South Hampton Roads Real Estate Market Report

Virginia Beach VA Market Summary

According to Realty Trac (www.realtytrac.com) home sales for April 2014 were up 10% compared with March, and down 22% compared with April 2013. The median sales price of a non-distressed home was $230,000 while the median sales price of a foreclosure home was $153,750, or 33% lower than a non-distressed home.

In May, the number of properties that received a foreclosure filing in Virginia Beach, VA was 7% higher than in April and 23% lower than May 2013.

There are 808 properties in Virginia Beach that are in some stage of foreclosure (default, auction or bank owned) while the total number of homes listed for sale on RealtyTrac is 2,350.

Norfolk VA Market Summary

Current total home sales data for Norfolk is not available, but for May 2014 the median sales price of a non-distressed home was $197,500 compared with $135,000 for a foreclosure home or 32% lower than a non-distressed home.

The number of properties that received a foreclosure filing in May in Norfolk, VA was 2% lower than in April and 0% higher than May 2013.

At present there are 432 properties in Norfolk, VA that are in some stage of foreclosure (default, auction or bank owned) while the total number of Norfolk homes listed for sale on RealtyTrac is 1,610.

Chesapeake VA Market Summary

The data for total home sales for April 2014 are incomplete. The median sales price of a non-distressed home in Chesapeake VA was $220,000 while the median sales price of a foreclosure home was $192,500, or 12% lower than a non-distressed home.

Right now there are 284 properties in Chesapeake, VA that are in some stage of foreclosure (default, auction or bank owned) and the total number of homes listed for sale on RealtyTrac is 1,188.

In May, the number of properties that received a foreclosure filing in Chesapeake was 10% lower than in April 2014 and 18% lower than May 2013.

What does all this data tell me? Foreclosures continue to slow down, but they are still an active component of the market and continue to sell for less than a regular resale market home, although the discount for a foreclosure home seems to be dropping.  Are we turning into a seller’s market?  Time will tell.

Thank you for reading and as always enjoy the day!

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About jeff_scinv

Do you ever notice where you are at any particular moment? If you do, and you happen to be on land, then you are on a piece of real estate. That is my business. Wherever you are you are on (in?) my business. Now that we have this relationship let's do business! Sound Choice Investments buys, sells, leases, and invests in real estate.

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