Little Neck Kings Grant Market Update

1st Quarter Little Neck and Kings Grant Virginia Beach Market Results

Here are some important statistics that we wanted to share with you regarding the Little Neck Kings Grant Virginia Beach Housing Market for the 1st quarter of the year.

Little Neck

31 Currently Active Listings
17 Homes Sold Since January 1, 2015
The Average List Price to Sale Price Ratio was 96% for all Sales in Little Neck
The Average Days on the Market was 87

Last 30 Days in Little Neck

17 New Listings Hitting the Market
5 Homes Sold or Pending in the Last 30 Days

Historical Mortgage Rates

Historical Mortgage Rates

 

Kings Grant

19 Currently Active Homes
13 Homes Sold since January 1, 2015
The Average List Price to Sale Price Ratio was 96% for all Sales in Kings Grant
The Average Days on the Market was 73

Last 30 Days in Kings Grant

8 New Listings Hitting the Market
5 Homes Sold or Pending in the Last 30 Days

 1st Quarter Market Conclusion: 

A seemingly hot market in the Little Neck Kings Grant area of Virginia Beach just had a big up tick in supply which may put pricing pressure on the market and increase market time. However, being the most active time of the year for real estate, sales demand may increase as well and off set the supply increase.

Supply of Homes is at 6 months in Little Neck which is considered a normal market with no advantage to either sellers or buyers.

The Supply of Homes in Kings Grant is slightly better at roughly 4 months, which gives a slight advantage to sellers. This is a normal difference between the 2 areas due to the average price range of the homes in Little Neck being higher and normally having longer market times than homes in Kings Grant.

Growth Path

Interest Rates are forecasted to be stable for most of our spring/summer selling season with most experts predicting an uptick in the late summer or early fall.

If you’d like to discuss this report or find out what your home is worth in today’s market please feel free to give us a call we’ll be happy to help you!

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