Published by Virginia Association of REALTORS速, the advocate for real estate professionals and property owners in Virginia.
2012
APRIL
VIRGINIA HOME SALES REPORT
Virginia Monthly Home Sales Report
April 2012
Virginia's Monthly Pace of Residential Sales Single Family, Townhomes, Condos 10,000 9,214 9,000 8,380 7,965
8,000
8,120 7,442
7,000
7,131
6,904
6,752
6,667 6,244
6,000
6,035 5,724 4,948
5,000
+10% 4,000
3,000
2,000
1,000
0 Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
After a 4% increase in Virginia home sales last month (March 2012 compared to March 2011) home sales experienced another strong gain in April with an impressive 10% increase as compared to last April. This strength in the housing market early in the year may be partly due to the warmer than normal winter that was experienced in most regions of Virginia. Warm temperatures in February and March had home buyers out searching for homes earlier than ever. Regardless of the reason, these strong gains are an indicator that the overall Virginia housing market may be starting to stabilize.
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Page 2
Virginia Monthly Home Sales Report
April 2012
Virginia Median Residential Sales Price Single Family Homes, Townhomes, Condos
$239,000
$225,000
$210,700
$201,950
$225,000
$221,000
$215,000
$224,000
$239,975
$241,500
$245,000
$225,694
$230,000
$215,000
$213,900
$232,640
$236,750
$230,000
$239,900
$250,000
$256,730
$249,000
$235,000
$205,000
Median Sales Price
$250,000
$231,000
$300,000
$200,000
+3.9%
$150,000
+3.5%
$100,000
Alongside a strong increase (+10%) in the pace of home sales in Virginia (see Page 2), we are also starting to see year-over-year increases in median sales prices in Virginia. The median sales price in April 2012 ($239,000) marked a 3.9% increase from one year earlier ($230,000), and a 3.5% increase from two years ago ($231,000). As the pace of buyer activity continues to increase, we will likely see further stabilization and growth in median sales prices. It is typical in Virginia to see a steady increase in median sales price between January and June, thus we should expect to see median prices continue to rise over the next several months, likely to somewhere around $250,000 at the peak of the summer months.
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Virginia Monthly Home Sales Report
April 2012
Virginia Monthly Residential Sales Volume Single Family Homes, Townhomes, Condos 3,000 2,836
2,500
2,408
2,401
2,420
Millions of Dollars of Residential Sales
2,200
2,000
1,996
1,957
1,953
1,860 1,711
1,692 1,509
1,500 1,282
+13%
1,000
500
0 Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
The total volume of real estate sold in Virginia during April 2012 ($2.2B) marks a significant 13% increase in the volume of real estate being transferred as compared to last April. Given the recent increases in median sales prices (see Page 3), we should expect to see further increases in overall sales volume as the pace of sales increases (see Page 2).
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Virginia Monthly Home Sales Report
April 2012
Virginia Average Days On Market Single Family Homes, Townhomes, Condos 120
-9% +21% 100 101 99
100
95 91 85
82
Average Days On Market
80
76
78
80
86
99
97
96 88
89
92
99 100 100
104 103
101 90
80
60
40
20
0
After a 21% increase in average days on market between April 2010 (82) and April 2011 (99) the 9% decline in this metric over the past year is a welcome change in trajectory. It is typical to see a decline in average days on market during the summer months, thus we will likely see this metric continue to decline over the next few months.
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Virginia Monthly Home Sales Report
April 2012
Virginia Unemployment Rate Source: Bureau of Labor & Statistics
5.6%
5.7%
6%
5.8%
6.1%
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%
6.9%
6.9%
7.0%
6.5%
7%
6.8%
8%
6.7%
7.4%
9%
5% 4% Mar-10
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Virginia’s unemployment rate fell to its lowest level (5.6%) in the past two years in March 2012. Virginia’s unemployment rate has now stayed below 6% for several months. The current level of 5.6% places Virginia in 9th place in the country for lowest unemployment rates.
Average 30-Year Mortgage Interest Rates Source: FreddieMac 5.0% 4.8%
4.78%
4.6%
4.60%
4.4%
4.51%
4.55% 4.22%
4.2%
4.01%
4.0%
4.10%
3.98%
3.95%
3.98%
3.95%
3.99%
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
3.8%
3.88%
3.6% 3.4% 3.2% 3.0% Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Apr-12
Average 30-year fixed mortgage interest rates hit a new historic low in April 2012 with an average of 3.88% at the end of the month. This marks almost a full percentage decline as compared to one year ago. These tremendously low interest rates make 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.
Published by the Virginia Association of REALTORS®
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Virginia Monthly Home Sales Report
April 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.
Published by the Virginia Association of REALTORS®
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