2012_01_Report

VIRGINIA HOME SALES REPORT JA

NUAR

Y

2012

Published by Virginia Association of REALTORS®, the advocate for real estate professionals and property owners in Virginia.

January 2012Virginia Monthly Home Sales Report

Published by the Virginia Association of REALTORS® Page 2

4,711

5,113

7,1046,747

8,373

9,210

7,9608,110

6,898

6,2326,026

6,649

4,839

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12

Virginia's Monthly Pace of Residential SalesSingle Family, Townhomes, Condos

At long last, the pace of home sales in Virginia has started to increase again -- up 2.7% in January 2012 as compared to the previous January. Furthermore, the pace of home sales has increased 6.1% over the past two years, since January 2010.

Even without the federal home buyer tax credit in 2011, Virginia’s housing market stayed relatively stable last year, and this year appears poised to show an overall improvement.

+2.7%

January 20104,562 sales



$2

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0

$2

20

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0

$2

27

,29

0

$2

31

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0

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49

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56

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39

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$2

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$2

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$2

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$2

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$2

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$100,000

$150,000

$200,000

$250,000

$300,000

Med

ian

Sal

es P

rice

Virginia Median Residential Sales PriceSingle Family Homes, Townhomes, Condos

After declining 9% between January 2010 and January 2011, the annual decline in median sales price in Virginia was much more modest over the past 12 months. The median sales price in Virginia during January 2012 was $203,000 -- only a 1% decline from the median sales price of $205,000 one year earlier.

Given the increase in the pace of home sales over the past year (+2.7%) we should continue to see further price stability as we continue through 2012.

-1.0%-8.9%



1,2451,353

1,8981,951

2,400

2,835

2,407 2,418

1,955

1,708 1,690

1,855

1,254

0

500

1,000

1,500

2,000

2,500

3,000


Mill

ions

of

Dol

lars

of

Res

iden

tial

Sal

es

Virginia Monthly Residential Sales VolumeSingle Family Homes, Townhomes, Condos

The total volume of real estate sold in Virginia during January 2012 ($1.3B) marks a 0.7% increase in the volume of real estate being transferred as compared to last January. This increase (+0.7%) is smaller than the increase in sales pace (+2.7%) because of the slight decline in median sales prices (-1%) during January.

+0.7%



87 86 8582

7678

80 80

85 86

9195

100 10199 99

95

88 8992

9799 100 100

102

0

20

40

60

80

100

120

Ave

rage

Day

s O

n M

arke

t

Virginia Average Days On MarketSingle Family Homes, Townhomes, Condos

After a 15% increase in average days on market between January 2010 (87) and January 2011 (100) there was much less significant increase in this metric (+2%) in the past year.

It is typical to see an increase in average days on market between the summer months and winter months, thus we will likely see this metric start to decline in the coming months.

+15% +2%



7.0

%

7.8

%

7.7

%

7.4

%

6.7

%

6.8

%

7.0

%

6.9

%

6.9

%

6.5

%

6.4

%

6.5

%

6.4

% 6.9

%

6.6

%

6.3

%

6.1

%

6.0

%

6.0

%

6.1

%

6.3

%

6.5

%

6.4

%

6.2

%

6.2

%

5%

6%

7%

8%

9%

Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11

Virginia Unemployment RateSource: Bureau of Labor & Statistics

Virgin’a unemployment stayed constant at 6.2% in December 2011 and it still remains quite low compared to the rest of the nation. The current level of 6.2% places Virginia in 11th place in the country for the lowest unemployment rate. While comparatively low, we still need to see stability or a decline in this rate for this to translate into an overall improvement in Virginia’s economy and Virginia’s real estate market.

4.76%4.95% 4.86% 4.78%

4.60% 4.51% 4.55%

4.22%4.01% 4.10%

3.98% 3.95% 3.98%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%


Average 30-Year Mortgage Interest RatesSource: FreddieMac

For the third straight month, average 30-year mortgage interest rates have stayed below 4.0%. Current interest rates are by far the most favorable rates seen anytime in decades. These tremendously low interest rates are making it quite compelling for buyers to step into the market, given how they can protect themselves from inflation by fixing their housing costs at such a low, long term rate.



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.

All inquiries regarding this report should be directed to:

Stacey Ricks, Director of Public RelationsVirginia Association of REALTORS®10231 Telegraph Road, Glen Allen, VA 23059(804) 249-5716 [email protected]/HomeSales

Information sourced from multiple listing services across the state with data compiled by R E Stats Inc.All information is deemed reliable but is not guaranteed. Figures might not match those reported elsewhere.

Documents

2012_01_Report