Indicators in Virginia home sales appear to support slow recovery, with median home prices moving in a positive direction, according to the Trends in Virginia’s Housing Markets report published by the Virginia Association of Realtors. While annual sales declined 10 percent from 2009 figures, fourth quarter figures showed an upward trend compared to the third quarter of 2010.
Regionally, the smallest year-over-year decline in sales was in the Central Valley (-4 percent) and the highest decline was in Roanoke/Lynchburg/Blacksburg (-14 percent). “National median prices are expected to remain stable,” said VAR President John Dickinson of Roanoke, VA, “and that bodes well for Virginia’s continued recovery from the
market downturn.”
Median sales prices were up six percent from 3rd quarter 2010 and nearly four percent from 4th quarter 2009. The highest median sales price change, year over year, was in Northern Virginia at nine percent. Total sales in December rose to meet numbers from the same time last year, another sign of positive market movement.
Supply levels are coming more in line with historic averages,” said Dickinson. “With today’s interest rates significantly lower than this time last year, it’s a very good time to be in the market for that first or move-up home.”
Foreclosures continue to decline in Virginia, down 14 percent in the third quarter 2010, and down 16 percent in the fourth quarter.