Virginia Beach Real Estate

Portsmouth Real Estate Market Report

A modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors^®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.

Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. “Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he said.

Let’s take a look at the Portsmouth real estate market activity to see how the spring market is shaping up.

Portsmouth May 2008 Sales Statistics

Residential sales in Portsmouth dropped by 49 percent in May compared to May 2007, while the average market time remained relatively unchanged, with market times of  57 days vs 58 days. The median sales price increased 14 percent and the average sale price increased 6 percent to $195,657.

What do these statistics mean for Portsmouth real estate buyers and sellers?

Portsmouth residential sales are starting pick up, which is good news for sellers and buyers should get into the market before prices jump even more.

Also read:

Virginia Beach Real Estate: Chesapeake Market Report May 2008Virginia Beach Real Estate: Market Report May 2008
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008
Fannie Mae Lowers Down Payments For Virginia Beach Real Estate Borrowers
Virginia Beach Real Estate: Luxury Home Buyers Wanted

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

Search all Portsmouth and Virginia Beach real estate homes for sale.

Find out what your home is worth.

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

Norfolk Real Estate Market Report

A modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors^®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.

Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. “Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he said.

Let’s take a look at the Norfolk real estate market activity to see how the spring market is shaping up.

Norfolk May 2008 Sales Statistics

Residential sales in Norfolk dropped by 15 percent in May compared to May 2007, causing the average market time to increase 24 percent, from 58 days to 72 days. The median sales price remained the same, while the average sale price decreased 5 percent to $244,396.

What do these statistics mean for Norfolk real estate buyers and sellers?

Norfolk residential sales have not started to pick up, which means more inventory for buyers to choose from and motivated sellers.

Also read:

Virginia Beach Real Estate: Chesapeake Market Report May 2008
Virginia Beach Real Estate: Market Report May 2008
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008
Fannie Mae Lowers Down Payments For Virginia Beach Real Estate Borrowers
Virginia Beach Real Estate: Luxury Home Buyers Wanted

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

Search all Norfolk and Virginia Beach homes for sale.

Find out what your home is worth.

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

Chesapeake Real Estate Market Report

A modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors^®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.

Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. “Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he said.

Let’s take a look at the Chesapeake real estate market activity to see how the spring market is shaping up.

Chesapeake May 2008 Sales Statistics

Residential sales in Chesapeake dropped by 14 percent in May compared to May 2007, causing the average market time to increase 30 percent, from 63 days to 82 days. The median sales price decreased less 5 percent, while the average sale price decreased 4 percent to $282,514.

 What do these statistics mean for Chesapeake real estate buyers and sellers?

Chesapeake residential sales have not started to pick up, which means more inventory for buyers to choose from and motivated sellers.

Also read:

Virginia Beach Real Estate: Market Report May 2008
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008
Fannie Mae Lowers Down Payments For Virginia Beach Real Estate Borrowers
Virginia Beach Real Estate: Luxury Home Buyers Wanted

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

Search all Chesapeake and Virginia Beach homes for sale.

Find out what your home is worth.

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

Virginia Beach Real Estate Market Report

A modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors^®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.

Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. “Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he said.

Let’s take a look at the Virginia Beach real estate market activity to see how the spring market is shaping up.

Virginia Beach May 2008 Sales Statistics

Residential sales in Virginia Beach dropped by 25 percent in May compared to May 2007, causing the average market time to increase 323 percent, from 51 days to 74 days. The median sales price decreased less than 1 percent, while the average sale price increased 9 percent to $338,609.

 What do these statistics mean for Virginia Beach real estate buyers and sellers?

Virginia Beach residential sales have not started to pick up, which means more inventory for buyers to choose from and motivated sellers. The good news for sellers is Virginia Beach real estate fared better than South Hampton Roads with a 9 percent increase in prices compared to a 2 percent increase for the region as a whole.

Also read:
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008Fannie Mae Lowers Down Payments For Virginia Beach Real Estate Borrowers
Virginia Beach Real Estate: Luxury Home Buyers Wanted

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

Search all South Hampton Roads and Virginia Beach real estate homes for sale.

Find out what your home is worth.

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

South Hampton Roads Real Estate Area Market Report

A modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors^®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.

Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. “Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he said.

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 May.

South Hampton Roads May 2008 Sales Statistics

Residential sales in South Hampton Roads dropped by 4 percent in May compared to May 2007, causing the average market time to increase 30 percent, from 60 days to 78 days. The median sales price decreased 4 percent, while the average sale price increased 2 percent to $294,000.

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

It remains an excellent market for first time home buyers to get their feet wet. Market times have increased making sellers more negotiable and prices remain moderate with only a 2 percent increase over May 2007.

Also read:

Fannie Mae Lowers Down Payments For Virginia Beach Real Estate Borrowers
Virginia Beach Real Estate: Hampton Roads Market Trends-April 2008
Virginia Beach Real Estate: Luxury Home Buyers Wanted

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

Search all South Hampton Roads and Virginia Beach homes for sale.

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