Virginia Beach Real Estate: Virginia Beach Market Trends June 2008

by: Dave.Macklin on Jul 25, 2008 @ 5:29 pm Leave a comment »

Virginia Beach June 2008 Sales Statistics

Residential sales in Virginia Beach dropped by 23 percent in June compared to June 2007, causing the average market time to increase 18 percent, from 55 days to 65 days. The median sales price decreased 7 percent, while the average sale price decreased 7 percent to $318,784.

Virginia Beach	Sold Listings	Median Price	Average Sale Price	Average Days On Market
June 2008	562	$254,950	$318,784	65
June 2007	727	$273,000	$344,008	55

What do these statistics mean for Virginia Beach real estate?

It remains an excellent market for first time home buyers to get their feet wet. Market times have increased and prices have decreased, making sellers more negotiable. Search for all Virginia Beach real estate listings or get the current market value of your home.

Modest near-term movement is expected in Virginia Beach real estate sales, with a recovery in sales seen during the second half of the year, according to the latest forecast by the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said some pullback after a sharp increase in the previous month was expected. “The overall decline in contract signings suggests we are not out of the woods by any means. The housing stimulus bill that is still being considered in the Senate is critical to assure a healthy recovery in the housing market, jobs and the economy,” he said.

Furthermore, Yun said location has never mattered more than in the current market. “Some markets have seen a doubling in home sales from a year ago, while others are seeing contract signings cut in half. Price conditions vary tremendously, even within a locality, depending upon a neighborhoods exposure to subprime loans.”