virginia report may2013

VIRGINIA Home SAleS RepoRt se

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


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

May 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

5,775

7,2137,698

9,064

9,740

8,6649,026

7,212 7,257 7,400

6,843

5,5085,899

7,386

8,550

10,193

0

2,000

4,000

6,000

8,000

10,000

12,000

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

Feb-13(p)

Mar-13(p)

Apr-13(p)

May-13(p)

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

The pace of Virginia home sales continued to climb in May 2013 with a 12.5% year-over-year increase to 10,193 home sales. Virginia sales are increasing faster this spring than they did last year. The graph shows an 85% increase in sales from January 2013 to May 2013 compared to a 79% increase from January 2012 to May 2012. Despite a slight increase in 30-year mortgage rates, consumer confidence seems very strong.

+78.8%+85.0%

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




$225

,075

$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

,500

$225

,000

$230

,000

$240

,595

$250

,000 $2

68,0

00

$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

Virginia continued to experience increases in the median sales price throughout May. The median sales price increased 19.1% from the seasonal low in January. Also, notice that the median sales price in January 2013 was $225,000, which is only slightly lower than the May 2011 median sale price. This overall growth in price trends is further evidence of recovery. The median sales price in May 2013 ($268,000) marks a 7% increase from one year earlier ($250,000) and a 19% increase from two years ago.

+7%

19%





1,317

1,525

2,024

2,276

2,804

3,117

2,7232,802

2,1592,087

2,270

2,090

1,5311,675

2,249

2,662

3,384

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12(p)

Oct-12(p)

Nov-12(p)

Dec-12(p)

Jan-13(p)

Feb-13(p)

Mar-14(p)

Apr-15(p)

May-16(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 May 2013 ($2.7B) marks a significant 20.7% increase in the volume of real estate being transferred as compared to last May. In addition, we see that sales volume has increased much more this spring, 50.5% from March to May, compared to last spring, 38.5% from March to May.

+50.5%

+50.5%+38.5%





96

88 8992

97 99 101 101106

103 102

91

8480 81 83

88 8986

90 92 94

85

7772

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 sold in May had been on the market for an average of 72 days, the lowest DOM we have seen since 2006. Virginia experienced a 14% decline in this metric over the past year. The year-over-year declines shown in the graph are evidence of the strengthening housing market.

-13%

-14%





6.3% 6.4% 6.5% 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%

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

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

Virginia Unemployment RateSource: Bureau of Labor & Statistics

Virginia’s unemployment rate continued to decline through May, likely bolstering consumer confidence and balancing the effects of a slight increase in mortgage interest rates.

3.80%

3.68%

3.55%3.60%

3.47%

3.38% 3.35% 3.35%3.41%

3.53%3.57%

3.45%

3.54%

3.0%

3.1%

3.2%

3.3%

3.4%

3.5%

3.6%

3.7%

3.8%

3.9%

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

Average 30-Year Mortgage Interest RatesSource: FreddieMac

Average 30-year fixed mortgage interest rates rose 0.09% in May. This slight increase may have stalled some buyers, but the rising Virginia sales numbers do not indicate a reaction to higher rates. In general, low interest rates continue to make a compelling argument for buyers to step into the market.

(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.

virginia report may2013

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