2011
2015 2011
Quarter
second second APRIL 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
April 2015
The Virginia Association of REALTORS® (VAR) publishes monthly and quarterly home sales reports to provide our members, the media and real estate-related industries with current data. The report data comes from a variety of sources and is analyzed by the Virginia Center for Housing Research at Virginia Tech. All data may be used with citation to the proprietary owner, the Virginia Association of REALTORS®. The data presented is based on specific economic regions comprised of counties and independent cities in Virginia, as detailed in the map below. However, it should be noted that these regions do not necessarily align with the counties and cities that comprise the 27 local REALTOR® associations in Virginia. For example, the economic region defined as Northern Virginia encompasses more counties and cities than those within the bounds of the Northern Virginia Association of REALTORS®. Please take this into consideration when referencing regions.
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 County, 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 County, Fairfax City, Falls Church City, Fauquier, Frederick, Fredericksburg City, King George, Loudoun, Madison, Manassas City, Manassas Park City, Orange, Page, Prince William, Rappahannock, Richmond County, Shenandoah, Spotsylvania, Stafford, Warren, Westmoreland, Winchester City Alleghany, Amherst, Appomattox, Bedford, Botetourt, Campbell, Covington City, Craig, Floyd, Franklin County, Giles, Lynchburg City, Montgomery, Pulaski, Radford, Roanoke County, 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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Virginia Monthly Home Sales Report
April 2015
April Market Summary Although month-to-month summer sales are not ramping up at the pace they have in recent years, Virginia’s residential real estate market continues to show signs of growth. Sales increased almost 5% year-over-year, while the median sales price and the average days on the market remain at typical levels for the season. Relatively stable prices and average days on the market indicate that overall, inventory is likely keeping up with demand. The unemployment rate and the thirty-year mortgage interest rate have also remained relatively stable throughout the first four months of 2015. The unemployment rate rose to 4.8% and the thirty-year mortgage interest rate dropped to 3.67%. Since neither rate is showing a consistent month-to-month increase or decrease, these changes are not likely to have a discernible impact on sales.
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
April 2015
Virginia's Monthly Pace of Residen/al Sales Single Family, Townhomes, Condos
12,000 10,579 10,121 9,647
10,000
9,421 8,886
Number of Residen/al Sales
8,467
8,290
8,398
8,405
8,231
+4.94%
8,000 7,109
6,599 6,000
5,377
5,667
5,771
6,040
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 by 5.72% from March to April—a relatively moderate increase based on March to April increases since 2007, explained in part by the high number of sales in March. Sales will likely continue to increase through June, based on historic seasonal trends. Sales increased 4.94% over April 2014. Virginia 2015 monthly sales have remained well above 2014 sales. 2015 monthly sales are only moderately higher than sales in 2013. Thus far, the Virginia residential real estate market seems to continue its improvement from the 2009-2011 post-recessionary period.
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
April 2015
Virginia Median Residential Sales Price Single Family Homes, Townhomes, Condos
$260,000
$250,000
$245,000
$237,000
$259,000
$250,000
$245,438
$249,950
$261,925
$268,000
$279,000
$264,700
$257,000
$243,000
$232,750
$229,000
$250,000
$250,000
$250,000
$265,000
$285,000
$274,900
$250,000
$245,000
$250,000
$241,350
Median Sales Price
$300,000
$268,000
$350,000
+1.17% $200,000
+4.0%
$150,000
(p) indicates that this month’s numbers are preliminary. The numbers may change slightly as more data is reported.
Median sales price for April 2015 ($260,000) is 1.17% higher than the previous year, April 2014 ($257,000), and 4.0% higher than median sales price for April 2013 ($250,000). The median sales price increased 3.9% over March. The median sales price should increase moderately and steadily through June, as long as inventory increases at an adequate rate throughout the summer selling season.
Published by the Virginia Association of REALTORSÂŽ Analysis by the Virginia Center for Housing Research at Virginia Tech
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Virginia Monthly Home Sales Report
April 2015
Virginia Monthly Residential Sales Volume ($B) Single Family Homes, Townhomes, Condos
4.00 3.66 3.50
3.37 3.14
3.10
Billions of Dollars of Residential Sales
3.00
2.86 2.73
2.72 2.58
2.61
2.59
2.50
+4.92%
2.18
2.07
2.00 1.55
1.72
1.63
1.83
1.50
1.00
0.50
0.00 Jan-14
Feb-14 Mar-14 Apr-14 May-14 Jun-14
Jul-14
Aug-14 (p)
Sep-14 (p)
Oct-14 (p)
Nov-14 Dec-14 (p) (p)
Jan-15 (p)
Feb-15 Mar-15 Apr-15 (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 4.92% higher this April than April 2014, reflecting the year-over-year increase in sales and sale prices. The increase in volume from March to April (9.33%) is lower than in 2013 and 2014, primarily because sales were relatively high in March, compared to previous years.
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
April 2015
Virginia Average Days On Market Single Family Homes, Townhomes, Condos
100 91 90
80
86
85
81
78 74
73
Average Days On Market
70
60
85
66
69
74
77
74
68
75
74 67
-3.84%
77
80
80
82
92 85 77
69 64
+2.67%
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 decreased to 77 in April from 85 in March. The average days on the market is 2.67% higher than April of 2014 and only one day less than April of 2013.
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
April 2015
Virginia Unemployment Rate Source: Bureau of Labor Statistics
9%
4.8%
4.7%
4.7%
5%
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%
6%
5.3%
7%
5.6%
8%
4%
The Virginia unemployment rate increased from February to March, after remaining at 4.7% for two months. The national unemployment rate fell from 5.5% in March to 5.4% in April. The Bureau of Labor Statistics has not yet released the Virginia rate, but it usually tracks the trajectory of the U.S. rate, so Virginia can expect little change to be reported in April. Slight changes in the unemployment rate are not likely to impact the residential real estate market, since the unemployment rate has remained relatively stable since October 2014.
Average 30-Year Mortgage Interest Rates Source: FreddieMac
4.6% 4.4% 4.2%
4.34% 4.19%
4.16%
4.13%
4.0%
4.12%
4.16%
4.04%
4.00% 3.86%
3.8% 3.6%
3.67%
3.71%
Jan-15
Feb-15
3.77%
3.67%
3.4% 3.2% 3.0%
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Mar-15
Apr-15
Average 30-year fixed mortgage interest rates decreased in April to 3.67% after two months of consistent increases. This month’s change in interest rate represents a 15.4% decrease year-over-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
April 2015
The Virginia Association of REALTORS® (VAR) is the largest professional trade association in Virginia, representing approximately 30,000 REALTORS® engaged in the residential and commercial real estate business. VAR serves as an advocate for homeownership and private property rights and represents the interests of real estate professionals and property owners in the Commonwealth of Virginia. Note: The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.
All inquiries regarding this report may be directed to: Christine Hodges Chief of Marketing & Communications Virginia Association of REALTORS® Christine@VARealtor.com 804-525-2947
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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