Thursday, April 20, 2006

Spring Has Sprung In Hampton Roads!

The South Hampton Roads spring real estate market is in full bloom. Both sales and prices are up, making this a great time to buy or sell a home.

March sales are not quite up to the 2005 level, with 1716 residential homes sold March 2006 compared to 1772 in March 2005. But, the good news is, there is a strong 12% increase in the average sales price compared to a year ago.

Another indication of the busy spring market is the comparison of the February and March sales. Sales in March more than doubled from the February with 1716 sales in March vs. 842 sales in February of this year. As well as, a decrease in DOM from 57 days in February to 45 days in March.

NAR President Thomas M. Stevens from Vienna, Va., says home prices are expected to cool in 2006, but not as much as in earlier projections. This statement was part of an updated housing report released last week for National Association of Realtors. The association is now saying homes sales will be up and down this year, but will remain high resulting in the third strongest year on record.

The South Hampton Roads market is warming up and reflecting the NAR predictions for 2006.
Sellers, there are lots of buyers entering the market. These buyers are looking for the best value and they have more to choose from this year. Pricing is critical. Listen to our April Podcast for a detailed discussion of how pricing will effect your sale the the amount of money you will put in your pocket.

If you want to know the current market value of your home, click here.

Statistics are based on information from REIN. They are deemed reliable, but not guaranteed.


At 2:23 PM, Blogger va beyatch said...

I totally don't understand the realator(tm) comment that always follows news that prices are at nosebleed levels. Why is it realtors(tm) always say, "Prices have never been higher, now is an excellent time to buy?"

Now is the worst time to buy ever for anyone looking to buying a house.

Unaffordability is at an all time high. The only reason this isn't showing up is because the mouth breathing masses are signing up for loans that give them teaser rates, or where they build no equity. These loans will eventually adjust, and when they do many of the borrowers will loose their houses. These losses will show up as even more inventory in a market where nothing will be selling. In addition to this, it may wipe out many of the banks.

The truth is the employers in the Hampton Roads market isn't adjusting salaries. Perhaps in addition to the fools that are taking on these crazy loans (thinking that they will earn more in the future, or the house will appreciate, which there is no real garantee of) there are people cashing out of other overheated markets and moving to Hampton Roads.

I can say with authority that many of the people I know in the higher education jobs in the region were priced out some time ago. I do believe Hampton Roads could loose some of the little talent that is here.

I don't know about other people "waiting on the sidelines", but I for one am totally excited about the coming housing crash. It will happen, it will hurt our country, but people need to wake up.

Also, I noticed the numbers you quote don't follow with what shows for many of the zip codes I've plugged in in Norfolk and Virginia Beach. I don't know what is up, could REIN and the evil real estate folks be playing games to extend their profits on the foolish masses a bit longer?


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