Virginia july report 13

VIRGINIA Home SAleS RepoRt se

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2011

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


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JU

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2013

Analysis by the Virginia Center for Housing Research at Virginia Tech

July 2013Virginia Monthly Home Sales Report

Page 2Published by the Virginia Association of REALTORS®


5,068

9,064

9,740

8,6649,026

7,212 7,258 7,403

6,910

5,5055,896

7,417

5,508

10,38610,664

10,071

0

2,000

4,000

6,000

8,000

10,000

12,000

Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12(p)

Jan-13(p)

Feb-13(p)

Mar-13(p)

Apr-13(p)

May-13(p)

Jun-13(p)

Jul-13(p)

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

The pace of Virginia home sales decreased slightly from June to July, but maintained a strong year-over-year increase of 16.24%. Virginia experienced a more substantial drop in sales in July 2012, but recovered some in August. This year we hope to see sales remain relatively steady as the summer ends and we move into fall.

+16.2%

(p) indicates that this month’s numbers are preliminary. The numbers may change slightly as more data is reported.




$245

,000

$241

,100

$240

,000

$224

,000

$215

,000

$220

,000

$225

,000

$205

,000

$210

,900 $2

25,0

00 $239

,000

$250

,000

$258

,000

$257

,241

$248

,000

$240

,000

$235

,000 $2

48,0

00

$242

,529

$225

,000

$230

,000

$240

,190

$250

,000 $2

67,0

00 $284

,050

$273

,500

$100,000

$150,000

$200,000

$250,000

$300,000

Med

ian

Sale

s Pr

ice

Virginia Median Residential Sales PriceSingle Family Homes, Townhomes, Condos

The median sales price decreased sharply this July compared to July 2011 and July 2012. Nonetheless, July sales prices are significantly higher than they were in 2011 and 2012. The median sales price in July 2013 ($273,500) marks a 6% increase from one year earlier ($257,241) and a 13% increase from two years ago. This overall growth in price trends is further evidence of recovery.

+6%

+13%





1,317

2,804

3,117

2,7232,802

2,1592,087

2,269

2,087

1,5331,675

2,259

1,531

3,443

3,659

3,349

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12(p)

Jan-13(p)

Feb-13(p)

Mar-13(p)

Apr-13(p)

May-13(p)

Jun-13(p)

Jul-13(p)

Mill

ions

of D

olla

rs o

f Res

iden

tial S

ales

Virginia Monthly Residential Sales VolumeSingle Family Homes, Townhomes, Condos

The total volume of real estate sold in Virginia during July 2013 ($3.3B) is a significant 23% increase in the volume of real estate being transferred compared to July 2012. In addition, the decrease in volume from June to July this year is much less significant than last year. This less significant seasonal response is a sign of the market stabilizing.

+23%





88 8992

97 99 101 101106

103 102

91

8480 81 83

88 8986

9093 94

85

7772

6467

0

20

40

60

80

100

120

Aver

age

Day

s O

n M

arke

t

Virginia Average Days On MarketSingle Family Homes, Townhomes, Condos

Virginia homes continue to sell faster than they have in 7 years. Virginia experienced a 17% decline in this metric over the past year, even though houses remained on the market an average of three days longer compared to last month. The year-over-year declines shown in the graph are evidence of the strengthening housing market.

-9%

-17%





6.6%

6.6%

6.6%

6.5%

6.3%

6.2%

6.0%

5.9%

5.9%

5.9%

5.9% 6.0%

6.0%

5.9%

5.9%

5.8%

5.7%

5.6%

5.6%

5.6%

5.3%

5.2% 5.3% 5.5% 5.7%

4%5%5%6%6%7%7%8%8%9%9%

Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 (p)

Virginia Unemployment RateSource: Bureau of Labor & Statistics

Virginia’s unemployment rate has risen steadily through the summer, but does not seem to have had a significant effect on the housing market. If the rate continues to increase into the fall, it will be hard to discern its effect on the market, as it is typical to see the market slow as we approach winter.

3.55% 3.60%3.47%

3.38% 3.35% 3.35% 3.41%3.53% 3.57%

3.45%3.54%

4.07%

4.37%

3.0%

3.2%

3.4%

3.6%

3.8%

4.0%

4.2%

4.4%

4.6%

Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13

Average 30-Year Mortgage Interest RatesSource: FreddieMac

Average 30-year fixed mortgage interest rates rose 0.3 percentage points in July, but this increase did not seem to affect the Virginia housing market as volume remained relatively steady. This increase in interest rate may partially explain the relatively sharp drop in price. Buyers may be looking to make up for the higher interest rate by paying a lower price. In general, interest rates remain historically low.

(p) indicates that this month’s numbers are preliminary. The rate is subject possible change and finalization by the Bureau of Labor Statistics.




The Virginia Association of REALTORS® (VAR) is the business advocate for real estate professionals in Virginia. VAR represents more than 28,000 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 RE Stats Inc.All information is deemed reliable but is not guaranteed. Figures might not match those reported elsewhere.

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Virginia july report 13