The Suffolk Real Estate market had some mixed news for our area in February. According to the REIN MLS statistics, the total current listings in the Hampton Roads area (10,601) stayed steady as compared to last February, but in Suffolk we were up 13.48% over last year at the same time. Our pending sales were up 20% for the same period last year. This is all good news; except our monthly supply of available homes/listing is 7.56 months and an average market should be in the six month range. Suffolk’s average home price is $200,000, where Chesapeake is $215,000.00 and Virginia Beach is $214,000.00.
Distress home sales are still too much of a factor in the market place. The listings of distress homes are 20.82% and the sales of this type of home are 30.72%. If you look at the sales in the local newspaper, it seems higher than 30% to me.
What does all this mean to our market? The market is better, but not seeing an appreciable upswing in values. We are seeing more demand and in the lower prices we have seen multiple offers. This is below $225,000. The upper value homes are still seeing little demand. A seller must understand their pricing position as compared to competition to catch one of the buyers looking for homes in their price range. We know where that place in the market is, call us we can help you!