Here’s my East Beach Real Estate Market Update, April 2016.
East Beach Real Estate Market Update, April 2016
As of today, there are 39 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 39 listings in East Beach, there is no distressed inventory. This is an aberration compared to the rest of the City of Norfolk, but not unsurprising when you consider that East Beach is very much still a work in progress. As we’re about to see, there’s a lot of new construction going on in East Beach, and new homes and lots are being added all the time.
Sold & Under Contract
Five homes sold in East Beach in April, and 21 more are pending(!). The average sales price for those five homes was $526,000, while the average number of days on the market was 283. However these figures are slightly misleading: those five homes run a huge spread between $799,000 and $331,000. A more appropriate average would be more like $550,000 or $570,000.
The home that sold for $331,000 was a smaller, attached carriage home close to Ocean View Avenue; the home that sold for $799,000 was custom new construction with water views.
Now let’s take a look at East Beach’s 21 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 $399,000. The average sales price for these fifteen pending listings is $685,824; the average number of days on the market is 80.
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 283 and 80 days respectively; this is hugely out of whack compared to the city average of 93. However, this is not unusual – neighborhoods with more expensive homes like East Beach (or the North End in Virginia Beach) generally have a higher average DOM number than the rest of the surrounding area.
Curious about Norfolk properties? Take a Look!
That’s my East Beach Real Estate Market Update, April 2016. 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
Accredited Buyers Representative
Certified Distress Property Expert
HRRA Circle of Excellence Gold Recipient