GREAT Local Market Update!!! Happy DANCE!!

Real Estate Market

Normally I do not do a happy dance when it comes to the real estate market.  BUT, all the cities are thriving.  Virginia Beach, Chesapeake, Norfolk, and Portsmouth.  And, those who know me have heard me crying about the inventory.  Well, now I have proof (AGAIN)!

It is LOW.  Too low. If you are thinking about selling, drop us a note. Now is the time.  Rates are still around 3.25% and inventory is well, LOW.  The interest rates are driving the on-the-fence, would-be buyers out into the market and the drastic dip in inventory is causing multiple bids.

December 2012 Highlights 

Listings

Residential active listings decreased 13.36% year-over-year, to 9,613 from 11,095.

Here is the conflict.  

The media has told us that we are flooded with foreclosures and there are deals to be had EVERYWHERE.  So, it is really difficult for buyers when they actually start to search for a home. There are not tons of homes at their disposal. There are not a ton of steals available.  AND, the good ones sell fast.

Under Contract (Pending) Residential Sales

Total residential under contract  sales increase 8.55% when compared to December 2011 (1,358 vs. 1,251)

Median Residential Sales Price 

Median Sales Price went up 1.27% from $197,500 in 2011 to $200,000 in 2012.

Here is the conflict.

The media has us believing that buyers can still gouge sellers.  That is not the case for many homes.  The good ones are gone fast and receive multiple bids. A listing we had in Great Neck had FOUR offers on it and one was OVER asking price.  It sold in a week.

Inventory

There is currently 5.91 months’ supply of inventory.  A NORMAL market is 6 months worth of inventory.  WOOHOO!!!  We made it!!!

Must Read Related Posts:

The Reasons People Moved in 2012

Deals of the Day: Foreclosures, Short Sales, Bank Owned Homes in Virginia Beach & Chesapeake (an updated search of local foreclosures and short sales)

What Is My Home Worth Now?

Real Estate Market Trends

Live in Kempsville? Considering a Short Sale? Don’t Do It Alone.

Got questions?  We would love to talk real estate with you.  If you would like to schedule a buyer or seller meeting with us, please feel free to call Suzi directly at 757-724-1064 or send us a note here.

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