Virginia home sales stabilize in first quarter 2011

April 29, 2011 – Virginia residential home sales in the first quarter of 2011 have followed the general trend of the last several years with year-to-date sales 0.3% above last year.  January and February home sales in 2011 exceed the same month the prior year (by 2.5 % and 3.5%) according to the Virginia Association of REALTORS®’ Home Sales Report.  

For the complete Virginia Quarterly Home Sales Report for First Quarter 2011, please CLICK HERE.

As seen above, first quarter 2011 home sales (16,547 units) showed a marginal improvement over first quarter 2010 (16,499 units).  The coming quarter will show if it can keep pace with the many closings in second quarter 2010 that were likely related to the federal home buyer tax credit.

“We feel the slow but steady increase in sales, during a traditionally slow quarter, is a good sign for the spring selling season.  With unemployment decreasing and lower pricing making housing more affordable, we hope to see a potential rise in Virginia home sales from first quarter, into the summer months,” says Virginia Association of REALTORS®’ President John Dickinson of Union Hall. 

“Sellers have been patient this past quarter, and wisely priced their homes in line with current market values,” added Dickinson.  “It is a buyers market and a good time to invest in property before home prices increase again and if the buyer is able to qualify, interest rates are also at record lows.”

Highlights:

• First quarter 2011, with $4.4 billion of residential sales, has matched the starting pace of each of the past two years ($4.4 billion in 2009-Q1, $4.5 billion in 2010-Q1).
• The Hampton Roads / Chesapeake Bay region showed the best performance in the state, with a 13% increase in home sales, over first quarter of 2010.
• Despite turbulent times in housing markets across the country, the median sales price of homes in Virginia has only declined a total of 16% over the past three years. Most recently, since the first quarter of 2010, the median sales price has declined 6.7% to $210,000.
• Foreclosures saw a 20.8% overall decline across the state and is a promising indicator that we may see a gradual improvement in the health of the overall housing market.
• While the unemployment rate has increased 75% in Virginia over the past three years to 6.3%, it is currently down from 7.4% in March 2010.
  

For the complete Virginia Quarterly Home Sales Report for First Quarter 2011, please CLICK HERE.

The Virginia Association of REALTORS® (VAR) is the business advocate for real estate professionals in Virginia. VAR represents more than 29,000 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.

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