Virginia Beach and the Hampton Roads area is still faring better than the national average when it comes to real estate values and properties in forecloasure.
According to our REIN-MLS statistics, of the 14,153 residential homes currently on the market in Hampton Roads, 620 (or 4.38%) are foreclosures.
If you single out Virginia Beach, you will find of the 4277 residential active properties, 155 (or 3.62%) are foreclosures.
As far as values go, here are the REIN figures for the 2nd and 3rd quarters of this year:
All of Hampton Roads
2nd Quarter: 4820 sales, avg. sales price $275,220, avg. time on market 76 days.
3rd Quarter: 4586 sales, avg, sales price $267,238, avg. time on market 80 days.
Virginia Beach
2nd Quarter: 1599 sales, avg. sales price $317,405, avg. time on market 69 days.
3rd Quarter: 1519 sales, avg. sales price $299,849, avg. time on market 69 days.
Decrease in values in all of Hampton Roads: 2.9%
In just Virginia Beach: 5.53%
Of course our market is not where we would like it to be....but it could always be worse.
Tina in Virginia
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Tina Merritt and the ALL757 Network can be reached at email: tina@tinamerritt.com or 757-287-6338.
The ALL757 Network consists of both buyer and listing specialists helping buyers and sellers in Virginia Beach, Chesapeake, Norfolk, Portsmouth, Suffolk, Isle of Wight County, Hampton, Newport News and Poquoson, Virginia.
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Tina that's great news for you and your market. If I didn't have to sell my own house for negative gain maybe I'd move there! :)