Virginia Beach Pending Sales Up 46%
16 December 2011
The past several years have been very tough on homeowners looking to sell. It looks like things may be taking a turn for the better!
Home sales in Virginia Beach are set to spike in January. One in five homes on the market is currently under contract. At this rate, Virginia Beach has a 5 month supply which is a very healthy figure.
The biggest increase comes from homes over $400,000 which have been struggling in 2011. While homes under $400,000 are currently at 5.4 month supply, there is a 7.5 month supply of the more expensive homes. The current data on pending home sales show homes at all price ranges dropping to a 5 month supply.
| Currently On The Market | Sold In Nov 11 | Pending Sales | |
| Normal | 2508 (707) | 375 (53) | 548 (144) |
| Bank Owned | 153 (13) | 69 (0) | 59 (9) |
| Short Sales | 324 (30) | 35 (7) | 92 (5) |
(indicates numbers for homes greater than $400,000)
The fact that the monthly supply of homes in Virginia Beach is hovering around 5 months is great news all by itself. But it also appears that the top end of the market is starting to unthaw. The rate of sales above $400,000 looks to double in the coming months.
We won't know for sure until the spring, but the market appears to have taken a turn for the better.
If you have gotten this far, please take the time to click "Like" at the top of the page. The more the merrier! Also, please contact me anytime if you want more information about sales in your neighborhood or are interested in knowing what your home might sell for in today's market.
