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Commercial Land acquisition for businesses and churches throughout Tidewater. Now is the time to prepare to expand.

Setting up for The 757 SpeedNetwork. Come and join us 5pm at 517 Baylor Ct. Chesapeake Va. 23320 Starts at 5pm

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Virginia Beach and Tidewater Real Estate market overview

I run the numbers on a regular basis looking at key indicators such as: The number of homes on the market, number of homes sold per month, average sales per month and I compare these numbers to the previous years.

In South Hampton roads durring January 2009, a total of 459 “resale” homes sold. In 2008, durring the same period of time January 1 to January31, 644 homes sold. The Average price in 2008 was 249,291 while the average price in 2009 was at 233,954. This is down but only slightly. Currently, there are 431 PENDING sales, transactions waiting to close. These pending sales have an average price of $237,498 and a median sales price of $208,000.

Comparing the two months Jan 08 and Jan 09 we saw a 28% drop in actual sales. While the number of transactions dropped, the average price dropped by only $12,304 or just below 5%.

Another key componet of the real estate market is the MSI ( Month Supply of Inventory ), the MSI is very similar to the DOW or S&P stock market indexes, it provides us the “heart beat” of the market.
Today we have 6,934 homes on the market ( resale ), durring the last 12 months there were 9,749 homes sold, the average number of homes sold was 812. Dividig 6,934 by 812 shows us that we have an 8.5 month supply of homes. A normal market is considered to have a 6 Month Supply of Inventory, it is interesting to note that just a few months ago this number was in the high 10’s!

As we approach Spring, more buyers will be ready to take advantage of the low prices and low interest rates that are currently available to them. The increase of both buyers and inventory will result in a steady and healthier market, that is currently showing signs of “normalizing” in South Hampton roads.

Sean Schroeder, REALTOR
The Real Estate-XChange
757-839-3954
seanschroeder@757realproperty.com

P.s., If you are would like to take advantage of the great opportunities that this real estate market presents feel free to contact me.

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B2B Speed Networking Chesapeake. Interested? Send an email to trex@757realproperty.com Dates First and Last Monday of the Month.