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