You have made up your mind to buy a home, but are you sure that everything else will support you for buying the new home? Even if you go to a good realtor like Blu Skky Realty you will not be able
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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Those who intend to buy homes, condos or apartments in one of the waterfront cities will be excited to know that the Virginia Beach, VA real estate offers more than 2000 active houses for sale.