2010-Q2 Virginia Home Sales Report

Page 1

In this issue...

Second Quarter 2010 Residential Only

  

NEW report style



Recent Development Announcements

Foreclosures decrease in NOVA National Real Estate Perspective

For Immediate Release: August 2, 2010

12,000

Total Sales

7,000

8,627

8,299

7,209

8,126

8,262

7,393 6,907

6,730 5,514 4,862

2009

5,006

2010

4,642

4,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec $260,000

VA Median Sales Price $249,950

$250,000

$240,000 $238,000 $235,000 $230,000 $235,000 $235,000 $229,900 $230,000 $224,283 $225,500

$240,000

$220,000

$234,000

$225,000

$222,000

$223,000

$220,000

$216,000 $215,950 $215,000

2009

$210,000

2010

$200,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

130 120

Avg Days on Market

“Virginia is fortunate to have a relatively low unemployment rate, and strong regional economic development activity,” commented VAR President Cindy Stackhouse of Dumfries, VA, “both contributing to stronger home sales markets in our state.”

8,817

8,468

8,000

5,000

10,124 9,861

8,930

9,000

6,000

The median sales price was up slightly for the state as a whole, 2.5 percent, over the second quarter last year, and up nearly 7 percent from first quarter 2010. Average days on market is down in all but two areas of the state compared to first quarter 2009, and six of seven areas were down compared to the same period last year.

10,059

10,000

Median Sales Price

In the second quarter Trends in Virginia’s Housing Markets report, published by the Virginia Association of Realtors, six areas out of seven showed increases in total sales compared to the second quarter of 2009; only one area (Northern Virginia) was down, but only slightly (-.3 percent). Northern Virginia did post a second quarter total sales figure that was up 55 percent over first quarter 2010. Statewide, sales are up 6.4 percent over the same period last year.

VA Total Sales

11,000

Contact: Lisa Noon, (804) 249-5716 or lisa@varealtor.com

Welcome to a redesigned Virginia home sales market report! This report differs from previous quarterly reports in several ways: first, sales now correlate more closely to Virginia’s MSAs (Metropolitan Statistical Areas), which refers to geographical regions with relatively high population density at the core and close economic ties throughout the area. Definitions may be found on page 4. Second, we are providing additional information on factors like consumer confidence, mortgage trends, and major economic activity, all of which have a strong influence on home sales.

Trends in Virginia’s Housing Markets

VA Days on Market 111 111

110

106

103

100

99

95

90 80 70

88

88

88

83 78

80

91

90

85

86

84

88

2009 2010

60 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec


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