According to the Virginia Association of REALTORS® (VAR) February 2016 Home Sales Report, residential real estate sales rose significantly over the prior month and increased from February 2015. The month to month increase reflects both seasonal thawing and the contrast to a January 2016 market that was impacted by severe weather. Aggregate transaction value was $1.93 billion, $77 million more than for the same month last year. The boost to transaction value is due to the higher number of sales closed, as median price remained relatively static. Days on the market decreased from the same month last year by nearly 7 percent, remaining on par with this January. Buoyed consumer confidence is reflected in the latest Virginia unemployment data. The state unemployment rate dropped to a seasonally-adjusted 4.1 percent in January, its lowest level since July 2008. According to the February revenue report released by the state, recordation taxes rose significantly year-over-year.
“REALTORS® experienced a big jump in February sales,” observed 2016 VAR President Bill White. “The bounce contrasts January figures that were suppressed by winter weather, but also demonstrates clear gains on last year’s market activity. With continued low rates and inventory increasing into the spring, sales should continue to rise in keeping with both seasonal trends and the sustained strengthening of Virginia’s real estate industry.”
Click here to view the February 2016 Home Sales Report.