Virginia home sales increase 12% in October; prices increase 9%

The October 2012 Virginia Home Sales Report has been released and yet again, most state-wide indicators show an improved housing market in the Commonwealth. I write often about local real estate statistics here in Williamsburg and Hampton Roads VA. What follows are state sales figures ….

The pace of Virginia home sales continued to increase in October 2012 with a 12% increase to 7,017 home sales — after only a 2% increase between September 2011 and 2012. Low unemployment rates in Virginia, as well as record low mortgage interest rates, have helped Virginia’s residential housing market continue to grow throughout 2012. Monthly home sales are likely to remain at current levels through the end of the year, before declining in January.

As shown above, the pace of home sales in October 2012 (7,017) marked a 12% improvement over the same month last year (6,263). 

Alongside a 12% increase in the pace of home sales in Virginia , the median sales prices in Virginia also increased. The median sales price in October 2012 ($235,000) marks a 9% increase from one year earlier ($215,000), and a 2% increase from two years ago ($229,900).

It is typical in Virginia to see declines in median sales price between July and January, so we should expect to see median prices continue to decline during through the fall and winter months. Despite these seasonal declines, the increased pace of buyer activity is certainly helping to provide further stabilization and growth in median sales prices.

Furthermore…

• Virginia’s total sales volume increased 17% in October 2012
• Virginia’s average days on market decreased 12% in October 2012

Read more inside the complete October 2012 Virginia Home Sales Report.