2011
2013 2011
Quarter
second second OCTOBER 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
October 2013
Virginia's Monthly Pace of Residential Sales Single Family, Townhomes, Condos
12,000
10,447 10,000 5,068
9,026
Number of Residential Sales
5,508
10,067
8,686 8,098
8,000 7,221
6,000
10,761
7,267
7,446
7,400
7,702
6,841
5,529
5,916
+6%
4,000
2,000
0
Jul-12 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 (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 continues to exhibit seasonal decline, but remained relatively steady after a significant drop in sales from August to September. Over the past few years, Virginia has experienced inconsistent trends between September and December, making the next few months somewhat unpredictable. Nonetheless, sales remain strong compared to pervious years with a 6% year-over-year increase in October.
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
October 2013
Virginia Median Residential Sales Price Single Family Homes, Townhomes, Condos
$250,000
$249,900
$265,000
$272,000
$267,000
$250,000
$241,142
$230,000
$225,000
$242,500
$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
$215,000
$250,000
$224,000
Median Sales Price
$300,000
$284,000
$350,000
+6.4%
$200,000
+9.3% $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 increased slightly in October. The median sales price in October 2013 ($250,000) marks a 6.4% increase from one year earlier ($235,000) and a 9.3% increase from two years ago. The leveling of median sales prices in October is not typical for Virginia, and may be evidence of demand surpassing supply.
Published by the Virginia Association of REALTORSÂŽ Analysis by the Virginia Center for Housing Research at Virginia Tech
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Virginia Monthly Home Sales Report
October 2013
Virginia Monthly Residential Sales Volume ($M) Single Family Homes, Townhomes, Condos
4,000 3,693 3,467
3,500
1,531 3,244
Millions of Dollars of Residential Sales
3,000 1,317
2,802
2,691 2,515
2,500 2,159
2,270
2,269 2,087
2,373
2,090
2,000 1,682
+14%
1,540 1,500
1,000
500
0
Jul-12 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 (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 volume was 14% higher this October than last October. In general, the market recovery remains strong while we are experiencing seasonal decline. Low interest rates likely improved the pace of sales in October. Steady pace combined with rising prices held volume relatively steady this month.
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
October 2013
Virginia Average Days On Market Single Family Homes, Townhomes, Condos
120 106 100
97
99
101 101
103 102 91
Average Days On Market
84 80
88 80
81
83
90
87
90
93
94 86 77 72
-9%
65
68
71
75
77
-14%
60
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 October, but remain historically low. Virginia experienced a 14% decline in this metric over the past year. Year-over-year decreases in days on the market are evidence that demand for housing continues to rise, but combined with rising prices and fewer sales lack of inventory remains a concern. In 2011 and 2012, Virginia days on the market remained steady through November and December before peaking in January and February, so we can expect homes to continue selling fairly quickly through the end of 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
October 2013
Virginia Unemployment Rate
Aug-11
Nov-11
Feb-12
May-12
Aug-12
Nov-12
Feb-13
May-13
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%
6.5%
6.6%
9% 9% 8% 8% 7% 7% 6% 6% 5% 5% 4%
6.6%
Source: Bureau of Labor & Statistics
Aug-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 inched up a little more in August, but does not seem to have had a significant effect on the housing market. If the rate continues to increase into the fall, it will be hard to discern its effect on the market, as it is typical to see the market slow as we approach winter.
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% 3.8% 3.6% 3.4%
3.38%
3.35%
3.35%
Oct-12
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
Average 30-year fixed mortgage interest rates dropped 0.30 percentage points in October after 5 months of rate increases. The decrease in rates may be much of the reason that other housing metrics leveled off after significant decreases in September.
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
October 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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