Click here to download the November 2016 Home Sales Report.
Market Summary - November 2016 Virginia Home Sales Report
November 2016 residential real estate sales surged year-over-year, boosted by post-election consumer confidence, loosened inventory, and the anticipation of rising rates. November volume, or aggregate transaction value, totaled $2.663 billion, nearly 20 percent above last November’s volume ($2.221 billion).
Typical of industry seasonality, November sales volume fell from October volume by 6.5 percent. By comparison, last year’s November volume was 20.3 percent less than in October. Year-to-date volume - the sum of all sales since January 1, 2016 - totaled $34.816 billion, 7.9 percent higher than by the same time last year ($32.271 billion).
The number of units sold (pace) in November 2016 was 8,269, significantly higher (17.8 percent) the same month last year (7,020). As pace typically declines each month from June to December, November sales fell predictably from October by 7.1 percent (from 8,897). By comparison, last November’s pace was 20.9 percent lower than October’s.
Indicating buyer urgency, median price rose 5.2 percent year-over-year (from $251,958 to $265,000) and 1.1 percent month-over-month (from $262,000). Also indicating strong buyer motivation, average days on the market declined year-over-year from 78 to 70 (10.3 percent).
Click here to download the November 2016 Virginia Home Sales Report.