It is very difficult to get real estate financing in Virginia Beach, VA. The requirements of investors as well as property developers are very high here. Above all it takes a lot of time to
A Positive Month For Hampton Roads Real Estate
Residential active listings increased 12.04% when compared to June 2013. Each of the region’s seven major cities (Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, Virginia Beach) saw year-over-year increases in the number of homes for sale. Similar to the previous month, Chesapeake and Suffolk saw the largest year-over-year increases at 18.97% and 18.70% respectively. The months’ supply of inventory for residential homes for sale is currently 6.98 months, which is a mild 7.88% increase from June 2013’s 6.47 months.
The number of residential pending sales for the region swelled 15.68% from the year prior, with Newport News and Portsmouth contributing impressive increases of 44.70% and 30.63% respectively. In fact, all seven of the region’s major cities saw year-over-year increases in pending sales, a statistic that often influences settled sales over the next 30-90 days.
For the first time this year, residential settled sales increased year-over-year. June 2014 saw a 1.22% uptick in the number of residential settled sales when compared to the same period of time in 2013. Portsmouth experienced the most dramatic improvement, with a gain of 30%. Newport News and Norfolk followed with the next highest increases of 6.75% and 5.98% respectively. Conversely,
Chesapeake, Suffolk and Hampton suffered declines in their settled sales.
The region’s median sales price is currently $217,500, down 3.33% from June 2013. Individually, of the area’s major cities Portsmouth has the lowest median sales price of $134,950 and Chesapeake has the highest at $259,208.
Distressed homes, those that are either short sales or foreclosures, had less significance on the region’s market during June 2014. Distressed homes accounted for just 17.36% of all residential active listings for the month, which is down 4.32% from the same period of time last year, and marks the sixth consecutive month they’ve declined. June’s distressed homes accounted for 20.08% of all residential settled sales, a decrease of 2.76% from June 2013, and down 9.41% from the beginning of the year.
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Blu Skyy Realty, provides reliable and highly efficient real estate services as well as property management service in Virginia Beach, VA and neighborhoods for years. As a professional
Marion Long is an experienced real estate agent of Virginia Beach, VA and Blu Skyy Realty, the professional real estate agency owned by Marion Long offers a wide range of real estate services to
Blu Skyy Realty is one of the reputed real estate agencies in Virginia Beach, VA offering a wide range of real estate services to the clients. This real estate firm is owned by Marion Long,