Here’s a March 2016 East Beach Real Estate Market Update.
East Beach Real Estate Market Update, March 2016
As of today, there are 37 homes for sale in East Beach in Norfolk. East Beach’s current listings range in price from small one bedroom condos selling for $239,900 all the way to 8000 square foot beach homes selling for $2,400,000.
Here’s a peek at those current listings in East Beach:
First, let’s discuss distressed properties like short sales and bank repossessions: out of 37 listings in East Beach, there is no distressed inventory. That’s remarkable, considering that Hampton Roads was filled with short sales and bank foreclosures just a few years ago. This year’s lack of distressed properties might be the most reliable sign yet of Norfolk’s real estate market recovery, and is a great start to this East Beach Real Estate Market Update.
Sold & Under Contract
Seven homes have sold in East Beach this year, and fifteen more are pending. The average sales price for those seven homes was $562,000, while the average number of days on the market was 166. In 2016 to date, East Beach’s most expensive home sold for $982,000 (on 28th Bay Street); the least expensive home was a condo that sold for $327,000 (on Spy Glass Drive).
Now let’s take a look at East Beach’s fifteen pending listings. The most expensive currently pending listing is a custom new construction home for $1,174,000; the least expensive under contract home is a new construction townhouse for $331,000. The average sales price for these fifteen pending listings is $655,000; the average number of days on the market is 111.
It’s worth pointing out that the average DOM figure for East Beach is very different from the average for the city of Norfolk as a whole. In our figures above, the average for sales and pendings is 166 and 111 days respectively; this is a bit more than the city average of 93. However, this is not unusual – neighborhoods with more expensive homes like East Beach (for example, the North End in Virginia Beach) generally have a higher average DOM number than the rest of the surrounding area.
Meanwhile, average market time for the city of Norfolk decreased slightly in February. After hovering around 100 days throughout the winter, it finally declined to an average of 93 days in February 2016. This is a modest improvement over last February, when it was 96 days.
Curious about Norfolk properties? Take a Look!
2016 is predicted to be a big year for real estate in Hampton Roads – don’t miss out!
Are you thinking about selling your home and you’re not sure what your home is worth? Thinking about buying a home for the first time but not sure about your earning power?
Contact me today for a complimentary marketing analysis of your home’s value, or to learn about the buying process. There is no obligation, and you might be pleasantly surprised!
Luxury Homes Specialist
Certified Real Estate Negotiator
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