2011
Quarter Quarter
2013
second NOVEMBER 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
November 2013
Virginia's Monthly Pace of Residential Sales Single Family, Townhomes, Condos
12,000
10,466 10,000 9,026
10,766 10,360
10,097
8,650 8,141
Number of Residential Sales
8,000 7,221
6,000
7,267
7,458
7,400
7,852
6,842
6,753
5,529
5,918
-8.74%
4,000
2,000
0
Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep- 13 Oct-13 Nov-13 (p) (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.
The pace of Virginia home sales continued to decline in November. Sales are down 8.74% from November 2012. This year-over-year decrease is explained by an unusual increase in sales from October 2012 to November 2012. Virginia is experiencing a more typical seasonal decline this year. (See “‘Tis the Season” at varbuzz.com for more details.)
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
November 2013
Virginia Median Residential Sales Price Single Family Homes, Townhomes, Condos
$244,000
$250,000
$249,875
$265,000
$272,131
$267,125
$250,000
$241,350
$230,000
$225,000
$242,350
$248,000
$235,000
$240,000
$248,000
$257,241
$258,000
$250,000
$239,000
$225,000
$210,900
$205,000
$225,000
$220,000
$250,000
$215,000
Median Sales Price
$300,000
$284,000
$350,000
-1.6%
$200,000
+12.7% $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 decreased from October to November. The median sales price in November 2013 ($244,000) is 1.6% less than November 2012 ($248,000), but 12.7% higher than November of 2011 ($220,000). Overall, prices remain stable. The decrease in prices is an effect of the typical seasonal decline of the housing market.
Published by the Virginia Association of REALTORSÂŽ Analysis by the Virginia Center for Housing Research at Virginia Tech
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Virginia Monthly Home Sales Report
November 2013
Virginia Monthly Residential Sales Volume ($M) Single Family Homes, Townhomes, Condos
4,000 3,694 3,474
3,500
3,444 3,252
Millions of Dollars of Residential Sales
3,000
2,802
2,695 2,531
2,500 2,159
2,087
2,416
2,274
2,269 2,090
2,023
2,000 1,682 1,540
-10.8%
1,500
1,000
500
0
Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 (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 volume was 10.8% lower this November than last November. This year-over-year decline is primarily a result of the a-typical increase in sales last November combined with the typical seasonal decline experienced this year. Prices remained stable and therefore, had little effect on volume.
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
November 2013
Virginia Average Days On Market Single Family Homes, Townhomes, Condos
120 106 100
99
101 101
103 102 91
Average Days On Market
84 80
88 80
81
90
83
87
90
93
94 86 77
76
72 65
-14%
68
77
80
71
60
-8% 40
20
0
(p) indicates that this month’s numbers are preliminary. The numbers may change slightly as more data is reported.
Days on the market continued to rise in November, reaching a level that is typical for Virginia. Virginia experienced a 8% decline in this metric over the past year. Homes are still selling quickly, but decreased demand during the holidays has slowed the pace compared to earlier in the year.
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
November 2013
Virginia Unemployment Rate
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
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%
5.9%
5.9%
5.9%
6.0%
6.2%
6.3%
9% 9% 8% 8% 7% 7% 6% 6% 5% 5% 4%
6.5%
Source: Bureau of Labor & Statistics
Oct-13 (p)
(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 did not change from September to October. Employment uncertainty may begin to stall further market recovery if rates do not improve. However, Federal Reserve confidence and the recent budget agreement in Congress bode well for Virginia (see “‘Tis the Season” at varbuzz. com for more details).
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%
4.26%
3.8% 3.6% 3.4%
3.35%
3.35%
Nov-12
Dec-12
3.41%
3.53%
3.57%
Feb-13
Mar-13
3.45%
3.54%
3.2% 3.0%
Jan-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Average 30-year fixed mortgage interest rates increased 0.07% in November. Increases in rates are highly anticipated and this relatively small increase will not have a discernible effect on sales this winter.
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
November 2013
The Virginia Association of REALTORS® (VAR) is the business advocate for real estate professionals in Virginia. VAR represents more than 28,000 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 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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