More Statistics – Norfolk | Chesapeake | Virginia Beach Real Estate For Sale

Greetings! What a beautiful way to start off the week here in Virginia Beach – 72F degrees and sunny! More please…

Anyway, (trying to focus), as I mentioned in my last post, I just finished with a report that we distribute our Brian Duncan Group Buyer Agents. We call it the “Vital Statistics” report because it gives us market stats for the price range and market that we deal in most – currently a price range of $175,000 to $450,000, and concentrated in Virginia Beach, Norfolk, and Chesapeake.

From our analysis, the following are a few of the market stats that we track, and why they matter:

Adding these two figures, we see that 19.74% of the current inventory (in the range mentioned above) is “Distress”, or a little under one-fifth of the total listings.

We see the following figures for the amount of time a listing actually stays on the market before going under contract:

  • 80 days for regular listings
  • 71 days for foreclosures / bank-owned listings
  • 160 days for short sales

In looking at the above figures, it’s a bit surprising to see that regular listings are taking 10% longer to sell than foreclosures, but all-in-all the numbers make sense, and our recent experience coincides.

The other number that makes TOTAL sense, to those of us who’ve experienced the “fun” of dealing with a short sale transaction anyway, is that the average short sale takes about 160 days to finally get closed.

How does this affect you if you’re buying a house, or selling a home?

We use the info to make sure our clients are well aware of what they’re getting into. Though foreclosures are selling in an average of 71 days, they’re still a bit unpredictable. Short sales are totally unpredictable, unfortunately. Any client who has a time-frame within which they have to make a move would be well-advised to understand what’s happening in the market should they decide to pursue either of these properties.

As a seller, we get very specific with your local neighborhood stats to make sure we position you correctly in the market – in other words, you need to know your competition.

Another statistic that we use is the current Absorption Rate – the available property inventory levels for regular listings, foreclosures, and short sales, and how fast homes are selling. This data, combined with the Days On Market info above, helps to outline a strategy for success when our Buyer clients are ready to make an offer. As a seller, inventory levels are a critical factor in making sure your listing is seen by the most potential buyers possible.

In the next post, I’ll cover absorption rate and inventory levels, Buyer’s and Seller’s markets, and what that means to you if you’re getting ready to shop for a home or looking to put your home on the market.

As always, contact us through our About The Brian Duncan Group page, or just start searching for Virginia Beach Homes, Norfolk Homes For Sale, and Chesapeake MLS Listings now!

Have a great day!

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