Real estate Richmond area housing market improves.BY CAROL HAZARD Richmond Times-Dispatch Home sales and prices rose in central Virginia and across the state in the first three months of the year, according to reports released Tuesday by the Richmond Association of Realtors and the Virginia Association of Realtors. The positive report comes at the start of the spring buying market, and the outlook for the rest of the year looks promising, with local, state and national housing markets showing evidence of a sustained recovery, according to the reports. “Without question, the housing market is improving,” said Bill White, president of Joyner Fine Properties in Richmond. “We are keeping our fingers crossed and hoping it is sustainable.” “In some areas, we have an inventory problem,” White said about the Richmond area, noting a shortage of houses on the market to meet demand. “We’re beginning to see a few multiple offers, and some houses are selling in the first couple of days on the market.” Sales in central Virginia have risen year over year for seven consecutive quarters. The total number of homes sold during the first quarter was 2,630, up 7 percent from the same period a year ago. Chesterfield and Henrico counties led home sales, with each posting double-digit growth in the quarter. Price appreciation, resulting from increased demand and declining inventories, was seen across the Richmond region. The average sales price was $216,150, up 11 percent from the same period in 2012. The median price, with half the houses selling for more and half for less, was $179,950, up 4 percent from a year ago. The region includes Richmond, the Tri-Cities and 12 surrounding counties. “There are healthy local markets all around the central Virginia area,” according to the local association. Notably, the median sales price in Richmond rose 28 percent from a year ago to $175,000. However, the number of sales in the city was flat, the local association reported. The average number of days on the market declined, and the average sales price was 97 percent of the average list price, meaning most sellers have gotten close to their asking prices. “We’re pleased to see that housing trends at the beginning of the year in our region have been positive on several fronts,” said Linda Terry, president of the Richmond Association of Realtors and the Central Virginia Regional Multiple Listing Service. “Low interest rates continue to provide a favorable climate for buyers, but price gains along with less competition, fewer average days on market and a near optimal sales-to-list-price ratio make this an excellent time to sell,” Terry said. Low inventory levels, which persist throughout central Virginia, are key to whether the housing market will continue to improve, the local association reported. Low levels could help potential sellers feel more confident about the market. Also, those unable to list their homes because they owe more than their houses are worth may be in better positions to sell. “If inventory levels do not increase because people remain cautious, it is possible that sales activity will slow in the second quarter as would-be buyers have fewer options,” the report says. The report also noted concerns on the national level regarding the federal budget and deficit and the effect they could have on housing in general. Virginia also has seen steady increases in the annualized pace of home sales for seven consecutive quarters, according to a report by the Virginia Association of Realtors. Sales statewide rose 3 percent in the first quarter from the same period a year ago, the report said. The median sales price in Virginia increased 8.2 percent to $232,600 for all residential sales, marking the fourth consecutive quarter of year-over-year price gains. “A year ago at this time, Virginia was experiencing housing market growth, but calling it a recovery seemed to be premature,” said Mary Dykstra, president of the Virginia Association of Realtors. “We are confident that the commonwealth is in a housing recovery".
Posted on: Tue, 03 Sep 2013 03:08:41 +0000
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