Virginia Beach Real Estate: Suffolk Sales Statistics - July 2008
by: Dave.Macklin on Sep 03, 2008 @ 9:41 am Leave a comment »
ng> Real Estate Sales Statistics & Market Report - July 2008 Suffolk sales declined in July by 23 percent compared to July 2007. Market times increased 24 percent, 99 days vs 80 days. The average sales price decreased in Suffolk to $285,725 or 8 percent. The median price also decreased by 14 percent to $251,000.
What do these statistics mean for Suffolk real estate buyers and sellers? The Suffolk real estate market has not started to stabilize, but 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. Suffolk Real Estate 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®. Also read: Virginia
Beach Real Estate: South Hampton Roads Market Report July 2008 To learn more about Suffolk and Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. Search all Suffolk 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.
Related PostsVirginia Beach Homes Sales Follow National TrendVirginia Beach Real Estate: Suffolk Market Report May 2008 Virginia Beach Real Estate: Chesapeake Market Trends June 2008 Virginia Beach Real Estate: Norfolk Market Report June 2008 Virginia Beach Real Estate: Chesapeake Market Report - July 2008 
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