It’s been a year since we have seen these results with real estate sales in Virginia Beach and Hampton Roads. While not devastating, it shows that weather can and does have an impact on real estate showings, sales, and closings.
Key takeaways from this report: (contact Creed Realty here if you want a Market Analysis completed for your particular neighborhood or a community you are considering)
- Distressed sales (short sales and foreclosures) continue to be a big part of our local market. While down for this period, they are still staying at 25-30% of all real estate transactions. Once we see a decrease in the amount of distressed properties we should see home value rise in a more positive manner.
- The median sales price is now at $190,000
- The inventory of homes is now at 5.72%. Anything under 6% is considered normal. As this percentage decreases sellers become more in the “drivers seat”.
- Read the full report below
Virginia Beach and Hampton Roads Market Report January 2014