A continuation of soft market conditions is forecast for existing-home sales in the months ahead, with improvement expected by the second half of this year if loan limits are increased, according to the latest forecast by the National Association of Realtors®. 

Lawrence Yun, NAR chief economist, said sales activity is expected to remain soft through the first half of the year despite a generational low in mortgage interest rates.  “Existing home sales have moved narrowly since last September, but when the full impact of higher loan limits for conventional mortgages begins to impact the market there is likely to be a notable rise in home sales and prices,” he said.

This would seem to indicate that now would be a great time to be a home-buyer in the national marketplace. Let’s take a look at the sales statistics for our South Hampton Roads cities in January 2008 to see how the year started off:

Residential sales in Virginia Beach dropped by 26 percent in January compared to Jan 2007, causing the average market time to increase 13 percent, from 67 days to 76 days. The median price decreased 3 percent, while the average sale price decreased 9 percent to $305,348. 

Virginia Beach	Sold Listings	Median Price	Average Sale Price	Average Days On Market
Jan 2008	357	$247,300	$305,348	76
Jan 2007	465	$254,900	$321,964	67

Chesapeake residential home sales also decreased in January by 22 percent, with market times increasing 28 percent. The median price decreased 2 percent, as the average sales price decreased 4 percent to $289,581. 

 

Chesapeake	Sold Listings	Median Price	Average Sale Price	Average Days On Market
Jan 2008	171	$259,900	$289,581	82
Jan 2007	218	$266,500	$300,595	65

Norfolk experienced a 35 percent decline in sales. Market times increased 73 percent. The median price declined 1 percent to $208,225 and the average sales price decreased 8 percent to $247,699. 

 

Norfolk	Sold Listings	Median Price	Average Sale Price	Average Days On Market
Jan 2008	130	$208,225	$247,699	107
Jan 2007	200	$210,125	$262,803	62

Portsmouth home sales also decreased by 30 percent, with market times increasing 67 percent compared to Jan 2007. The median price increased to $180,950 or 5 percent and the average sales prices remained relatively unchanged. 

 

Portsmouth	Sold Listings	Median Price	Average Sale Price	Average Days On Market
Jan 2008	60	$180,950	$183,625	95
Jan 2007	86	$172,460	$183,098	57

Suffolk also experienced a decrease in sales of 32 percent compared to January 2007. Market times increased 57 percent, 107 days vs 68 days. The average sales price decreased in Suffolk to $295,724 or 9 percent while the median price increased 4 percent. 

 

Suffolk	Sold Listings	Median Price	Average Sale Price	Average Days On Market
Jan 2008	63	$269,900	$295,724	107
Jan 2007	92	$258,700	$325,388	68

Now is a GREAT time to be buying a home in Hampton Roads. 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. 
 

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