Sales picked up in February, but really took off in March, increasing 23.5% over February. Unemployment and mortgage interest rates remained stable, so the March sales increases are simply an expression of the season. Median sales price has been rising steadily since January, likely drawing more sellers into the market.
In addition to the seasonal increase in sales, you’ll notice from the graph below that we may be experiencing a decelerating market recovery. The success of 2013 may be explained by clearing of excess supply and pent up demand. Now in 2014, we are facing the reality of a very slowly growing economy. We can expect sales to follow their historic seasonal trajectory, but this year we may only see slightly more sales than we saw in 2012.
Virginia Governor Terry McAuliffe has confirmed that he will be a special guest speaker at Get Active — VAR’s legislative advocacy conference — from 2:30 to 3:30 on Wednesday, February 12. McAuliffe’s talk will follow REALTOR® Day on the Hill, where VAR members from across the commonwealth meet with their legislators on Capitol Square.
The Cost and Impact of Dodd-Frank–
How will REALTORS® be impacted?
Morning classes followed by lunch and expo.
Economic Forum with guest speakers in afternoon.
Expo and happy hour concludes the day.
Vendors, themed booths, guest speakers, prizes, education credits and more. All classes plus economic forum will be approved for education credits.
Class times may vary, so call or email to confirm and for more information.
Flyers and registration packets will be available by July 2014.
Vendors - Vendor packet will be available by May 2014.
WIlliamsburg Area Association of REALTORS
Virginia’s typical seasonal decline has set in. November sales and prices were down and there were no changes in unemployment or interest rates to counter-act this seasonal trend. Year-over-year metrics are also down since Virginia experienced an unusual uptick in sales last November (a break from tradition as shown in graph below). Nonetheless, Virginia’s housing market is poised for full recovery and there are a number of reasons to look forward to next year. First, the U.S. Census reported increased housing starts in November, especially in the U.S. South which includes Virginia. Confident builders and a record number of starts signal that there will be more inventory in the months to come.
Get a terrific three-minute overview of the current Virginia housing market with the video edition of our quarterly Home Sales Report, hosted by VAR team member Director of Public Relations Stacey Ricks.
It’s a great way to see what’s happening in the state. (Brokers, it’s perfect for your next sales meeting.) And for all the details be sure to grab your free copy of the full Home Sales Report, too.
Over 200 Realtors descended on Charlottesville this week for the tenth anniversary of the Property Management Coalition Conference. The Charlottesville Daily Progress stopped in and chatted with members on Wednesday. Check it out:
The Lynchburg News & Advance quoted data from VAR’s quarterly Home Sales Report in its October 22 article, “Va. home sales soar; Lynchburg-Blacksburg-Roanoke leads pack“: