Virginia is setting the stage for a strong second half of 2011


 

“We are confident the steady increase in 2011 sales will continue through the rest of the year.  REALTORS® expected the 2011 second quarter dip when compared to the tax-credit-fueled selling season of last year.  Virginia is seeing economic improvements in its housing market, which is reflecting decreased numbers of unemployment across the state.  This is traditionally a strong indicator of the overall health of a region.” says Virginia Association of REALTORS®’ President John Dickinson of Union Hall.  “It is still a buyers market and a good time to invest in property while interest rates are still at a low and before home prices increase again,” added Dickinson.

Highlights: 

  • Residential home sales in Virginia during second quarter 2011 were not as strong as was seen a year ago, however this is likely due to the federal homebuyer tax credit.
  • The balance of 2011 will likely see stronger performance than in 2010 as the third and fourth quarters last year were slow after so many buyers rushed to close in second quarter 2010.
  • Virginia residential home sales showed a strong improvement (+39%) between the first quarter of 2011 and second quarter of 2011. 
  • The Southwest Virginia region was the only region to see an increase in sales (+9.8%) when comparing the second quarter 2011 to second quarter 2010. 
  • The median sales price of homes in Virginia has only declined a total of 10% over the past three years. 
  • The fact that average days on market continues to decline is an indication that we may be towards better times in the local housing market.
  • The state is experiencing varied data regarding foreclosures.  While Northern Virginia and Southwest Virginia have increased in number, regions like Greater Richmond and Roanoke have decreased their number of reported foreclosures. 
  • When comparing Virginia home sales data to the nation, the state looks to be heading in a good direction.  The decline in state unemployment numbers could be a significant factor. 

For complete details and the full report please visit see below or visit: VARealtor.com/homesales.

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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