increased 3 percent or almost $8,865. Market times increased 53 percent to 87 days.

As you can see, Norfolk VA real estate sales have not started to rebound. This strong buyers market means Norfolk VA sellers need to price their homes competitively and have them in tip-top condition for buyers to think twice about buying.

Norfolk VA home buyers have all the balls in their court. Inventory is high. Prices are moderate and interest rates are near historic lows.

Read more about Norfolk VA real estate market trends:
Virginia Beach Real Estate: Hampton Roads Market Trends-April 2008
South Hampton Roads Real Estate Area Market Report-Chesapeake Statistics
South Hampton Roads Real Estate Market Report March 2008
Hampton Roads & Virginia Beach Real Estate Market Trends

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