Published by Virginia Association of REALTORS速, the advocate for real estate professionals and property owners in Virginia.
2012
JANUARY
VIRGINIA HOME SALES REPORT
Virginia Monthly Home Sales Report
January 2012
Virginia's Monthly Pace of Residential Sales Single Family, Townhomes, Condos 10,000 9,210 9,000 8,373 7,960
8,000
8,110
7,104 7,000
6,898
6,747
6,649 6,232
6,000
6,026
5,113 5,000
4,839
4,711
+2.7% 4,000
3,000
2,000
1,000
January 2010 4,562 sales
0 Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
At long last, the pace of home sales in Virginia has started to increase again -- up 2.7% in January 2012 as compared to the previous January. Furthermore, the pace of home sales has increased 6.1% over the past two years, since January 2010. Even without the federal home buyer tax credit in 2011, Virginia’s housing market stayed relatively stable last year, and this year appears poised to show an overall improvement.
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Virginia Monthly Home Sales Report
January 2012
Virginia Median Residential Sales Price Single Family Homes, Townhomes, Condos
$203,000
$225,000
$221,450
$215,000
$224,000
$240,000
$241,500
$245,000
$225,900
$230,000
$215,000
$213,900
$232,815
$236,000
$230,000
$239,888
$250,000
$256,730
$249,500
$235,000
$231,000
$227,290
$220,000
$205,000
Median Sales Price
$250,000
$225,000
$300,000
$200,000
-8.9%
-1.0%
$150,000
$100,000
After declining 9% between January 2010 and January 2011, the annual decline in median sales price in Virginia was much more modest over the past 12 months. The median sales price in Virginia during January 2012 was $203,000 -- only a 1% decline from the median sales price of $205,000 one year earlier. Given the increase in the pace of home sales over the past year (+2.7%) we should continue to see further price stability as we continue through 2012.
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Virginia Monthly Home Sales Report
January 2012
Virginia Monthly Residential Sales Volume Single Family Homes, Townhomes, Condos 3,000 2,835
Millions of Dollars of Residential Sales
2,500
2,407
2,400
2,000
1,898
2,418
1,955
1,951
1,855 1,708
1,500
1,690
1,353 1,254
1,245
+0.7% 1,000
500
0 Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
The total volume of real estate sold in Virginia during January 2012 ($1.3B) marks a 0.7% increase in the volume of real estate being transferred as compared to last January. This increase (+0.7%) is smaller than the increase in sales pace (+2.7%) because of the slight decline in median sales prices (-1%) during January.
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Virginia Monthly Home Sales Report
January 2012
Virginia Average Days On Market Single Family Homes, Townhomes, Condos 120
+2%
+15% 100 101 99
100
95 91 87
Average Days On Market
80
86
85
85
82 76
78
80
86
99
97
95 88
89
99 100 100
102
92
80
60
40
20
0
After a 15% increase in average days on market between January 2010 (87) and January 2011 (100) there was much less significant increase in this metric (+2%) in the past year. It is typical to see an increase in average days on market between the summer months and winter months, thus we will likely see this metric start to decline in the coming months.
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Virginia Monthly Home Sales Report
January 2012
Virginia Unemployment Rate
6.2%
6.2%
6.4%
6.5%
6.3%
6.1%
6.0%
6.0%
6.1%
6.3%
6.6%
6.9%
6.4%
6.5%
6.4%
6.5%
6.9%
6.9%
7.0%
6.8%
7%
6.7%
7.4%
7.8% 7.0%
8%
7.7%
Source: Bureau of Labor & Statistics 9%
6% 5% Dec-09
Mar-10
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Virgin’a unemployment stayed constant at 6.2% in December 2011 and it still remains quite low compared to the rest of the nation. The current level of 6.2% places Virginia in 11th place in the country for the lowest unemployment rate. While comparatively low, we still need to see stability or a decline in this rate for this to translate into an overall improvement in Virginia’s economy and Virginia’s real estate market.
Average 30-Year Mortgage Interest Rates Source: FreddieMac 5.5% 5.0% 4.76%
4.95%
4.86%
4.78%
4.5%
4.60%
4.51%
4.55% 4.22%
4.0%
4.01%
4.10%
Sep-11
Oct-11
3.98%
3.95%
3.98%
Nov-11
Dec-11
Jan-12
3.5% 3.0% Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
For the third straight month, average 30-year mortgage interest rates have stayed below 4.0%. Current interest rates are by far the most favorable rates seen anytime in decades. These tremendously low interest rates are making it quite compelling for buyers to step into the market, given how they can protect themselves from inflation by fixing their housing costs at such a low, long term rate.
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Virginia Monthly Home Sales Report
January 2012
The Virginia Association of REALTORS® (VAR) is the business advocate for real estate professionals in Virginia. VAR represents more than 29,000 REALTORS active in all phases of real estate brokerage, management, development and appraisal. Our mission is to enhance our membership’s ability to achieve business success. All inquiries regarding this report should be directed to: Stacey Ricks, Director of Public Relations Virginia Association of REALTORS® 10231 Telegraph Road, Glen Allen, VA 23059 (804) 249-5716 Stacey@VARealtor.com www.VARealtor.com/HomeSales Information sourced from multiple listing services across the state with data compiled by R E Stats Inc. All information is deemed reliable but is not guaranteed. Figures might not match those reported elsewhere.
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