Conditions in the mortgage market are improving for consumers, which should help to release some pent-up demand in early 2008, according to the latest forecast by the National Association of Realtors®.
Lawrence Yun, NAR senior economist, notes that widening credit availability will help turn around home sales. "Conforming loans are abundantly available at historically favorable mortgage rates. Pricing has steadily improved on jumbo mortgages since the August credit crunch, and FHA loans are replacing subprime mortgages," he said.
Let's take a look at the September sales statistics for southside Hampton Roads to get a better idea of what the future may hold:
Residential sales in Virginia Beach dropped by 18 percent in September compared to September 2006, causing the average market time to increase 23 percent, from 47 days to 58 days.
The median price decreased 2 percent, but the average sale price increased 9 percent to $332,742.
Virginia | Sold | Median | Average | Average Days |
September 2007 | 477 | $250,000 | $332,742 | 58 |
September 2006 | 580 | $255,000 | $304,321 | 47 |
Chesapeake residential home sales also decreased in September by 40 percent, with market times increasing 25 percent. The median price declined 3 percent, while the average sales price decreased 4 percent.
Chesapeake | Sold | Median | Average | Average Days |
September 2007 | 196 | $272,450 | $287,496 | 65 |
September 2006 | 324 | $265,000 | $298,683 | 52 |
Norfolk experienced a 23 percent decline in sales in September. Market times increased 19 percent. The median price dropped less than 1 percent to $199,900 and the average sales price declined 6 percent to $232,307.
Norfolk | Sold | Median | Average | Average Days |
September 2007 | 167 | $199,900 | $232,307 | 69 |
September 2006 | 218 | $198,950 | $246,651 | 58 |
Portsmouth home sales also decreased by 36 percent in September and market times increased 49 percent compared to September 2006. The median price decreased to $159,450 or 6 percent and the average sales prices decreased 15 percent to $168,480.
Portsmouth | Sold | Median | Average | Average Days |
September 2007 | 88 | $159,450 | $168,480 | 73 |
September 2006 | 138 | $170,000 | $198,414 | 49 |
Suffolk also experienced a decrease in sales of 31 percent compared to September 2006. Market times increased slightly, also, 74 days vs 72 days.
The average sales price decreased in Suffolk to $323,071 or 2 percent while the median price declined 9 percent.
Suffolk | Sold | Median | Average | Average Days |
September 2007 | 84 | $277,450 | $323,071 | 74 |
September 2006 | 121 | $305,000 | $330,778 | 72 |
This is a great time to be a home buyer in Hampton Roads! Financing is loosening up and interest rates are low. Predictions are for the market to bounce back in 2008, so now is the time to buy.
You can search all homes for sale in the Hampton Roads MLS by visiting our website, ButlerTeamHomes.com.
Statistics compiled from Real Estate Information Network. They are deemed reliable, but not guaranteed.
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