More than 2,200 new homes have sold in Hampton Roads,V irginia so far this year.
Housing affordability has improved considerably since the market’s peak in 2006.
Every day more and more people are discovering how affordable homes have
become and the exceptional buying opportunities that are available today! In
terms of affordability and choice now may be the greatest new home buying
opportunity in a decade!
The Housing
Recovery
By Ron Wildermuth 29% sold in the $100’s and another 29% sold for $200,000-$250,000.
What’s been happening? Attached New Construction (Multistory Elevator Served Condos).
Detached New Construction Elevator served condos offer a wide range of prices from the high
The average sales price of a detached new construction home in $100’s to over $4 million. Many of these condos are located in the
Hampton Roads is nearly 16% lower today ($367,382 versus more urban areas of our cities.
$436,769) than the market’s peak in 2006. During the same period The inventory of condos priced below $300,000 in elevator buildings
average square footages have decreased only 6% from 2,645-2,485 sq is in short supply, but there are a few extraordinary opportunities
ft. for a new detached home. Of the 991 detached new home closings available at prices starting as low as the $180’s at Gateway at SoNo in
through August of this year nearly 40% sold for less than $300,000. Norfolk, the $190’s at Studio 56 in Virginia Beach and Windy Knolls in
Attached New Construction Newport News, and the $210’s at The Pointe at City Center in Newport
The average sales price of an attached new construction home News. Nearly 41% of closings in new construction elevator buildings
(excluding elevator served condos) is almost 19% lower today through August of this year had sales prices below $300,000.
($249,014 versus $306,245) than the market’s peak in 2006. Of the 674 Exceptional buying opportunities also exist for condos priced above
attached new home closings so far this year (excl elevator condos), nearly $300,000 as builders are anxious to move unsold inventory.
SOME COMPELLING REASONS TO BUY A NEW HOME NOW!
• Builders have been making downward homes in many price ranges and locations. • Most builders continue to offer attractive
adjustments to pricing for nearly three years Three years ago the opposite was true. fi nance and feature upgrade incentives.
and current home prices represent an • The sales price of a new home on a $ per sq ft • New homes priced above $400,000 also offer
outstanding value. basis has decreased and is approaching 2004 great value. Homes in these price ranges have
• Inventories of detached homes for quick levels for detached and attached homes. undergone the most dramatic price
possession priced below $400,000 are in • Builders are including more upgraded adjustments over the last three years. The level
short supply. features in their homes than ever before. of included features at these price points is
• Inventories of attached homes priced below • Interest rates are near record lows below 5%. generally high and the square footages are
$250,000 are also in short supply. As the economy improves, mortgage rates are generous.
• New homes are now a better value than resale likely to increase.
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