East Beach Real Estate Market Update Summer 2016

by Katie Zarpas July 26, 2016 0 comments
East Beach, Market Updates, Norfolk, Real Estate News

Here’s my East Beach Real Estate Market Update Summer 2016.

East Beach Real Estate Market Update Summer 2016

As of today, there are 43 homes for sale in East Beach in Norfolk.  East Beach’s current listings range in price from small two bedroom condos selling for $195,000 all the way to magnificent beach palaces selling for $2,400,000.

Here’s a peek at those current listings in East Beach:

Distressed Properties

First, let’s discuss distressed properties like short sales and bank repossessions: out of 43 listings in East Beach, there is no distressed inventory.  This is an outlier 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

9645 28th Bay, a home I sold in East Beach

9645 28th Bay Street, a home I sold in East Beach

Now for the East Beach Real Estate Market Update Summer 2016 sold and pending data.  Ten homes sold in East Beach in May and June, and 11 more are pending(!).  The average sales price for those ten homes was $551,000, while the average number of days on the market was 122.   The average number of days on the market has declined by half since April – which makes sense, when you consider that a large number of new construction homes may have been sitting under contract but not yet built and sold until April.

The least expensive home sold in East Beach during this time sold for $344,900; the most expensive home to sell was a magnificent Craftsman style beach home for $840,000.  The home that sold for $344,900 was a 3 bedroom condo near Pretty Lake Avenue.

Now let’s take a look at East Beach’s 11 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 $499,900.  The average sales price for these fifteen pending listings is $737,000; the average number of days on the market is 77.

 

Market Time

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 122 and 77 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!

Questions?  Comments about this East Beach Real Estate Market Update Summer 2016?


That’s my East Beach Real Estate Market Update Summer 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!

Katie Zarpas

Luxury Homes Specialist
Certified Real Estate Negotiator
Accredited Buyers Representative
Certified Distress Property Expert
HRRA Circle of Excellence Gold Recipient

Long & Foster Real Estate and
Christies International Real Estate
800 Laskin Road
Virginia Beach, VA 23451
757-685-4400 cell
757-428-4600 office
katie@katiezarpas.com
http://katiezarpas.com/

by Katie Zarpas July 26, 2016 0 comments