Virginia Beach Real Estate

Happy New Year! In this month's edition of the Virginia Beach Real Estate Market Trends Report, we will re-cap the market activity from 2007 and take a look at the real estate forecast for 2008.

Existing-home sales rose slightly in November, indicating a stabilization in housing in the wake of mortgage disruptions earlier in the year, according to the National Association of Realtors®.
 
Total existing-home sales nation-wide rose .4% in November 2007, when compared with October 2007, but were still down about 20% from the same time in 2006.
 
Looking ahead to 2008, Lawrence Yun (Senior NAR Economist) predicts "near term, existing-home sales should continue to hover in a narrow range, just as they have since September, and that's good news because it'll be a further sign that the housing market is stabilizing." In further good news, he noted "mortgage interest rates are near historic lows, and the most current data shows decelerating price declines along with a modest reduction in the number of homes on the market."
 
Yun reminds us, however, that "just like the weather, there are large local variations in home prices" and sales. Let's take a look at the yearly totals for our South Hampton Roads cities in 2007 to see what the market looked like when compared with 2006:

Virginia Beach real estate (residential) sales dropped by 13 percent in 2007 compared to 2006, causing the average market time to increase 33 percent, from 45 days to 60 days. The median price increased 4 percent, while the average sale price increased 6 percent to $324,403. 

Chesapeake VA real estate (residential) sales also decreased in 2007 by 16 percent, with market times increasing 45 percent. The median price remained unchanged, as the average sales price decreased 2 percent to $297,084. 

Norfolk VA experienced a 19 percent decline in sales in 2007. Market times increased 24 percent. The median price increased 3 percent to $205,750 and the average sales price increased 3 percent to $249,631. 

Portsmouth VA home sales also decreased by 15 percent, with market times increasing 31 percent compared to 2006. The median price increased to $169,900 or 1 percent and the average sales prices decreased 1 percent to $185,835. 

Suffolk VA also experienced a decrease in sales of 15 percent compared to  2006. Market times increased 39 percent, 75 days vs 54 days. The average sales price decreased in Suffolk to $312,924 or 1 percent while the median price declined 4 percent. 

If you are planning to buy or sell a home in 2008, or if you want to learn more about Hampton Roads and Virginia Beach real estate, please contact us at 888-222-0158 #550 or visit ButlerTeamHomes.com. To begin searching for Hampton Roads homes, please use our complimentary MLS search. Best wishes for a very happy and prosperous new year!  

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

Realted Posts:
Virginia Beach Real Estate Market Report-Feb 2008
Virginia Beach Real Estate Market Trends-Feb 2008

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