Latest Sales Update
for Hampton Roads
All Real Estate is local. National Trends are good to track to see how the overall real estate market is trending. Yet, each area of the country is so different.
For example, if you heard the news story of multiple bids and homes sold for $30,000 to $100,000 over asking price, that wasn't from here in Hampton Roads. California, Boston and Florida homes were features. These markets dove and now the values are increasing but at times homes are priced below the going values for the area. Thus, the a good story can be told.
The key factor measure is "Absorption Time". Absorption Time is simply the time it would take for all the homes on the market now in a given price range to sell based on the current rate of sale.
For example, the $251,000 to $300,000 range(All Markets) has 1288 homes for sale with an 8 month absorption rate. Thus, a home seller can assume on average, if the trend of sales continue at present rates, that his/her home will sell in 8 months or less.
In our area, the values tapered as we all know. The values are improving. As I have told clients, the value proposition has improved for home sellers up to $350,000 or so. Buyers are finding too few available homes due to the low number of homes for sale in lower price range. Thus, the values are strengthening.
As you can see, the price ranges in the Normal Seller's Market and Balanced Market(where Buyer and Seller are at equal advantage)
is globally up to $300,000 with Normal Buyer's Market present for $350,000 range.
Yet if you compare Virginia Beach to Chesapeake to Suffolk in the City specific market data, you can see the market condition truly are local as they vary by city.
If this was broken down by neighborhood, you would again see variances. This is why contacting a Realtor is essential as you need to know how your neighborhood, school zone, section of town is presently performing.
If you have questions about your home and the saleability of that home or other questions, give me a call at 757 580-6546.
Otherwise, I will continue to keep you on top of the market!