august report 2013

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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2011



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2011


AUGU

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13Analysis by the Virginia Center for Housing Research at Virginia Tech

August 2013Virginia Monthly Home Sales Report

Published by the Virginia Association of REALTORS®

Analysis by the Virginia Center for Housing Research at Virginia Tech

5,068

9,740

8,6649,026

7,221 7,267 7,407

6,849

5,5705,930

7,458

8,641

5,50810,739

10,2959,855

0

2,000

4,000

6,000

8,000

10,000

12,000

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)

Aug-13(p)

Num

ber o

f Res

iden

tial S

ales

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

The pace of Virginia home sales continues to exhibit a seasonal decline, but remains relatively steady. There was a 9.2% year-over-year increase sales this August. Virginia experienced a fairly steep seasonal decline in sales last year. The more gradual decline we are experiencing now, as we approach fall, is a good sign. This year’s seasonal decline more closely reflects the trends of years before the recession (see varbuzz.com for further discussion).

+9.2%

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




$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

,000

$225

,000

$230

,000

$240

,000

$250

,000 $2

67,0

00 $283

,115

$272

,000

$265

,000

$150,000

$200,000

$250,000

$300,000

$350,000

Med

ian

Sale

s Pr

ice

Virginia Median Residential Sales PriceSingle Family Homes, Townhomes, Condos

The median sales price continued to decrease in August. Nonetheless, August sales prices are higher than they were in 2011 and 2012. The median sales price in August 2013 ($265,000) marks a 7% increase from one year earlier ($248,000) and a 10% increase from two years ago. The decreasing median sales prices may be explained by a number of factors including seasonality, rising unemployment, and rising interest rates.

+6.9%

+10.4%





1,317

3,117

2,7232,802

2,1592,088

2,270

2,089

1,5491,681

2,268

2,689

1,531

3,682

3,413

3,173

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

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)

Aug-13(p)

Mill

ions

of D

olla

rs o

f Res

iden

tial S

ales

Virginia Monthly Residential Sales Volume ($M)Single Family Homes, Townhomes, Condos

The total volume of real estate sold in Virginia during August 2013 ($3.2B) is a 13% year-over-year increase. As in the case of sales, the less gradual decrease in volume in late summer may indicate that there will be a more mild seasonal decline this fall. This less significant seasonal response is a sign of the market stabilizing.

+13%





8992

97 99 101 101106

103 102

91

8480 81 83

88 9087

9094 95

86

78

72

6568 70

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 years, although we are beginning to see a seasonal increase in days on the market. Virginia experienced a 16% decline in this metric over the past year. Year-over-year decreases in the metric are evidence that demand for housing continues to rise, but some regions may also attribute historically few days on the market to restricted supply.

-9.8%

-15.7%





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% 5.8%

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

Aug-11 Nov-11 Feb-12 May-12 Aug-12 Nov-12 Feb-13 May-13 Aug-13 (p)

Virginia Unemployment RateSource: Bureau of Labor & Statistics

Virginia’s unemployment rate inched up a little more in August, 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.

3.60%3.47%

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

3.45%3.54%

4.07%

4.37%4.46%

3.0%

3.2%

3.4%

3.6%

3.8%

4.0%

4.2%

4.4%

4.6%

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

Average 30-Year Mortgage Interest RatesSource: FreddieMac

Average 30-year fixed mortgage interest rates rose 0.09 percentage points in August, a much less drastic increase than in previous months. Buyers may still be looking to make up for the higher interest by paying a lower price, but the less dramatic increase will undoubtably mute this effect and possibly make up for some typical seasonal decreases in sales metrics.

(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.

august report 2013

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