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Sales Expected to Stabilize Through Summer

Little change is expected in Hampton Roads real estate sales of existing homes over the next few months, before notably improving during the second half of the year, according to the latest forecast by the National Association of Realtors. 

Lawrence Yun, NAR Chief Economist, said the market will come into clearer focus this summer. “Existing home sales could start to show a sustained increase within a few months, unless there are some additional economic problems or excessive inflationary pressure,” he said. “The wider access to affordable credit should increase sales activity notably this summer as pent-up demand begins to be met.”

Let’s take a look at the South Hampton Roads real estate market activity for this March to see how the spring is looking so far:

Residential sales in Virginia Beach dropped by 26 percent in March compared to March 2007, causing the average market time to increase 25 percent, from 64 days to 80 days. The median price decreased 4 percent, while the average sale price decreased 7 percent to $301,199.

Virginia
Beach

Sold
Listings

Median
Price

Average
Sale
Price

Average Days
On Market

 March 2008

488

$248,465

$301,199

80

March 2007

659

$257,500

$323,024

64


Chesapeake
 residential home sales also decreased in March by 39 percent, with market times increasing 30 percent. The median price increased 16 percent, and the average sales price increased 6 percent to $290,766. Chesapeake is the only city to see average price increases in March.

 

Chesapeake

Sold
Listings

Median
Price

Average
Sale Price

Average Days
On Market

March 2008

193

$290,000

$290,766

90

March 2007

317

$250,000

$274,271

69


Norfolk
experienced a 31 percent decline in sales. Market times increased 27 percent. The median price was only $900 lower than last year, while the average sales price decreased 8 percent to $220,612.

 

Norfolk

Sold
Listings

Median
Price

Average
Sale Price

Average Days
On Market

March 2008

143

$199,000

$220,612

81

March 2007

206

$199,900

$240,935

64


Portsmouth
 home sales also decreased by 49 percent, with market times increasing 37 percent compared to March 2007. The median price  decreased 5 percent to $160,000 and the average sales price declined 3 percent to $169,403.
 

Portsmouth

Sold
Listings

Median
Price

Average
Sale Price

Average Days
On Market

 March 2008

74

$160,000

$169,403

71

March 2007

145

$168,000

$175,164

52


Suffolk
sales also declined in March by 5 percent compared to March 2007. Market times increased 31 percent, 89 days vs 68 days. The average sales price decreased in Suffolk to $263,396 or 18 percent. The median price also decreased by 12 percent to $256,000.

 

Suffolk

Sold
Listings

Median
Price

Average
Sale Price

Average Days
On Market

 March 2008

120

$256,000

$263,396

89

March 2007

133

$292,000

$321,939

68

 

Now is a GREAT time to be buying a home in Hampton Roads, IF you are looking for a long term investment. Now is not the time to buy and flip...but to buy and hold for 3,4 or 5 years.

 

To learn more about Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. To begin searching for southern Virginia homes, please use our complimentary MLS search

 

Interested in knowing what your home is worth? Visit HRHouseValue.com.
 

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

Spring 'Greening' Around the House

Practically everywhere you look around the house, there’s a way to be greener. From improving indoor air quality to waste reduction to energy savings, there are many easy steps you can take to ease the impact on the environment.

Paint it green

 

Even if it’s not your color of choice, green can be incorporated into your home quickly and cost-effectively with paint.

The buzzwords (or initials) in paints these days are VOCs, or volatile organic compounds. Simply put, VOCs are chemicals that can sometimes be detected by odors in the air -- and that can affect a home’s indoor air quality. Besides having low- to zero-VOCs, the paint you select should also be high performing. The more durable the product is, the better it covers and the less frequently you need to repaint -- which is another benefit to the environment.

A steamy solution

VOCs can also lurk in areas where dry-cleaned goods are stored, as the process commonly uses harsh chemicals that can remain on clothing.

When purchasing a dryer or any other new appliance for the home, it is also important to consider if the model is Energy Star rated. The U.S. Environmental Protection Agency created the Energy Star program in 1992 to promote energy-efficient products. Purchasing household products with the Energy Star rating is a giant leap toward reducing your home’s energy use -- and your utility bills.

Upgrade and save

If you’re like most people, you’ve probably been resigned to rising utility bills. According to the Alliance to Save Energy, the average household spent almost $2,100 on home energy costs in 2007, and with heating and cooling costs typically accounting for nearly half of a home’s energy bills, it can literally pay off to take a closer look at your heating, ventilation and air conditioning -- or HVAC --system. 

In general, pay attention to the Seasonal Energy Efficiency Ratio (SEER) rating on your air conditioner. As a rule of thumb, the higher the rating, the higher the efficiency and the lower your bills. For instance, the XL19i, with one of the highest SEER ratings available of up to 19.5, could save you up to 59 percent on your annual energy bill. Also, look for a furnace with the highest Annual Fuel Utilization Efficiency (AFUE) rating available, as this rating is comparable to miles-per-gallon in a car. The XV95 has an AFUE rating of up to 96.7 percent, which can save you up to 40 percent annually on energy consumption and, in turn, lower your energy bills.

A bright idea

Also when it comes to energy usage, the U.S. Department of Energy says almost a fourth of a typical home’s energy bills goes toward lighting the home. Installing light dimmers is an easy, inexpensive way to save on these costs and at the same time create ambiance in rooms where mood counts, such as in the dining room, bedroom and bathroom.

These efficient dimmers look and function like typical dimmers in every other way, reducing light levels to as low as five percent and reducing energy use even further.

Making a few easy green improvements around your house can help you be friendly to the environment -- and your wallet.  (ARA)

 


                                         Take a look at our new Blog,

All Virginia Beach Real Estate

Here you will find a local perspective on news, stories, information and more about Virginia Beach and Hampton Roads, as well as, market trends and real estate information.

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RE/MAX Allegiance
505 S.Independence Blvd. Ste 111
Virginia Beach, VA 23452
Last modified 7/24/2008