2011
2015 2011
Quarter Quarter
second FEBRUARY second
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
February 2015
February Market Summary The number of sales and the median sales price began to increase in February, kicking off the spring selling season. Sales increased relatively modestly, a little less than 3% from January to February. Sales were 3.9% higher year-over-year. Median sales price increased 2.5% from January to February and 5.7% yearover-year. Total sales volume was approximately $1,781M—9.33% higher than February 2014. The average number of days on the market remained constant at 91 days and is 7% higher than February 2014. In general, the February start of the spring selling season was relatively slow. Historically, sales have increased much more substantially from January to Februrary. Nonetheless, the continually decreasing unemployment rate is a sign that the Virginia economy is healthy and rising interest rates reflect the health of the U.S. economy overall. The slow start may be attributed to the weather and we can be confident that the overall pace of the Virginia real-estate market will continue to increase significantly through June. Rising mortgage interest rates may add additional energy as buyers may be motivated to take advantage of historically low rates while they are available.
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
February 2015
Virginia's Monthly Pace of Residential Sales Single Family, Townhomes, Condos
12,000 10,579 10,121 10,000
9,647
9,421
8,467
Number of Residential Sales
8,000
8,398
8,231
7,559 7,109
6,949
6,000
8,290
6,599
5,377
5,667
+3.49%
5,698
5,865
4,000
2,000
0
(p) indicates that this month’s numbers are preliminary. The numbers may change slightly as more data is reported.
Sales increased marginally, 2.93%, from January to February, and 3.49% year-over-year. Virginia typically experiences higher increases in sales from January to February. Over the last 7 years, the average sales increase from January to February was 10.72%. In recent years, sales increased around 25% from February to March, so the anticipated early start to the spring selling season will not likely come to fruition. Instead, the Virginia real-estate market may experience more gradual increases in sales this spring.
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
February 2015
Virginia Median Residential Sales Price Single Family Homes, Townhomes, Condos
$200,000
$246,000
$239,898
$260,000
$251,000
$247,175
$250,000
$263,000
$268,000
$279,000
$264,700
$257,000
$243,000
$232,750
$229,000
$250,000
$245,000
$250,000
$250,000
$265,000
$274,900
$268,000
$250,000
$241,350
$230,000
$250,000
$225,000
Median Sales Price
$300,000
$285,000
$350,000
+5.69%
+6.95% $150,000
(p) indicates that this month’s numbers are preliminary. The numbers may change slightly as more data is reported.
The February 2015 median sales price ($246,000) was 5.69% higher than in February 2014 ($232,750) and 6.95% higher than the median sales price in February of 2013 ($230,000). The median sales price increased 2.54% from January to February, a clear signal that the winter selling season has come to an end. The median sales price will likely increase steadily through June.
Published by the Virginia Association of REALTORSÂŽ Analysis by the Virginia Center for Housing Research at Virginia Tech
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Virginia Monthly Home Sales Report
February 2015
Virginia Monthly Residential Sales Volume ($M) Single Family Homes, Townhomes, Condos
4,000 3,661 3,500
3,367 3,143
3,086
Millions of Dollars of Residential Sales
3,000 2,724
2,718 2,565
2,500
2,583
2,384 2,182
2,087
2,062
2,000 1,551
1,629
1,708
1,781
+9.33%
1,500
1,000
500
0 Nov-14 Dec-14
Jan-14
Feb-14 Mar-14 Apr-14 May-14 Jun-14
Jul-14
Aug-14 Sep-14 (p) (p)
Oct-14 Nov-14 Dec-14 (p) (p) (p)
Jan-15 (p)
Feb-15 (p)
(p) indicates that this month’s numbers are preliminary. The numbers may change slightly as more data is reported.
Sales volume was 9.33% higher this February than February 2014, reflecting more sales and higher sale prices year-over-year. Nevertheless, the marginal increase in volume from January to February represents a slow start to the new year. Sales and price usually increase quickly in March as the spring selling season sets in. Increases in interest rates may encourage some potential buyers to enter the market to take advantage of mortgage interest rates while they are still historically low.
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
February 2015
Virginia Average Days On Market
Single Family Homes, Townhomes, Condos 100
90
80
90
93
95 91 86
-10.53%
Average Days On Market
85
+7.06%
81
78 74
73 70
85
66
69
74
77
74
68
77
75
80
80
91
82
73
67
69 64
60
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.
Average days on the market remained unchanged in February. This relatively constant average days on the market corresponds to fewer than anticipated sales in February. The February average, 91 days, is 7.06% higher than last February 2014. Days on the market will likely decrease steadily though June.
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
February 2015
Virginia Unemployment Rate
4.7%
4.8%
4.8%
4.9%
5.0%
5.0%
5.3%
5.2%
5.2%
5.3%
5.3%
5.3%
5.3%
5.2%
5.4%
5.6%
5.6%
5.8%
5.7%
5.5%
5.3%
5.2%
5.3%
5.6%
5.6%
Source: Bureau of Labor Statistics
9% 9% 8% 8% 7% 7% 6% 6% 5% 5% 4%
The Virginia unemployment rate continued to decrease in January. The consistently decreasing unemployment rate should boost the real-estate market because it boosts seller and buyer confidence. Potential sellers feel more confident upgrading and potential buyers feel more confident taking on new debt because they are more confident in the security of their current job or in their ability to get a new job.
Average 30-Year Mortgage Interest Rates Source: FreddieMac
4.6% 4.4% 4.2%
4.30%
4.34%
4.34% 4.19%
4.16%
4.0%
4.13%
4.12%
4.16%
4.04%
4.00% 3.86%
3.8% 3.6%
3.67%
3.71%
Jan-15
Feb-15
3.4% 3.2% 3.0%
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Average 30-year mortgage interest rates rose in February to 3.71%, after five months of consistent decrease. Rising interest rates reflect general economic health. Rising mortgage interest rates may prompt potential buyers to purchase a home now, while they can still take advantage of historically low rates.
Published by the Virginia Association of REALTORS速 Analysis by the Virginia Center for Housing Research at Virginia Tech
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Virginia Monthly Home Sales Report
February 2015
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: Marketing and Communications Virginia Association of REALTORS® 10231 Telegraph Road, Glen Allen, VA 23059 (804) 264-5033 Marketing@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.
Economic Regions
Central Valley: Central Virginia:
Hampton Roads / Chesapeake Bay:
Northern Virginia:
Roanoke / Lynchburg / Blacksburg:
Albemarle, Augusta, Bath, Buena Vista City, Charlottesville City, Fluvanna, Greene, Harrisonburg City, Highland, Lexington City, Nelson, Rockbridge, Rockingham, Staunton City, Waynesboro City Amelia, Buckingham, Charles City, Chesterfield, Colonial Heights City, Cumberland, Dinwiddie, Goochland, Hanover, Henrico, Hopewell City, King and Queen, King William, Louisa, New Kent, Nottoway, Petersburg City, Powhatan, Prince Edward, Prince George, Richmond City, Sussex Accomack, Chesapeake City, Franklin City, Gloucester, Hampton City, Isle of Wight, James City, Lancaster, Mathews, Middlesex, Newport News City, Norfolk City, Northampton, Northumberland, Poquoson City, Portsmouth City, Southampton, Suffolk City, Surry, Virginia Beach City, Williamsburg City, York Alexandria City, Arlington, Caroline, Clarke, Culpeper, Essex, Fairfax, Fairfax City, Falls Church City, Fauquier, Frederick, Fredericksburg City, King George, Loudoun, Madison, Manassas City, Manassas Park City, Orange, Page, Prince William, Rappahannock, Richmond, Shenandoah, Spotsylvania, Stafford, Warren, Westmoreland, Winchester City Alleghany, Amherst, Appomattox, Bedford, Bedford City, Botetourt, Campbell, Covington City, Craig, Floyd, Franklin, Giles, Lynchburg City, Montgomery, Pulaski, Radford, Roanoke, Roanoke City, Salem City
Southside Virginia:
Brunswick, Charlotte, Danville City, Emporia City, Galax City, Greensville, Halifax, Henry, Lunenberg, Martinsville City, Mecklenburg, Norton City, Patrick, Pittsylvania
Southwest Virginia:
Bland, Bristol City, Buchanan, Carroll, Dickenson, Grayson, Lee, Russell, Scott, Smyth, Tazewell, Washington, Wise, Wythe
Published by the Virginia Association of REALTORS® Analysis by the Virginia Center for Housing Research at Virginia Tech
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