Dennis Blackmore's Market Update

Dennis Blackmore's
market update
VIRGINIA BEACH
Current prices for homes on the market

Trends in pricing
Current levels of supply and demand
Value metrics
Report for the week of

2010-01-22
Presented by Dennis Blackmore

(757) 343-4949
Creed Realty Virginia Beach
www.DennisBlackmore.com - homes@757re.com
Powered by Altos Research LLC Copyright 2005-2009. All Rights Reserved

www.altosresearch.com
Dennis Blackmore | www.DennisBlackmore.com | (757) 343-4949 homes@757re.com
City Overview VIRGINIA BEACH

Real-Time Market Profile Trend THIS WEEK
Median List Price $ 349,900 The median single family home price
Average List Price $ 510,673 in VIRGINIA BEACH this week is
Least Expensive Listing $ 59,000 $349,900. The 2234 homes have been
Most Expensive Listing $ 9,985,000 on the market for an average of 200
Asking Price per Square Foot $ 159 days.
Average Days on Market 200
Total Inventory 2234
Absorbed This Week* 135
Percent of Properties with Price Decrease 31 %
Percent Relisted (reset DOM) 13 %
Percent Flip (price increased) 4%
Median House Size (sq ft) 2,263 Even though the days-on-market is
Median Lot Size 0.25 - 0.50 acre
trending higher, so is the Market Action
Median Number of Bedrooms 3.9
Index at these inventory levels,
Median Number of Bathrooms 3.0
Median Age providing a neutral outlook for the
26
Altos Research Value Statistics market.
Market Action Index Cold! Buyer's Market 14
Altos Research calculates the Market Action Index which measures available supply
relative to the current level of demand. Index value above 30 indicates conditions favor
the seller. See the section below for full details.
Trend Key QUARTILES

Last Month's Trend Last Quarter's Trend No Clear Monthly/Quarterly Trend To get a tightly targeted understanding
*Metric "Absorbed this Week" covers properties sold and those taken off the market for other reasons. of homes in the market, we break each
Since sales sometimes take months to close, it is impossible to discern in real-time exactly which properties
sold.
locale into quartiles. Each quartile is
25% of the homes listed.
Characteristics per Quartile
Med. Med. Ab- Avg.
Quart Median Price Sqft. Med. Lot Size Bed Bath Age Inven. New sorbed DoM
0.25 - 0.50
1 $ 792,500 3,580 acre 5.0 4.5 15 558 16 44 269 Most expensive 25% of homes
0.25 - 0.50
2 $ 425,000 2,621 acre 4.0 3.0 8 558 33 18 203 Upper-middle 25% of homes
0.25 - 0.50
3 $ 299,000 2,067 acre 4.0 3.0 23 559 39 35 168 Lower-middle 25% of homes
8,001 - 10,000
4 $ 217,000 1,453 sq ft 3.0 2.0 34 559 54 38 161 Least expensive 25% of homes
We'll refer to the quartiles in the trend

graphs below.
Dennis Blackmore's Market Update for VIRGINIA BEACH 2

PRICE
Despite this week's down tic, price
trends have generally been moving up
lately.
QUARTILE PRICES
Often, we find insights by watching
pricing trends within the quartile
segments.
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.

PRICE AND VALUE

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.
INVENTORY
Inventory has been relatively steady
around these levels in recent weeks.

Residential house prices are a function of supply and demand, and market conditions can be MARKET ACTION INDEX
characterized by analyzing those factors. Watch this index for sustained changes: if the index
falls into the Buyer’s Market zone for a long period, prices are likely in for a downward The VIRGINIA BEACH market is
correction. 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 have
The Market Action Index (MAI) illustrates the balance between supply and demand using a not yet stopped falling. Should the sales
statistical function of the current rate of sale versus current inventory. trend continue, expect prices to level off
soon and potentially to resume their
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 will climb from there. Watch prices as the
typically cause prices to rise. MAI values below 30 indicate a "Buyer's Market" (a.k.a. "Cold market transitions from a Buyer's
Market") where the inventory of already-listed homes is sufficient to last several months at
the current rate of sales. A cold market will typically cause prices to fall. market to a Seller's market.
MARKET ACTION QUARTILES

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 changes
before the overall market shifts. Often
one end of the market (e.g. the low end)
will improve and signal a strengthening
market before the whole group changes.
The quartiles can help you answer the question, "How hot is the market for homes in my price
range?"

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.

VIRGINIA BEACH
Neighborhood Detail 23464
Real-Time Market Profile Trend

Median List Price $ 279,900 THIS WEEK
Average List Price $ 299,895 The median single family home price
Least Expensive Listing $ 149,000 in VIRGINIA BEACH 23464 this week
Most Expensive Listing $ 614,000 is $279,900.
Asking Price per Square Foot $ 142
Total Inventory 316
Absorbed This Week 25
Median House Size (sq ft) 2,046 Inventory has been lightening lately
and the Market Action Index has been
trending up. Though days-on-market is
Median Age increasing, these are mildly positive
28
Altos Research Value Statistics indications 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 before
we see prices deviate from these levels.

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 leading
indicator for the top of the market.
Characteristics per Quartile QUARTILES

Med. Ab- Avg.
Quart Median Price Med. Sqft Med. Lot Size Bed Bath Age Inven. New sorbed DoM
0.25 - 0.50
0.25 - 0.50
0.25 - 0.50
3 $ 259,900 1,890 acre 4.0 3.0 29 79 3 9 166 Lower-middle 25% of homes
8,001 - 10,000
PRICE AND VALUE
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.

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 interest
is falling with the available supply.
MARKET ACTION INDEX

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 inventory
available at the current sales rate,
buyers should find ample choice.

Not surprisingly, all quartiles are in the
Buyer's Market zone with several
levels of demand. Watch the quartiles
for changes before the overall market
shifts.

DAYS ON MARKET
The properties have been on the market
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 changing
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.

VIRGINIA BEACH

Total Inventory 151
Median House Size (sq ft) 1,657 Even though the days-on-market is
trending higher, so is the Market Action
Index at these inventory levels,
Median Age providing a neutral outlook for the
41
Altos Research Value Statistics market.
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 persistent
downward shift in the Market Action
Index into the Buyer's zone as a leading
indicator of the price strength
subsiding.

PRICE PER QUARTILE

In the quartile market segments, we see
the market's price weakness 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.

Med. Ab- Avg.
0.25 - 0.50
2 $ 259,000 1,730 Not Avail 3.0 3.0 29 38 6 3 183 Upper-middle 25% of homes
8,001 - 10,000
3 $ 223,450 1,553 sq ft 3.0 2.0 47 38 4 2 134 Lower-middle 25% of homes
4 $ 185,000 1,275 Not Avail 3.0 2.0 47 38 1 2 151 Least expensive 25% of homes
PRICE AND VALUE
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.

INVENTORY
MARKET ACTION INDEX


shifts.

DAYS ON MARKET
market.
DAYS ON MARKET


VIRGINIA BEACH

Most Expensive Listing $ 1,900,000 is $474,950.
Total Inventory 42
Median House Size (sq ft) 2,861 Inventory and days-on-market are both
Median Lot Size 1.0 - 2.5 acres
trending higher recently. However, the
improving Market Action Index implies
Median Age some increased demand will temper the
20
Altos Research Value Statistics negative trends.
PRICE
Price trends in this zip code continued
their recent uptrend this week. While
still below the market's high point,
we've seen a nice run recently.

PRICE PER QUARTILE

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 Action
Index as a leading indicator for strong
moves (up or down) in the market as a
whole.

Med. Ab- Avg.
1 $ 797,000 3,888 Not Avail 4.0 4.2 18 10 1 0 275 Most expensive 25% of homes
2 $ 557,500 3,371 2.5 - 5.0 acres 4.0 4.5 10 10 0 2 256 Upper-middle 25% of homes
10.0 - 20.0
3 $ 380,000 2,521 acres 4.0 3.0 23 11 1 1 167 Lower-middle 25% of homes
4 $ 285,000 1,703 1.0 - 2.5 acres 3.0 2.0 33 11 2 3 158 Least expensive 25% of homes
PRICE AND VALUE
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 of
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.

INVENTORY
MARKET ACTION INDEX


shifts.

DAYS ON MARKET
market.
DAYS ON MARKET


VIRGINIA BEACH

Total Inventory 605
Median House Size (sq ft) 2,732 Days-on-market has been trending up
recently but the Market Action Index
and inventory levels are basically flat
Median Age and not providing strong indications for
14
Altos Research Value Statistics the 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 looking
for a persistent upward shift in the
Market Action Index as a leading
indicator for a trough in prices.

PRICE PER QUARTILE

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 markets
where 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.

Med. Ab- Avg.
0.25 - 0.50
0.25 - 0.50
4,501 - 6500
6,501 - 8,000
PRICE AND VALUE
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.

INVENTORY
Inventory has been steady around these
levels in recent weeks with 605
properties currently available.
MARKET ACTION INDEX


shifts.

DAYS ON MARKET
market.
DAYS ON MARKET


VIRGINIA BEACH

Total Inventory 212
Median House Size (sq ft) 2,397 Inventory and days-on-market are
climbing, while the Market Action Index
has been flat recently. The trends point
Median Age to a weakening market.
32
Altos Research Value Statistics
PRICE
trends in this zip code have generally
been moving up lately. We are below
the market's high point, and we'll
investigate the Market Action Index
later on to see if we expect this week's
blip to become a downward trend.

PRICE PER QUARTILE

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 prices
move from these current levels.

Med. Ab- Avg.
0.25 - 0.50
8,001 - 10,000
2 $ 469,900 2,871 sq ft 4.0 3.0 16 53 3 2 240 Upper-middle 25% of homes
3 $ 330,000 2,259 Not Avail 4.0 3.0 28 53 1 5 169 Lower-middle 25% of homes
4 $ 210,000 1,400 Not Avail 3.0 2.0 53 53 6 4 181 Least expensive 25% of homes
PRICE AND VALUE
In a market where prices are rising
fairly consistently, price per square foot
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.

INVENTORY
MARKET ACTION INDEX


shifts.

DAYS ON MARKET
market.
DAYS ON MARKET


VIRGINIA BEACH

Total Inventory 291
Median House Size (sq ft) 2,211 Inventory and days-on-market are
climbing, while the Market Action Index
has been flat recently. The trends point
Median Age to a weakening market.
24
Altos Research Value Statistics
PRICE
trends in this zip code have generally
been moving up lately. We are below
the market's high point, and we'll
investigate the Market Action Index
later on to see if we expect this week's
blip to become a downward trend.

PRICE PER QUARTILE

market.

Med. Ab- Avg.
8,001 - 10,000
1 $ 1,080,000 4,180 sq ft 5.0 4.5 21 72 1 3 252 Most expensive 25% of homes
0.25 - 0.50
3 $ 299,900 1,932 0.50 - 1.0 acre 4.0 3.0 21 73 6 2 178 Lower-middle 25% of homes
8,001 - 10,000
PRICE AND VALUE
drop.

INVENTORY
MARKET ACTION INDEX


shifts.

DAYS ON MARKET
market.
DAYS ON MARKET


VIRGINIA BEACH

Total Inventory 141
25
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 several
weeks.

PRICE PER QUARTILE

market.

Med. Ab- Avg.
1 $ 349,900 2,548 Not Avail 4.0 3.0 9 35 2 1 214 Most expensive 25% of homes
2 $ 285,400 2,083 Not Avail 4.0 3.0 17 35 1 1 154 Upper-middle 25% of homes
3 $ 232,000 1,587 Not Avail 3.0 2.0 31 35 4 3 134 Lower-middle 25% of homes
4 $ 184,950 1,432 0.50 - 1.0 acre 3.0 2.0 30 36 3 5 131 Least expensive 25% of homes
PRICE AND VALUE
drop.

INVENTORY
MARKET ACTION INDEX


shifts.

DAYS ON MARKET
market.
DAYS ON MARKET


VIRGINIA BEACH

Total Inventory 238
42
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 before
we see prices deviate from these levels.

PRICE PER QUARTILE

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 markets
where 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.

Med. Ab- Avg.
1 $ 724,900 3,778 1.0 - 2.5 acres 5.0 4.0 27 59 3 6 275 Most expensive 25% of homes
2 $ 324,500 2,026 0.50 - 1.0 acre 4.0 3.0 42 59 5 2 197 Upper-middle 25% of homes
6,501 - 8,000
6,501 - 8,000
PRICE AND VALUE
The value placed on homes continues to
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.

INVENTORY
Inventory has been steady around these
levels in recent weeks with 238
properties currently available.
MARKET ACTION INDEX


shifts.

DAYS ON MARKET
market.
DAYS ON MARKET


VIRGINIA BEACH

Total Inventory 238
Median House Size (sq ft) 2,618 Inventory has been lightening lately
Median Lot Size 6,501 - 8,000 sq ft
and the Market Action Index has been
trending up. Though days-on-market is
Median Age increasing, these are mildly positive
33
Altos Research Value Statistics indications 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 several
weeks.

PRICE PER QUARTILE

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 Action
Index as a leading indicator of the
bottom of the market.

Med. Ab- Avg.
6,501 - 8,000
1 $ 1,575,000 4,200 sq ft 5.0 4.5 23 59 0 3 298 Most expensive 25% of homes
8,001 - 10,000
2 $ 850,000 3,196 sq ft 4.0 4.0 32 59 2 3 301 Upper-middle 25% of homes
6,501 - 8,000
4,501 - 6500
PRICE AND VALUE
drop.

INVENTORY
MARKET ACTION INDEX


shifts.

DAYS ON MARKET
market.
DAYS ON MARKET

About Altos Research Corporation

Altos Research Corp. reports real-time analysis of the residential real estate market in local markets across
the 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 to
the market trend information available in this report. The data presented in this report is accurate to the
best of our knowledge, but cannot be guaranteed as such. Use this report as one input in the real estate
decision making process, but do not rely on it for accuracy. Nothing in this report or any other Altos
Research publication is a recommendation to buy or to sell real estate. We recommend you work with a
licensed real estate agent or broker.
Altos Research LLC Copyright 2005-2009. All Rights Reserved www.altosresearch.com

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Dennis Blackmore's

Current prices for homes on the market

Report for the week of

Presented by Dennis Blackmore

Powered by Altos Research LLC Copyright 2005-2009. All Rights Reserved

City Overview VIRGINIA BEACH

Trend Key QUARTILES

We'll refer to the quartiles in the trend

Dennis Blackmore's Market Update for VIRGINIA BEACH 2

Dennis Blackmore's Market Update for VIRGINIA BEACH 3

PRICE AND VALUE

Dennis Blackmore's Market Update for VIRGINIA BEACH 4

Home sales have been exceeding new

MARKET ACTION QUARTILES

Dennis Blackmore's Market Update for VIRGINIA BEACH 5

DAYS ON MARKET (DOM)

DOM PER QUARTILE

Dennis Blackmore's Market Update for VIRGINIA BEACH 6

Real-Time Market Profile Trend

Dennis Blackmore's Market Update for VIRGINIA BEACH 7

PRICE PER QUARTILE

Characteristics per Quartile QUARTILES

Dennis Blackmore's Market Update for VIRGINIA BEACH 8

MARKET ACTION INDEX

MARKET ACTION QUARTILES

Dennis Blackmore's Market Update for VIRGINIA BEACH 9

It is not uncommon for

Dennis Blackmore's Market Update for VIRGINIA BEACH 10

Real-Time Market Profile Trend

Dennis Blackmore's Market Update for VIRGINIA BEACH 11

PRICE PER QUARTILE

Characteristics per Quartile QUARTILES

Dennis Blackmore's Market Update for VIRGINIA BEACH 12

MARKET ACTION INDEX

MARKET ACTION QUARTILES

Dennis Blackmore's Market Update for VIRGINIA BEACH 13

It is not uncommon for

Dennis Blackmore's Market Update for VIRGINIA BEACH 14

Real-Time Market Profile Trend

Dennis Blackmore's Market Update for VIRGINIA BEACH 15

PRICE PER QUARTILE

Characteristics per Quartile QUARTILES

Dennis Blackmore's Market Update for VIRGINIA BEACH 16

MARKET ACTION INDEX

MARKET ACTION QUARTILES

Dennis Blackmore's Market Update for VIRGINIA BEACH 17

It is not uncommon for

Dennis Blackmore's Market Update for VIRGINIA BEACH 18

Real-Time Market Profile Trend

Dennis Blackmore's Market Update for VIRGINIA BEACH 19

PRICE PER QUARTILE

Characteristics per Quartile QUARTILES

Dennis Blackmore's Market Update for VIRGINIA BEACH 20

MARKET ACTION INDEX

MARKET ACTION QUARTILES

Dennis Blackmore's Market Update for VIRGINIA BEACH 21

It is not uncommon for

Dennis Blackmore's Market Update for VIRGINIA BEACH 22

Real-Time Market Profile Trend

Dennis Blackmore's Market Update for VIRGINIA BEACH 23

PRICE PER QUARTILE

Characteristics per Quartile QUARTILES

Dennis Blackmore's Market Update for VIRGINIA BEACH 24

Dennis Blackmore's Market Update

Dennis Blackmore's Market Update