2011
2014 2011
Quarter
second second M A Y Quarter
VIRGINIA VIRGINIA Home HomeSAleS SAleSRepoRt RepoRt
Analysis by the Virginia Center for Housing Research at Virginia Tech
速 速 Published by by Virginia association of reaLtors , the advocate for for Published Virginia association of reaLtors , the advocate realreal estate professionals andand property owners in Virginia. estate professionals property owners in Virginia.
Virginia Monthly Home Sales Report
May 2014
Virginia's Monthly Pace of Residential Sales Single Family, Townhomes, Condos
12,000
10,483
10,810 10,388
-10.5%
10,167
10,000
9,387 8,669 8,197
Number of Residential Sales
8,000
8,365 7,952
7,560
7,460
7,037
6,962
6,000
5,922 5,348
5,625
4,000
2,000
0
Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep- 13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 (p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p)
(p) indicates that this month’s numbers are preliminary. The numbers may change slightly as more data is reported.
Sales were down 10.5% from May 2013, and are only 3.6% higher than sales in May 2012 (9,064 units). Since prices do not indicate a shortage of inventory, we conclude that market participants are feeling conservative and that Virginia may have settled into a slow and steady growth trajectory.
Published by the Virginia Association of REALTORSÂŽ Analysis by the Virginia Center for Housing Research at Virginia Tech
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Virginia Monthly Home Sales Report
May 2014
Virginia Median Residential Sales Price Single Family Homes, Townhomes, Condos
$265,000
$256,000
$242,000
$233,000
$229,000
$250,000
$245,000
$250,000
$250,000
$265,000
$274,900
$268,000
$250,000
$241,350
$230,000
$225,000
$242,350
$248,000
$235,000
$240,000
$257,241
$258,000
$250,000
$248,000
$250,000
$239,000
Median Sales Price
$300,000
$285,000
$350,000
-1.12%
$200,000
+6.0%
$150,000
(p) indicates that this month’s numbers are preliminary. The numbers may change slightly as more data is reported.
The median sales price in May 2014 ($265,000) is 1.12% lower than May 2013 ($268,000), but still 6% higher than May of 2012 ($250,000). Accounting for seasonal fluctuation, Virginia prices continue to remain stable. The moderate increases that should continue through June, indicate a balanced market, but relatively slow growth.
Published by the Virginia Association of REALTORSÂŽ Analysis by the Virginia Center for Housing Research at Virginia Tech
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Virginia Monthly Home Sales Report
May 2014
Virginia Monthly Residential Sales Volume ($M) Single Family Homes, Townhomes, Condos
4,000 3,719 3,482
3,500
3,463 3,291
Millions of Dollars of Residential Sales
3,057
-12.2%
3,000 2,712 2,554 2,500
2,682 2,457
2,384
2,275
2,153
2,094 2,000 1,684 1,545
1,621
1,500
1,000
500
0
Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 (p) (p) (p) (p) (p) (p) (p) (p) (p)
(p) indicates that this month’s numbers are preliminary. The numbers may change slightly as more data is reported.
Sales volume was 12.2% lower this May than May 2013, due to a combination of fewer sales and lower prices. Sales volume increased nearly 14% from the end of April to the end of May. As the Virginia housing market nears its traditional spring/summer peak, it seems that this year’s market performance will remain somewhere in between the performance the state experienced in 2012 and the 2013 market performance. The confidence exhibited by market participants in the spring and summer of 2013 may have been a one-time attempt to act on plans made before the recession and take advantage of the financial incentives intended to aid the market recovery. In 2014, builders have been risk adverse, slowing the growth of the housing stock. Changes in price indicate that inventory and demand remain in sync despite this slower growth, signaling that consumers are also being cautious.
Published by the Virginia Association of REALTORSÂŽ Analysis by the Virginia Center for Housing Research at Virginia Tech
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Virginia Monthly Home Sales Report
May 2014
Virginia Average Days On Market Single Family Homes, Townhomes, Condos
100 91 90
80
88 84 80
81
90
87
83
90
93
95 91 86 78
77 73
Average Days On Market
70
60
92
66
69
78
81
82
88 81 72
72
-13.1% -1.4%
50
40
30
20
10
0
(p) indicates that this month’s numbers are preliminary. The numbers may change slightly as more data is reported.
Days on the market fell to an average of 72 days in May, 1.4% lower than May 2013. Homes sold quickly in May and we can expect days on the market to reflect a similar pace in June. Despite fewer days on the market, fewer units sold in May compared to last year. Fewer sales and relatively stable prices indicate that fewer homes are going on the market compared to last year, but that the number of homes for sale is generally meeting demand.
Published by the Virginia Association of REALTORSÂŽ Analysis by the Virginia Center for Housing Research at Virginia Tech
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Virginia Monthly Home Sales Report
May 2014
Virginia Unemployment Rate
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
5.1%
4.9%
4.9%
4.9%
5.0%
5.2%
5.4%
5.6%
5.6%
5.8%
5.7%
5.5%
5.3%
5.2%
5.3%
5.6%
5.6%
5.6%
5.7%
5.8%
5.9%
5.9%
6.0%
6.0%
5.9%
9% 9% 8% 8% 7% 7% 6% 6% 5% 5% 4%
5.9%
Source: Bureau of Labor & Statistics
Apr-14
(p) indicates that this month’s numbers are preliminary. The rate is subject possible change and finalization by the Bureau of Labor Statistics.
Virginia’s unemployment rate rose to 5.1% in May, after remaining at 4.9% for the previous three months. The unemployment rate remains low, but this increase may be tempering the pace of the spring/summer selling season.
Average 30-Year Mortgage Interest Rates Source: FreddieMac
4.6% 4.4%
4.37%
4.46%
4.49%
4.2%
4.19%
4.07%
4.0%
4.46%
4.43%
4.26%
4.30%
4.34%
Feb-14
Mar-14
4.34% 4.19%
3.8% 3.6%
3.54%
3.4% 3.2% 3.0%
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Apr-14
May-14
Average 30-year fixed mortgage interest rates decreased by 0.15 percentage points in May. The change was not significant enough to have a discernible affect on the market.
Published by the Virginia Association of REALTORS® Analysis by the Virginia Center for Housing Research at Virginia Tech
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Virginia Monthly Home Sales Report
May 2014
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, Chief of Marketing and Communications 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 RE Stats Inc. All information is deemed reliable but is not guaranteed. Figures might not match those reported elsewhere.
Published by the Virginia Association of REALTORS® Analysis by the Virginia Center for Housing Research at Virginia Tech
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