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Virginia Beach Real Estate: Portsmouth Sales Statistics - July 2008
Portsmouth Sales Statistics - July 2008
Portsmouth residential sales decreased by 27 percent in July compared to July 2007, causing the average market time to increase 22 percent, from 58 days to 71 days. The median and averages sales prices increased, 1 percent and 2 percent, respectively, bringing the average sales price to $191, 650.
Portsmouth
Sold
ListingsMedian
PriceAverage
Sale PriceAverage Days
On MarketJuly 2008
105
$173, 000
$191, 650
71
July 2007
144
$170, 950
$187, 433
58
What do these statistics mean for Portsmouth real estate buyers and sellers?
The Portsmouth real estate market has not started to stabilize yet, but remains a great time to buy a home. Especially with the new first time home buyer incentives provided for in the Housing and Economic Recovery Act.
Portsmouth Real Estate Market Report
Existing-home sales rose from the first quarter in 13 states, largely from buyers responding to discounted home prices, according to the latest quarterly survey by the National Association of Realtors®. Nearly one-quarter of metropolitan areas showed rising home prices in the second quarter from a year ago, with greatly mixed conditions continuing around the country.
NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said foreclosures are distorting the price data. "In many areas with large concentrations of foreclosure sales, homes are being purchased below replacement cost values, " Gaylord said. "Many buyers with long-term expectations are getting exceptional value in the current market. Once the inventory is drawn down, price pressure will return because the costs of construction are rising - today's buyers are very well positioned to build wealth over time." National Association of Realtors®.
Also read:
Virginia Beach Real Estate: South Hampton Roads Market Report July 2008
Virginia Beach Real Estate: Portsmouth Market Report June 2008
Virginia Beach Real Estate: Chesapeake Market Report May 2008
Fannie Mae Lowers Down Payments For Virginia Beach Real Estate Borrowers
Virginia Beach Real Estate: Luxury Home Buyers WantedTo learn more about Portsmouth and Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com.
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Statistics compiled from Real Estate Information Network. They are deemed reliable, but not guaranteed.
Virginia Beach Real Estate: Norfolk Market Report July 2008
Norfolk July 2008 Market Report & Sales Statistics
Residential sales in Norfolk dropped by 21 percent in July compared to July 2007, causing the average market time to increase 22 percent, from 64 days to 78 days. The median sales price decreased 1 percent, while the average sale price increased 6 percent to $260, 274.
Norfolk
Sold
ListingsMedian
PriceAverage
Sale PriceAverage Days
On MarketJuly 2008
186
$207, 500
$260, 274
78
July 2007
235
$209, 900
$245, 692
64
What do these sales statistics mean for Norfolk real estate buyers?
The Norfolk real estate market has not started to stabilize, however, values are appreciating and remains a great time to buy a home. Especially with the new first time home buyer incentives provided for in the Virginia Beach Real Estate: Housing & Economic Recovery Act.
National Association Reports Sales Increase
Read more »Virginia Beach Real Estate: Chesapeake Market Report - July 2008
Chesapeake Real Estate Market Report
Existing-home sales rose from the first quarter in 13 states, largely from buyers responding to discounted home prices, according to the latest quarterly survey by the National Association of Realtors®. Nearly one-quarter of metropolitan areas showed rising home prices in the second quarter from a year ago, with greatly mixed conditions continuing around the country.
NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said foreclosures are distorting the price data. "In many areas with large concentrations of foreclosure sales, homes are being purchased below replacement cost values, " Gaylord said. "Many buyers with long-term expectations are getting exceptional value in the current market. Once the inventory is drawn down, price pressure will return because the costs of construction are rising - today's buyers are very well positioned to build wealth over time." National Association of Realtors®.
Let's take a look at the Chesapeake real estate market activity to see how sales are increasing locally.
Chesapeake July 2008 Sales Statistics
Read more »Virginia Beach Real Estate Market Report July 2008
Virginia Beach Real Estate Market Report
Existing-home sales rose from the first quarter in 13 states, largely from buyers responding to discounted home prices, according to the latest quarterly survey by the National Association of Realtors®. Nearly one-quarter of metropolitan areas showed rising home prices in the second quarter from a year ago, with greatly mixed conditions continuing around the country.
NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said foreclosures are distorting the price data. "In many areas with large concentrations of foreclosure sales, homes are being purchased below replacement cost values, " Gaylord said. "Many buyers with long-term expectations are getting exceptional value in the current market. Once the inventory is drawn down, price pressure will return because the costs of construction are rising - today's buyers are very well positioned to build wealth over time." National Association of Realtors®.
Let's take a look at the Virginia Beach real estate market activity for this July to see what is happening locally.
Virginia Beach July 2008 Sales Statistics
Read more »Virginia Beach Real Estate: South Hampton Roads Market Report July 2008
South Hampton Roads Real Estate Area Market Report
Existing-home sales rose from the first quarter in 13 states, largely from buyers responding to discounted home prices, according to the latest quarterly survey by the National Association of Realtors®. Nearly one-quarter of metropolitan areas showed rising home prices in the second quarter from a year ago, with greatly mixed conditions continuing around the country.
NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said foreclosures are distorting the price data. "In many areas with large concentrations of foreclosure sales, homes are being purchased below replacement cost values, " Gaylord said. "Many buyers with long-term expectations are getting exceptional value in the current market. Once the inventory is drawn down, price pressure will return because the costs of construction are rising - today's buyers are very well positioned to build wealth over time." National Association of Realtors®
Let's take a look at the South Hampton Roads real estate market activity, including Virginia Beach, Chesapeake, Norfolk, Suffolk and Portsmouth, Smithfield and Isle of Wight for this July.
South Hampton Roads July 2008 Sales Statistics
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