The good news is that there were more under contract sales in June as compared to a year ago and the number of listings has decreased (-8.8%), but we still have a ten month supply. We want about a four month supply. At least it is going in the right direction. The bad news is that the median home price across Hampton Roads fell from $229,950 to $199,900 over the last twelve months. This is reflective of the sale of foreclosure properties that are going for less than the regular listings and bringing the median price down. The market has some very interesting possibilities for buyers and continues to challenge sellers. It is all about the right price! We know where that is, call us for help. Thanks for your referrals; we always have time to take care of them in a top professional manner!
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