Harry’s Monthly Real Estate Insight

There is good news in our market. For the area our MLS covers, the sales were up 7.96% over August of last year and the pending sales were up 12.02%. Cross Realty has experienced even better results over last year. We had quite a good August and September has started strong for sales. This is good news and it may be a sign that we are moving into a better market. The total number of listings actually went up over last August, but they were predominantly home owners not bank owned properties.

We do still have a 15-22% influx of bank owned sales and listings. This is still negatively effecting the market, but it is better. Two things that need to happen to get to a good real estate market are a better economy and bank owned properties down to 5%. This is going to take some time. There are 600 +/- homes for sale in the Suffolk area. This number is about the same for August 2011 and 2012. This tells me that we still have a ways to go to get the Supply and Demand in a better place.

I expect that we will have a better than average fall until mid November when the market seasonally slows. So, lets get started selling and listing in this great fall weather. I have a $50.00 Lowe’s card for the best local picture of fall leaves! You In? Email me: harrycross@callcrossrealty.com

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Specializing in properties in South Hampton Roads, Virginia.