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8/14/2019 Dennis Blackmore's Market Update
1/42
Current prices for homes on the mark
Trends in priciCurrent levels of supply and dema
Value metri
market updat
Dennis Blackmore'
VIRGINIA BEAC
2010-01-
Report for the week
Powered by Altos Research LLC Copyright 2005-2009. All Rights Reserved
Creed Realty Virginia Bea
www.DennisBlackmore.com - [email protected]
Presented by Dennis Blackmo
(757) 343-49
www.altosresearch.com
http://www.altosresearch.com/http://www.altosresearch.com/8/14/2019 Dennis Blackmore's Market Update
2/42
Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
The median single family home price
in VIRGINIA BEACH this week is
$349,900. The 2234 homes have been
on the market for an average of 200
days.
THIS WEEK
Most Expensive Listing
Least Expensive Listing
Median List Price
Average List Price
Real-Time Market Profile Trend
Total Inventory
$ 349,900
$ 510,673
$ 9,985,000
$ 59,000
2234
200Average Days on Market
Asking Price per Square Foot $ 159
135Absorbed This Week*
Percent of Properties with Price Decrease 31 %
Percent Relisted (reset DOM) 13 %
Percent Flip (price increased) 4 %
City Overview VIRGINIA BEACH
0.25 - 0.50 acre
Altos Research Value Statistics
Market Action Index
Median Number of Bedrooms
Median Number of Bathrooms
Median House Size (sq ft)
Median Lot Size
Median Age
2,263
3.9
3.0
26
14Cold! Buyer's Market
Altos Research calculates the Market Action Index which measures available supplyrelative to the current level of demand. Index value above 30 indicates conditions favorthe seller. See the section below for full details.
Even though the days-on-market is
trending higher, so is the Market ActionIndex at these inventory levels,
providing a neutral outlook for the
market.
To get a tightly targeted understanding
of homes in the market, we break eachlocale into quartiles. Each quartile is
25% of the homes listed.
QUARTILES
Characteristics per Quartile
Last Month's Trend Last Quarter's Trend
Trend Key
No Clear Monthly/Quarterly Trend
Bed BathMed.Sqft.
Med.Age Inven. New
Ab-sorbedMed. Lot SizeMedian PriceQuart
Avg.DoM
*Metric "Absorbed this Week" covers properties sold and those taken off the market for other reasons.Since sales sometimes take months to close, it is impossible to discern in real-time exactly which propertiessold.
Most expensive 25% of homes0.25 - 0.50acre3,580 5.0 4.5 15 558 16 44$ 792,5001 269
Upper-middle 25% of homes0.25 - 0.50acre2,621 4.0 3.0 8 558 33 18$ 425,0002 203
Lower-middle 25% of homes0.25 - 0.50acre2,067 4.0 3.0 23 559 39 35$ 299,0003 168
Least expensive 25% of homes1,453 3.0 2.0 34 559 54 388,001 - 10,000
sq ft$ 217,0004 161
We'll refer to the quartiles in the trend
graphs below.
Dennis Blackmore's Market Update for VIRGINIA BEACH
8/14/2019 Dennis Blackmore's Market Update
3/42
Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
PRICE
Despite this week's down tic, price
trends have generally been moving up
lately.
QUARTILE PRICES
Price weakness is evident across the
board. All four quartiles have been in
price decline in recent weeks. Look to
the Market Action Index as a leading
indicator of the bottom of the market.
Often, we find insights by watching
pricing trends within the quartile
segments.
Dennis Blackmore's Market Update for VIRGINIA BEACH
8/14/2019 Dennis Blackmore's Market Update
4/42
Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
Despite recently falling prices, the price
per square foot has stayed reasonably
flat. This implies that there's a portion
of the market being priced at a
premium. You can investigate this
condition in the quartile details.
PRICE AND VALUE
INVENTORY
Inventory has been relatively steady
around these levels in recent weeks.
Dennis Blackmore's Market Update for VIRGINIA BEACH
8/14/2019 Dennis Blackmore's Market Update
5/42
Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
The VIRGINIA BEACH market is
currently quite strongly in the Buyer's
Market zone (below 30). The 90-day
Market Action Index stands at 14. With
several months of inventory available
at the current sales rate, buyers should
find ample choice.
Home sales have been exceeding new
inventory for several weeks. However
because of excess inventory, prices hav
not yet stopped falling. Should the sales
trend continue, expect prices to level ofsoon and potentially to resume their
climb from there. Watch prices as the
market transitions from a Buyer's
market to a Seller's market.
The Market Action Index (MAI) illustrates the balance between supply and demand using a
statistical function of the current rate of sale versus current inventory.
An MAI value greater than 30 typically indicates a Seller's Market (a.k.a. "Hot Market")because demand is high enough to quickly gobble up available supply. A hot market willtypically cause prices to rise. MAI values below 30 indicate a "Buyer's Market" (a.k.a. "ColdMarket") where the inventory of already-listed homes is sufficient to last several months atthe current rate of sales. A cold market will typically cause prices to fall.
MARKET ACTION INDEXResidential house prices are a function of supply and demand, and market conditions can becharacterized by analyzing those factors. Watch this index for sustained changes: if the indexfalls into the Buyers Market zone for a long period, prices are likely in for a downwardcorrection.
Not surprisingly given the overall
Market Action Index, all quartiles are in
the Buyer's Market zone with several
months of inventory given the current
rate of demand for homes in the
quartile. Watch the quartile for change
before the overall market shifts. Often
one end of the market (e.g. the low end)
will improve and signal a strengtheningmarket before the whole group changes
The quartiles can help you answer the question, "How hot is the market for homes in my pricerange?"
MARKET ACTION QUARTILES
Dennis Blackmore's Market Update for VIRGINIA BEACH
8/14/2019 Dennis Blackmore's Market Update
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Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
DAYS ON MARKET (DOM)
The properties have been on the
market for an average of 200 days. Half
of the listings have come newly on the
market in the past 147 or so days.
DOM PER QUARTILE
It is not uncommon for the higher
priced homes in an area to take longer
to sell than those in the lower
quartiles.
Dennis Blackmore's Market Update for VIRGINIA BEACH
8/14/2019 Dennis Blackmore's Market Update
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Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
23464Neighborhood DetailVIRGINIA BEACH
Most Expensive Listing
Least Expensive Listing
Median List Price
Average List Price
Real-Time Market Profile Trend
Total Inventory
$ 279,900
$ 299,895
$ 614,000
$ 149,000
316
178Average Days on Market
Asking Price per Square Foot $ 142
25Absorbed This Week
The median single family home price
in VIRGINIA BEACH 23464 this week
is $279,900.
THIS WEEK
Median Number of Bedrooms
Median Number of Bathrooms
Median House Size (sq ft)
Median Lot Size
Median Age
2,046
4.0
3.0
28Altos Research Value Statistics
0.25 - 0.50 acre
Market Action Index 15Cold! Buyer's Market
Inventory has been lightening lately
and the Market Action Index has been
trending up. Though days-on-market i
increasing, these are mildly positiveindications for the market.
PRICE
In the last few weeks we've seen prices
in this zip code bouncing around this
plateau. Look for a persistent down-
shift in the Market Action Index beforewe see prices deviate from these levels.
Dennis Blackmore's Market Update for VIRGINIA BEACH
8/14/2019 Dennis Blackmore's Market Update
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Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
PRICE PER QUARTILE
Not surprisingly, given the condition of
the overall market, all quartiles have
shown price strength in recent weeks.
All have been increasing in price lately
Watch for a persistent decline in the
Market Action Index as a leadingindicator for the top of the market.
QUARTILESCharacteristics per Quartile
Bed BathMed. SqftMed.Age Inven. New
Ab-sorbedMed. Lot SizeMedian PriceQuart
Avg.DoM
Most expensive 25% of homes0.25 - 0.50acre2,844 4.0 3.0 2 79 5 1$ 409,5001 209
Upper-middle 25% of homes0.25 - 0.50acre2,276 4.0 3.0 28 79 2 10$ 315,0002 182
Lower-middle 25% of homes0.25 - 0.50acre1,890 4.0 3.0 29 79 3 9$ 259,9003 166
Least expensive 25% of homes1,432 3.0 2.0 31 79 10 58,001 - 10,000
sq ft$ 212,9004 154
The market plateau is seen across the
price and value. The price per square
foot and median list price have both
been reasonably stagnant. Watch the
Market Action Index for persistent
changes as a leading indicator before
the market moves from these levels.
PRICE AND VALUE
Dennis Blackmore's Market Update for VIRGINIA BEACH
8/14/2019 Dennis Blackmore's Market Update
9/42
Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
INVENTORY
Inventory has been falling in recent
weeks with 316 properties available this
week. Note that declining inventory
alone does not signal a strengthening
market. Look to the Market Action
Index to gauge whether buyer interestis falling with the available supply.
The VIRGINIA BEACH 23464 is quite
strongly in the Buyer's Market zone.
The 90-day Market Action Index stands
at 15. With several months of inventoryavailable at the current sales rate,
buyers should find ample choice.
MARKET ACTION INDEX
MARKET ACTION QUARTILES
Not surprisingly, all quartiles are in theBuyer's Market zone with several
months of inventory given the current
levels of demand. Watch the quartiles
for changes before the overall market
shifts.
Dennis Blackmore's Market Update for VIRGINIA BEACH
8/14/2019 Dennis Blackmore's Market Update
10/42
Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
DAYS ON MARKETThe properties have been on the marke
for an average of 177 days. Half of the
listings have come newly on the market
in the past 119 or so days. Watch the 90
day DOM trend for signals of a changin
market.
DAYS ON MARKET
It is not uncommon for
the higher priced homes in an area
(Quartiles 1 and 2) to take longer to
sell than those in the lower quartiles.
1Dennis Blackmore's Market Update for VIRGINIA BEACH
8/14/2019 Dennis Blackmore's Market Update
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Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
23462Neighborhood DetailVIRGINIA BEACH
Most Expensive Listing
Least Expensive Listing
Median List Price
Average List Price
Real-Time Market Profile Trend
Total Inventory
$ 240,000
$ 253,423
$ 939,000
$ 104,400
151
164Average Days on Market
Asking Price per Square Foot $ 147
7Absorbed This Week
The median single family home price
in VIRGINIA BEACH 23462 this week
is $240,000.
THIS WEEK
Median Number of Bedrooms
Median Number of Bathrooms
Median House Size (sq ft)
Median Lot Size
Median Age
1,657
3.0
2.0
41Altos Research Value Statistics
0.25 - 0.50 acre
Market Action Index 15Cold! Buyer's Market
Even though the days-on-market is
trending higher, so is the Market Action
Index at these inventory levels,
providing a neutral outlook for themarket.
PRICE
While this week the median price in
this zip code didn't fluctuate much, we
are relatively close to the market's
high-water mark. Watch for persistentdownward shift in the Market Action
Index into the Buyer's zone as a leading
indicator of the price strength
subsiding.
1Dennis Blackmore's Market Update for VIRGINIA BEACH
8/14/2019 Dennis Blackmore's Market Update
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8/14/2019 Dennis Blackmore's Market Update
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Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
INVENTORY
Inventory has been falling in recent
weeks with 151 properties available this
week. Note that declining inventory
alone does not signal a strengthening
market. Look to the Market Action
Index to gauge whether buyer interestis falling with the available supply.
The VIRGINIA BEACH 23462 is quite
strongly in the Buyer's Market zone.
The 90-day Market Action Index stands
at 15. With several months of inventoryavailable at the current sales rate,
buyers should find ample choice.
MARKET ACTION INDEX
MARKET ACTION QUARTILES
Not surprisingly, all quartiles are in theBuyer's Market zone with several
months of inventory given the current
levels of demand. Watch the quartiles
for changes before the overall market
shifts.
1Dennis Blackmore's Market Update for VIRGINIA BEACH
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Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
DAYS ON MARKETThe properties have been on the marke
for an average of 163 days. Half of the
listings have come newly on the market
in the past 98 or so days. Watch the 90-
day DOM trend for signals of a changin
market.
DAYS ON MARKET
It is not uncommon for
the higher priced homes in an area
(Quartiles 1 and 2) to take longer to
sell than those in the lower quartiles.
1Dennis Blackmore's Market Update for VIRGINIA BEACH
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8/14/2019 Dennis Blackmore's Market Update
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Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
PRICE PER QUARTILE
In the quartile market segments, we see
prices in this zip code without strong
directional indication lately. Quartiles 2
and 4 are mixed, while Quartile 3 is up
and Quartile 1 is down. Look to
persistent shifts in the Market ActionIndex as a leading indicator for strong
moves (up or down) in the market as a
whole.
QUARTILESCharacteristics per Quartile
Bed BathMed. SqftMed.Age Inven. New
Ab-sorbedMed. Lot SizeMedian PriceQuart
Avg.DoM
Most expensive 25% of homes3,888 4.0 4.2 18 10 1 0$ 797,0001 275Not Avail
Upper-middle 25% of homes2.5 - 5.0 acres3,371 4.0 4.5 10 10 0 2$ 557,5002 256
Lower-middle 25% of homes10.0 - 20.0acres2,521 4.0 3.0 23 11 1 1$ 380,0003 167
Least expensive 25% of homes1.0 - 2.5 acres1,703 3.0 2.0 33 11 2 3$ 285,0004 158
This is a market where watching the
value metrics (like price per square
foot) can provide insight that you don't
get at first glance. Despite the fact that
home prices are rising fairly
consistently, the price per square foot o
homes listed is declining. Often this can
be attributed to new and remodeled
homes on the market. Buyers in the
area are paying more but also getting
more for their money.
PRICE AND VALUE
1Dennis Blackmore's Market Update for VIRGINIA BEACH
8/14/2019 Dennis Blackmore's Market Update
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Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
INVENTORY
Inventory has been falling in recent
weeks with 42 properties available this
week. Note that declining inventory
alone does not signal a strengthening
market. Look to the Market Action
Index to gauge whether buyer interestis falling with the available supply.
The VIRGINIA BEACH 23457 is quite
strongly in the Buyer's Market zone.
The 90-day Market Action Index stands
at 9. With several months of inventoryavailable at the current sales rate,
buyers should find ample choice.
MARKET ACTION INDEX
MARKET ACTION QUARTILES
Not surprisingly, all quartiles are in theBuyer's Market zone with several
months of inventory given the current
levels of demand. Watch the quartiles
for changes before the overall market
shifts.
1Dennis Blackmore's Market Update for VIRGINIA BEACH
8/14/2019 Dennis Blackmore's Market Update
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Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
DAYS ON MARKETThe properties have been on the marke
for an average of 211 days. Half of the
listings have come newly on the market
in the past 154 or so days. Watch the 90
day DOM trend for signals of a changin
market.
DAYS ON MARKET
It is not uncommon for
the higher priced homes in an area
(Quartiles 1 and 2) to take longer to
sell than those in the lower quartiles.
1Dennis Blackmore's Market Update for VIRGINIA BEACH
8/14/2019 Dennis Blackmore's Market Update
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Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
23456Neighborhood DetailVIRGINIA BEACH
Most Expensive Listing
Least Expensive Listing
Median List Price
Average List Price
Real-Time Market Profile Trend
Total Inventory
$ 449,000
$ 516,191
$ 2,499,000
$ 159,000
605
208Average Days on Market
Asking Price per Square Foot $ 163
31Absorbed This Week
The median single family home price
in VIRGINIA BEACH 23456 this week
is $449,000.
THIS WEEK
Median Number of Bedrooms
Median Number of Bathrooms
Median House Size (sq ft)
Median Lot Size
Median Age
2,732
4.0
3.0
14Altos Research Value Statistics
0.25 - 0.50 acre
Market Action Index 11Cold! Buyer's Market
Days-on-market has been trending up
recently but the Market Action Index
and inventory levels are basically flat
and not providing strong indications fothe market.
PRICE
Again this week in this zip code we see
a downward notch for prices. We
continue to pull back from the market's
highs. At this point, we will be lookingfor a persistent upward shift in the
Market Action Index as a leading
indicator for a trough in prices.
1Dennis Blackmore's Market Update for VIRGINIA BEACH
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Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
PRICE PER QUARTILE
In the quartile market segments, we see
most of the market for this zip code
showing price weakness lately. Notice
however, that Quartile 4 at the low-end
of the market is still on an up-trend.
Often this condition happens in marketwhere demand has fallen (for example,
due to micro-location variables) but
supply is still relatively short. Buyers
are focusing on the lowest price homes
in the area.
QUARTILESCharacteristics per Quartile
Bed BathMed. SqftMed.Age Inven. New
Ab-sorbedMed. Lot SizeMedian PriceQuart
Avg.DoM
Most expensive 25% of homes0.25 - 0.50acre3,677 5.0 4.5 6 151 3 15$ 749,0001 279
Upper-middle 25% of homes0.25 - 0.50acre3,100 4.0 3.0 1 151 7 6$ 524,9002 209
Lower-middle 25% of homes2,548 4.0 3.0 3 151 10 54,501 - 6500
sq ft$ 380,9003 181
Least expensive 25% of homes2,014 4.0 3.0 21 152 16 56,501 - 8,000
sq ft$ 277,9504 164
The market's downward trends are
shared across both price and value.
People are recently placing less value
on homes (you can see the recent
declines in price per square foot as
evidence.) Look for significant changes
in the Market Action Index as a
precursor to price and value changes,
possibly as inflection points for good
investment opportunities.
PRICE AND VALUE
2Dennis Blackmore's Market Update for VIRGINIA BEACH
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Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
INVENTORY
Inventory has been steady around thes
levels in recent weeks with 605
properties currently available.
The VIRGINIA BEACH 23456 is quite
strongly in the Buyer's Market zone.
The 90-day Market Action Index stands
at 11. With several months of inventoryavailable at the current sales rate,
buyers should find ample choice.
MARKET ACTION INDEX
MARKET ACTION QUARTILES
Not surprisingly, all quartiles are in theBuyer's Market zone with several
months of inventory given the current
levels of demand. Watch the quartiles
for changes before the overall market
shifts.
2Dennis Blackmore's Market Update for VIRGINIA BEACH
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Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
DAYS ON MARKETThe properties have been on the marke
for an average of 208 days. Half of the
listings have come newly on the market
in the past 161 or so days. Watch the 90
day DOM trend for signals of a changin
market.
DAYS ON MARKET
It is not uncommon for
the higher priced homes in an area
(Quartiles 1 and 2) to take longer to
sell than those in the lower quartiles.
2Dennis Blackmore's Market Update for VIRGINIA BEACH
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Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
23455Neighborhood DetailVIRGINIA BEACH
Most Expensive Listing
Least Expensive Listing
Median List Price
Average List Price
Real-Time Market Profile Trend
Total Inventory
$ 382,450
$ 556,755
$ 9,800,000
$ 135,000
212
211Average Days on Market
Asking Price per Square Foot $ 161
16Absorbed This Week
The median single family home price
in VIRGINIA BEACH 23455 this week
is $382,450.
THIS WEEK
Median Number of Bedrooms
Median Number of Bathrooms
Median House Size (sq ft)
Median Lot Size
Median Age
2,397
3.8
3.0
32Altos Research Value Statistics
0.25 - 0.50 acre
Market Action Index 14Cold! Buyer's Market
Inventory and days-on-market are
climbing, while the Market Action Inde
has been flat recently. The trends point
to a weakening market.
PRICE
Despite this week's down tic, price
trends in this zip code have generally
been moving up lately. We are below
the market's high point, and we'llinvestigate the Market Action Index
later on to see if we expect this week's
blip to become a downward trend.
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Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
PRICE PER QUARTILE
In the quartile market segments, we see
prices in this zip code have settled at a
price plateau across the board. Prices in
all four quartiles are basically mixed.
Look for a persistent shift (up or down)
in the Market Action Index before pricemove from these current levels.
QUARTILESCharacteristics per Quartile
Bed BathMed. SqftMed.Age Inven. New
Ab-sorbedMed. Lot SizeMedian PriceQuart
Avg.DoM
Most expensive 25% of homes0.25 - 0.50acre3,424 4.0 4.5 16 53 0 5$ 749,9001 256
Upper-middle 25% of homes2,871 4.0 3.0 16 53 3 28,001 - 10,000
sq ft$ 469,9002 240
Lower-middle 25% of homes2,259 4.0 3.0 28 53 1 5$ 330,0003 169Not Avail
Least expensive 25% of homes1,400 3.0 2.0 53 53 6 4$ 210,0004 181Not Avail
In a market where prices are rising
fairly consistently, price per square foo
is essentially flat. This often implies
that new homes coming on the market
are pricier, and also larger than older
homes. As a result the value one can
buy stays the same.
PRICE AND VALUE
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Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
INVENTORY
Inventory has been falling in recent
weeks with 212 properties available this
week. Note that declining inventory
alone does not signal a strengthening
market. Look to the Market Action
Index to gauge whether buyer interestis falling with the available supply.
The VIRGINIA BEACH 23455 is quite
strongly in the Buyer's Market zone.
The 90-day Market Action Index stands
at 14. With several months of inventoryavailable at the current sales rate,
buyers should find ample choice.
MARKET ACTION INDEX
MARKET ACTION QUARTILES
Not surprisingly, all quartiles are in theBuyer's Market zone with several
months of inventory given the current
levels of demand. Watch the quartiles
for changes before the overall market
shifts.
2Dennis Blackmore's Market Update for VIRGINIA BEACH
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Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
23454Neighborhood DetailVIRGINIA BEACH
Most Expensive Listing
Least Expensive Listing
Median List Price
Average List Price
Real-Time Market Profile Trend
Total Inventory
$ 350,000
$ 637,770
$ 9,985,000
$ 125,000
291
195Average Days on Market
Asking Price per Square Foot $ 170
11Absorbed This Week
The median single family home price
in VIRGINIA BEACH 23454 this week
is $350,000.
THIS WEEK
Median Number of Bedrooms
Median Number of Bathrooms
Median House Size (sq ft)
Median Lot Size
Median Age
2,211
3.9
3.0
24Altos Research Value Statistics
0.25 - 0.50 acre
Market Action Index 14Cold! Buyer's Market
Inventory and days-on-market are
climbing, while the Market Action Inde
has been flat recently. The trends point
to a weakening market.
PRICE
Despite this week's down tic, price
trends in this zip code have generally
been moving up lately. We are below
the market's high point, and we'llinvestigate the Market Action Index
later on to see if we expect this week's
blip to become a downward trend.
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Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
PRICE PER QUARTILE
In the quartile market segments, we see
the market's price weakness evident
across the board. All four quartiles hav
been in price decline in recent weeks.
Look to the Market Action Index as a
leading indicator of the bottom of themarket.
QUARTILESCharacteristics per Quartile
Bed BathMed. SqftMed.Age Inven. New
Ab-sorbedMed. Lot SizeMedian PriceQuart
Avg.DoM
Most expensive 25% of homes4,180 5.0 4.5 21 72 1 38,001 - 10,000
sq ft$ 1,080,0001 252
Upper-middle 25% of homes0.25 - 0.50acre2,594 4.0 3.0 27 73 5 3$ 424,0002 204
Lower-middle 25% of homes0.50 - 1.0 acre1,932 4.0 3.0 21 73 6 2$ 299,9003 178
Least expensive 25% of homes1,370 3.0 2.0 24 73 9 38,001 - 10,000
sq ft$ 225,0004 147
The market appears to be placing an
increasing premium on homes. When
list prices and price per square foot
consistently increase in tandem, as
they're doing now, you can often find
short-term investment opportunities.
Watch the Market Action Index for
persistent changes as a leading
indicator for these trends to flatten or
drop.
PRICE AND VALUE
2Dennis Blackmore's Market Update for VIRGINIA BEACH
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Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
INVENTORY
Inventory has been falling in recent
weeks with 291 properties available this
week. Note that declining inventory
alone does not signal a strengthening
market. Look to the Market Action
Index to gauge whether buyer interestis falling with the available supply.
The VIRGINIA BEACH 23454 is quite
strongly in the Buyer's Market zone.
The 90-day Market Action Index stands
at 14. With several months of inventoryavailable at the current sales rate,
buyers should find ample choice.
MARKET ACTION INDEX
MARKET ACTION QUARTILES
Not surprisingly, all quartiles are in theBuyer's Market zone with several
months of inventory given the current
levels of demand. Watch the quartiles
for changes before the overall market
shifts.
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Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
DAYS ON MARKETThe properties have been on the marke
for an average of 195 days. Half of the
listings have come newly on the market
in the past 161 or so days. Watch the 90
day DOM trend for signals of a changin
market.
DAYS ON MARKET
It is not uncommon for
the higher priced homes in an area
(Quartiles 1 and 2) to take longer to
sell than those in the lower quartiles.
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Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
23453Neighborhood DetailVIRGINIA BEACH
Most Expensive Listing
Least Expensive Listing
Median List Price
Average List Price
Real-Time Market Profile Trend
Total Inventory
$ 249,900
$ 270,999
$ 620,250
$ 59,000
141
158Average Days on Market
Asking Price per Square Foot $ 139
10Absorbed This Week
The median single family home price
in VIRGINIA BEACH 23453 this week
is $249,900.
THIS WEEK
Median Number of Bedrooms
Median Number of Bathrooms
Median House Size (sq ft)
Median Lot Size
Median Age
1,843
3.8
2.9
25Altos Research Value Statistics
0.50 - 1.0 acre
Market Action Index 15Cold! Buyer's Market
Days-on-market has been trending up
recently but the Market Action Index
and inventory levels are basically flat
and not providing strong indications fothe market.
PRICE
In this zip code this week saw relatively
little price change from last week.
However, we continue to demonstrate a
nice up trend over the last severalweeks.
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Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
PRICE PER QUARTILE
In the quartile market segments, we see
the market's price weakness evident
across the board. All four quartiles hav
been in price decline in recent weeks.
Look to the Market Action Index as a
leading indicator of the bottom of themarket.
QUARTILESCharacteristics per Quartile
Bed BathMed. SqftMed.Age Inven. New
Ab-sorbedMed. Lot SizeMedian PriceQuart
Avg.DoM
Most expensive 25% of homes2,548 4.0 3.0 9 35 2 1$ 349,9001 214Not Avail
Upper-middle 25% of homes2,083 4.0 3.0 17 35 1 1$ 285,4002 154Not Avail
Lower-middle 25% of homes1,587 3.0 2.0 31 35 4 3$ 232,0003 134Not Avail
Least expensive 25% of homes0.50 - 1.0 acre1,432 3.0 2.0 30 36 3 5$ 184,9504 131
The market appears to be placing an
increasing premium on homes. When
list prices and price per square foot
consistently increase in tandem, as
they're doing now, you can often find
short-term investment opportunities.
Watch the Market Action Index for
persistent changes as a leading
indicator for these trends to flatten or
drop.
PRICE AND VALUE
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Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
INVENTORY
Inventory has been falling in recent
weeks with 141 properties available this
week. Note that declining inventory
alone does not signal a strengthening
market. Look to the Market Action
Index to gauge whether buyer interestis falling with the available supply.
The VIRGINIA BEACH 23453 is quite
strongly in the Buyer's Market zone.
The 90-day Market Action Index stands
at 15. With several months of inventoryavailable at the current sales rate,
buyers should find ample choice.
MARKET ACTION INDEX
MARKET ACTION QUARTILES
Not surprisingly, all quartiles are in theBuyer's Market zone with several
months of inventory given the current
levels of demand. Watch the quartiles
for changes before the overall market
shifts.
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Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
DAYS ON MARKETThe properties have been on the marke
for an average of 157 days. Half of the
listings have come newly on the market
in the past 112 or so days. Watch the 90
day DOM trend for signals of a changin
market.
DAYS ON MARKET
It is not uncommon for
the higher priced homes in an area
(Quartiles 1 and 2) to take longer to
sell than those in the lower quartiles.
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Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
23452Neighborhood DetailVIRGINIA BEACH
Most Expensive Listing
Least Expensive Listing
Median List Price
Average List Price
Real-Time Market Profile Trend
Total Inventory
$ 259,900
$ 449,311
$ 6,800,000
$ 133,900
238
197Average Days on Market
Asking Price per Square Foot $ 154
17Absorbed This Week
The median single family home price
in VIRGINIA BEACH 23452 this week
is $259,900.
THIS WEEK
Median Number of Bedrooms
Median Number of Bathrooms
Median House Size (sq ft)
Median Lot Size
Median Age
1,906
4.0
3.0
42Altos Research Value Statistics
0.50 - 1.0 acre
Market Action Index 13Cold! Buyer's Market
Days-on-market has been trending up
recently but the Market Action Index
and inventory levels are basically flat
and not providing strong indications fothe market.
PRICE
In the last few weeks we've seen prices
in this zip code bouncing around this
plateau. Look for a persistent down-
shift in the Market Action Index beforewe see prices deviate from these levels.
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Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
PRICE PER QUARTILE
In the quartile market segments, we see
most of the market for this zip code
showing price weakness lately. Notice
however, that Quartile 4 at the low-end
of the market is still on an up-trend.
Often this condition happens in marketwhere demand has fallen (for example,
due to micro-location variables) but
supply is still relatively short. Buyers
are focusing on the lowest price homes
in the area.
QUARTILESCharacteristics per Quartile
Bed BathMed. SqftMed.Age Inven. New
Ab-sorbedMed. Lot SizeMedian PriceQuart
Avg.DoM
Most expensive 25% of homes1.0 - 2.5 acres3,778 5.0 4.0 27 59 3 6$ 724,9001 275
Upper-middle 25% of homes0.50 - 1.0 acre2,026 4.0 3.0 42 59 5 2$ 324,5002 197
Lower-middle 25% of homes1,684 4.0 2.0 43 60 6 46,501 - 8,000
sq ft$ 235,7503 115
Least expensive 25% of homes1,394 3.0 2.0 46 60 1 56,501 - 8,000
sq ft$ 199,0004 203
The value placed on homes continues t
increase, despite the fact that prices in
general have been basically flat
recently. These conditions can arise
when inventory is light and more,
smaller homes have more influence on
overall prices.
PRICE AND VALUE
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Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
INVENTORY
Inventory has been steady around thes
levels in recent weeks with 238
properties currently available.
The VIRGINIA BEACH 23452 is quite
strongly in the Buyer's Market zone.
The 90-day Market Action Index stands
at 13. With several months of inventoryavailable at the current sales rate,
buyers should find ample choice.
MARKET ACTION INDEX
MARKET ACTION QUARTILES
Not surprisingly, all quartiles are in theBuyer's Market zone with several
months of inventory given the current
levels of demand. Watch the quartiles
for changes before the overall market
shifts.
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Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
DAYS ON MARKETThe properties have been on the marke
for an average of 197 days. Half of the
listings have come newly on the market
in the past 140 or so days. Watch the 90
day DOM trend for signals of a changin
market.
DAYS ON MARKET
It is not uncommon for
the higher priced homes in an area
(Quartiles 1 and 2) to take longer to
sell than those in the lower quartiles.
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Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
23451Neighborhood DetailVIRGINIA BEACH
Most Expensive Listing
Least Expensive Listing
Median List Price
Average List Price
Real-Time Market Profile Trend
Total Inventory
$ 739,000
$ 940,112
$ 5,900,000
$ 110,000
238
254Average Days on Market
Asking Price per Square Foot $ 256
12Absorbed This Week
The median single family home price
in VIRGINIA BEACH 23451 this week
is $739,000.
THIS WEEK
Median Number of Bedrooms
Median Number of Bathrooms
Median House Size (sq ft)
Median Lot Size
Median Age
2,618
3.9
3.0
33Altos Research Value Statistics
6,501 - 8,000 sq ft
Market Action Index 12Cold! Buyer's Market
Inventory has been lightening lately
and the Market Action Index has been
trending up. Though days-on-market i
increasing, these are mildly positiveindications for the market.
PRICE
In this zip code this week saw relatively
little price change from last week.
However, we continue to demonstrate a
nice up trend over the last severalweeks.
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Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
PRICE PER QUARTILE
In the quartile market segments, we see
the market's price weakness evident
across the board. Quartiles 2, 3, and 4
have been in price decline in recent
weeks, with Quartile 1 remaining
basically flat. Look to the Market ActionIndex as a leading indicator of the
bottom of the market.
QUARTILESCharacteristics per Quartile
Bed BathMed. SqftMed.Age Inven. New
Ab-sorbedMed. Lot SizeMedian PriceQuart
Avg.DoM
Most expensive 25% of homes4,200 5.0 4.5 23 59 0 36,501 - 8,000
sq ft$ 1,575,0001 298
Upper-middle 25% of homes3,196 4.0 4.0 32 59 2 38,001 - 10,000
sq ft$ 850,0002 301
Lower-middle 25% of homes2,310 4.0 3.0 33 60 3 46,501 - 8,000
sq ft$ 548,1503 212
Least expensive 25% of homes1,751 3.0 2.0 42 60 4 24,501 - 6500
sq ft$ 339,9004 207
The market appears to be placing an
increasing premium on homes. When
list prices and price per square foot
consistently increase in tandem, as
they're doing now, you can often find
short-term investment opportunities.
Watch the Market Action Index for
persistent changes as a leading
indicator for these trends to flatten or
drop.
PRICE AND VALUE
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Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
INVENTORY
Inventory has been falling in recent
weeks with 238 properties available this
week. Note that declining inventory
alone does not signal a strengthening
market. Look to the Market Action
Index to gauge whether buyer interestis falling with the available supply.
The VIRGINIA BEACH 23451 is quite
strongly in the Buyer's Market zone.
The 90-day Market Action Index stands
at 12. With several months of inventoryavailable at the current sales rate,
buyers should find ample choice.
MARKET ACTION INDEX
MARKET ACTION QUARTILES
Not surprisingly, all quartiles are in theBuyer's Market zone with several
months of inventory given the current
levels of demand. Watch the quartiles
for changes before the overall market
shifts.
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Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 [email protected]
DAYS ON MARKETThe properties have been on the marke
for an average of 254 days. Half of the
listings have come newly on the market
in the past 224 or so days. Watch the 90
day DOM trend for signals of a changin
market.
DAYS ON MARKET
It is not uncommon for
the higher priced homes in an area
(Quartiles 1 and 2) to take longer to
sell than those in the lower quartiles.
About Altos Research CorporationAltos Research Corp. reports real-time analysis of the residential real estate market in local markets acrossthe country. All information contained herein is based on properties currently listed for sale and available
publicly. When evaluating a particular property, make sure you use comparable sales data in addition tothe market trend information available in this report. The data presented in this report is accurate to thebest of our knowledge, but cannot be guaranteed as such. Use this report as one input in the real estatedecision making process, but do not rely on it for accuracy. Nothing in this report or any other AltosResearch publication is a recommendation to buy or to sell real estate. We recommend you work with alicensed real estate agent or broker.
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