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 Assoc. can be reached at email: tina@tinamerritt.com or 757-287-6338.
Our 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.
