– Composed by Jenny Wortham, Director of Community Outreach
According to the April 2016 Home Sales Report released by the Virginia Association of REALTORS® (VAR), the Virginia spring selling season is booming.
The number of transactions rose by nearly 8.5 percent year-over-year, from 9,169 sales to 9,945. The value of transactions for April 2016 rose above $3.2 billion, gaining nearly 10 percent on the same month last year. As expected with industry seasonality, April sales outperformed March, rising over 16.5 percent in units sold and over 22 percent in total transaction value for the month.
Median price and days on the market also indicated strengthening, both seasonally and year-over-year. Median price for the month rose to $265,000, up more than 5 percent from March ($252,000) and up nearly 2 percent from April 2015 ($260,000).
The average length of time on the market declined significantly month-over-month and year-over-year to 70 days, dropping nearly 10 percent from March 2016 (79 days) and the previous April benchmark (77 days). Rising median price and declining time on the market reflect that inventory has remained tight.
As the market moves into more active spring months and low interest rates continue to entice prospective buyers, limited inventory will continue to pressure sales price and create urgency.
Click here to view the April 2016 Home Sales Report.