Virginia Association of Realtors® released its 2011 Pieces of Home Housing Report today including housing market data, trends, and comparisons. Articles by real estate experts from across the state can be read as well as commentary on each data illustration. An American Housing timeline centerfold providing integral milestones in the development of this country’s real estate market as well as interest rates, cultural dates and legislative decisions decade by decade, is a highlight.
Highlights of Pieces of Home:
- Virginia homes sales in 2011 exceeded home sales levels in 2010 despite the lack of a stimulus. Note the peaks and valleys over the past four years on page 3.
- The Central Valley regions experienced the greatest increase in sales and the Northern Virginia region experienced the only decline.
- The median sales price in Virginia began the year at $205,000, peaked at $244,800 in June and closed the year out at $225,000. The year over year change however, showed a 3.3% decline.
- Home sales under $100,000 increased by 33% between 2010 and 2011. See all price distribution on page 6.
- Median home prices have declined in both Virginia and the U.S. over the past year, although Virginia’s median sales price remains above our nation’s. See VA Vs. U.S. graphs on page 9.
- Foreclosure data gets some light shed on it thanks to Theodore Koebel, Ph.D. on page 11.
- American housing timeline: see decade by decade beginning in 1930, what major political and cultural events have shaped and built American housing. Note the effect these events had on interest rates throughout the timeline.
- Low mortgage interest rates and what it means for 2012. Pages 18-20
- Baseball card-like stats on each region of the state relating it its own economy and housing. Page 21-22.
- Virginia is about to face and age-shift. Are individuals and businesses prepared? Page 24.
And that’s just the numbers. It’s easy to forget that there are people behind that data. There are families who can finally afford a dream home, who can move to a better school district, or can refinance to stay afloat. There are people wondering when they’ll be able to sell their homes, and who have taken the leap into buying their first.
Take them into account as you read through this report: Virginia’s homes and families, communities and jobs- the lives that are more than dots on a chart or entries in a table. These are pictures of homes, struggles, and celebration, and our springboard into 2012.
Click here to read the full report.