The Virginia residential real estate market continued year-over-year improvement according to the First Quarter 2016 Home Sales Report released by the Virginia Association of REALTORS® (VAR). Indicating sustained long-term growth, both the number of sales and the value of transactions rose from this period last year, totaling 20,771 units and $6.34 billion, respectively. The value of transactions for the first quarter of 2016 was 2.2 percent higher than the first quarter of last year, and nearly 15 percent higher than the first quarter of 2014. Annualized residential sales, a rolling sum of the home sales closed in the preceding twelve months, rose for the sixth consecutive period, from 108,827 units in the last quarter to 109,185. First quarter 2016 sales were 8.7 percent higher than the same benchmark in 2015, reflecting both a strong start to the first months of this year and the swell in last year’s summer volume.
Aggregate median sales price for the first quarter was $249,000, the highest first quarter median price since 2008 and a 1.9 percent rise over the first quarter of 2015. 2016 had the highest first quarter median price since 2008. Compared to the first quarter of last year, 2016 first quarter home sales increased in nearly all price bands, with the most significant increases in sales in the price ranges between $200K to $300K and $400 to $500K. Rising sales across broad price categories suggest higher consumer confidence as buyers enter the market at varied price points, supporting overall market improvement.
“The first quarter of 2016 illustrates continued growth in the residential real estate market,” said 2016 VAR President Bill White. “As the housing market improves, so does the impact on Virginia’s economy. Growing home sales boost revenue for the state and spending in our communities.”
Click here to view the First Quarter 2016 Home Sales Report.