DECLINE
Short blog on the Real Estate market today .
1. Values are declining -5.7 % from last year on average
2. Real Esate tax assessments might go up !
Thats about it !
February 27, 2012
Decline
February 22, 2012
Hampton Roads February Market recap 2012
February Real Estate Recap 2012
719 homes sold in January , 6.2% increase from January 2011
Median Sales price is DOWN again to a low of 160k 11% less then last year at 180k
14 months in a row the media sales prices have dropped
May 2004 is the lowest at 155k for the median sales price
37 percent of all closed sales were distressed homes
December had 938 closed homes and January was 719 a 23% decline
Listing inventory is increasing January numbers were 11,394 active listings up 2.7% from December but 18.8 percent Down from same time last year
We are still waiting for the market to stabilize. Prices are continuing to decrease as more and more distressed sell at lower values
January 30, 2012
Hampton Roads Real Estate good and bad, you decided.
Yes we can say we are both in a good market and a bad market at the same time. You just need to know what aspect is best for you when making your decision.
December Home sales increased YES !!!! This is great news considering at one point the sales were numbers were dropping to almost non existent. But sales are increasing because the prices have fallen so low the bargains people cant pass up. Increase that urgency to capture the good deal with still record low interest rates. We have have 13 months of the median sales price declining for drop of 50k from the 5 year high.
If your trying to sell your home its taking longer and longer to do so and your getting less and less value for it. Currently its about an 111day market on average. When we look at everything together we can see a slow crawl to the bottom. Im not quite sure we are there yet but I can tell you based on what we see its not a speeding bullet to a brick wall anymore.
January 22, 2012
Quick Hampton Roads Market recap in Real Estate
Quick Hampton Roads Market recap in Real Estate
Existing homes sales up 923 MTD 9.96%+ YTD 12.34%+
Median Home price down 179000.00 MTD 1.38%- YTD 10.46%-
Active listing down 12162
Market time increased 111 days
Months supply inventory 7.32 months
Foreclosure fillings up 812 MTD 27.87%+ YTD 19.12%-
What does this mean ?
BUYERS
Less homes to choose from right now if you are a buyer. Better sales prices if you’re looking to buy.
Potentially more foreclosed homes for sale, but typically AS IS
SELLERS
Time it takes to sell the home is longer
You’ll need to lower your home price to compete
Watch for potential competition as banks offer more homes for sale.
Price and stage it right the first time and sell is in 30-60 days
July 10, 2011
Hampton Roads Real Estate Market
Do you have a dream of owning your home ? I still think this is the american dream and I still think many people will achieve this one day.
Contracts Surge in June
(Virginia Beach, Virginia – July 11, 2011)
The Hampton Roads real estate market experienced a surge in under contract sales in June 2011 when compared to June last year. Meanwhile, the number of active residential listings for sale continued to decline, contributing to the lowering in the months’ supply of inventory on a month-to-month basis. However, the residential median settled sales price showed its lowest year-over-year percentage difference for the year to date in 2011.
The number of residential under contract listings was 28% higher in June when compared to the same time last year. This increase is the highest measured for a single month since April 2010 when there was a 34% year-over-year rise. However, June 2010 was partially lower than June 2011 due to the federal tax credit expiring two months prior and the fact that some of the potential home buyers had already signed contracts in earlier months in order to qualify for the tax credit. Under contract sales are a key leading indicator for the residential real estate market and the large magnitude of this increase should bode well for settled home sales in the near future.
The number of active residential listings for sale was 8.6% lower on a year-over-year basis in June. For the first six months of 2011, the monthly active listing activity has remained on par with the 2009 levels during the same time period. All seven of the area’s major cities (Norfolk, Virginia Beach, Portsmouth, Chesapeake, Suffolk, Hampton, and Newport News) experienced year-over-year declines in the number of active residential listings for sale. Virginia Beach saw the largest drop of 14.5% while Chesapeake had the smallest year-over-year difference of 1.3%. These declines contributed to the month-to-month drop in the months’ supply of inventory from 10.04 in May 2011 to 9.99 in June 2011.
Settled residential sales fell by 9.6% in June 2011 when compared to June 2010. This was the largest drop in settled residential sales since December 2010 and continues a trend of declining settled sales starting in February 2011. The median settled sales price for these same settled sales also fell to $199,900,or 13%, when compared to June last year. So far year-to-date 2011, the median settled sales price for residential settled sales has fallen 10.7%, to $192,000, when compared to the same time frame in 2010. The last time the median settled sales price was $192,000 was during 2005 when home prices were steadily rising towards their peak of $238,000 in 2007.
Distressed homes, those that are bank owned or short sales, declined to 29.7% of total residential settled sales in June 2011, dropping to below 30% of all residential settled sales for the first time since September 2010. Distressed homes comprised 29.7% of those homes settled in June, down from 31% in May. However, distressed homes did increase as a percentage of active homes listed for sale, up to 21.7% from 21.6% the month prior. This slight rise of this percentage was due to the number of non-distressed active residential listings falling more than the number of distress homes for sale.
March 9, 2011
Hampton Roads Market Report 2-2011
http://www.Bzibee.com
http://www.AlisonCreamer.com
Real Estate Health for Hampton Roads 3 points
1.Settle sales were up from Feb 2010 by 6.6% for Feb 2011
2.Median sale price is dropped from $203250 to $189900
3.23% of our market listings are distressed sales.
Alison Creamer Realtor with Keller Williams Realty
1709 Laskin Rd Va Beach VA 23454
757-652-8880
Licensed to sell Real Estate in the state of Virginia
Each office is independently owned and operated
