The state housing market performed better in the second quarter of 2008 than in the first quarter of the year, particularly in terms of sales activity, according to the Virginia Home Sales Survey published by the Virginia Association of REALTORS.
- There were more than 24,000 homes sold across the state in the second quarter of 2008. This is up 48 percent over first quarter sales, reflecting a surprising and more robust spring uptick in activity than was experienced last year.
- Sales and contract activity were still down compared with last year. Sales were down 13 percent between the second quarter 2007 and second quarter 2008. Pending sales were down 20 percent over the same time period.
- Some areas showed increases in sales activity, including Prince William (up 72 percent), the Dulles Area (up seven percent), and Greater Piedmont (up one percent).
- After dramatic increases in sales over the 2000 through 2005 period, the number of sales in the second quarter of 2008 is similar to the more normal number seen in 2000.
- Median home prices across the state are up six percent.
- Local markets in Northern Virginia are experiencing dramatic changes in sales and contract activity. Total sales and pending contracts nearly doubled in some parts of the region in the second quarter, suggesting that price declines may begin to ebb later in the year.
- In the Charlottesville market, the median price was up five percent. In Williamsburg, the median home sales price went up eight percent in the second quarter. And in Roanoke Valley, median prices were up two percent in second quarter 2008 compared with second quarter 2007.
- Foreclosures continue to rise across the state but they are most prevalent in Northern Virginia. The sheer number of foreclosures (and short sales) continues to put downward pressure on prices, but also brings new homebuyers into the market.
“We continually remind home buyers and sellers that all real estate is local,” commented VAR President Pat Jensen of Charlottesville, “and that what we’re seeing in one area of the state may not be true for another locality. Whether you’re looking to buy or sell, pay attention first to sales price trends, volume and inventory in your target market or region, rather than to headlines about national sales trends.”
The Virginia Association of REALTORS® (VAR) is the business advocate for real estate professionals in Virginia. VAR represents more than 36,500 REALTORS active in all phases of real estate brokerage, management, development and appraisal.
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To access the full report as well as state totals and area statistics, visit:
www.VARealtor.com/HomeSales