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2009 Virginia Homes Sales Data Now Available

The Full Year 2009

  • Statewide, existing home sales in Virginia were slightly higher than in 2008 --  86,609 units sold, up 1.6% (the first increase since 2005).
  • Sales were up month-to-month over 2008 for the last five months of the year; in November 2009 it was 44% higher than November 2008.
  • At the same time, the 2009 median sales price -- $240,809 -- was 4.2% lower than in 2008. 
  • New home sales were down in every month compared to 2008, but, while the median sales price of those new homes also decreased year to year, in November that decrease was the lowest (only 1.4% off 2008, as opposed to April, which was down 13.6% over 2008).

Of course, statistics for different regions in the state will vary. In the South Central region, for example, sales were down 14.5% from 2008, but prices were up 1.5%; in the Upper Shenandoah Valley, it was the opposite: sales up 5.4%, prices down 15%.

 

Fourth Quarter Sales

  • Despite that dip, though, statewide home sales were up more than 18 percent over Quarter 3 2008.
  • In fact, quarterly sales showed double-digit growth for 18 of the 29 local Realtor® associations, and only declined in five regions: Eastern Shore, Lexington/Buena Vista, Prince William, South Central, and Southern Piedmont. 
  • In Southwest Virginia, Q4 sales were up 327.4% from 2008, and in Williamsburg they were up 121.3%. Keep in mind that there was a significant drop in sales in December, as the $8,000 tax credit was expected to expire, which may have skewed the Q4 numbers.

Fourth Quarter Prices

  • The median home price was down 8.5% statewide from Q4 2008 to Q4 2009, but it varied considerably between regions.
  • At the ends of the bell curve we have Chesapeake Bay & Rivers with a 23.8% decrease, and Prince William with a 24.1% increase, while Lynchburg and New River Valley saw virtually no change.

Foreclosures

  • Statewide, foreclosures were up in Virginia by 33.8% in 2009 over 2008, but that's well below the nation as a whole, which saw them jump 55.3%.
  • However, foreclosures were down 19.1% statewide from Q3 to Q4 2009 (they had gone up from Q2 to Q3, so that was a nice change).

Read the full Virginia Association of REALTORS home sales report...

 

Posted on Tuesday, January 26, 2010 - 2:27pm

Hampton Roads Home Sales Soared While Prices Slid Last Month

The Virginian-Pilot reported some good news about the housing market in Hampton Roads.

Home sales in the area soared while buyers rushed to beat the deadline for the first-time buyers federal tax credit.

The tax credit has been extended, and expanded to include current homeowners who wish to move into a different home.

Get details about the current federal tax credits for home buyers that expire on April 30, 2010.

"Home sales in South Hampton Roads soared as prices slid during November as first-time buyers rushed to beat the now-extended deadline for a federal tax credit, according to a report released Wednesday.

Last month's sales volume was up 5.1 percent from October and 87 percent over November 2008, according to Real Estate Information Network Inc.

The Virginia Beach-based multiple listing service reported 1,164 homes in the region sold in November, compared with 623 a year earlier.

Despite increased sales, home prices continued to fall, partly reflecting activity by first-time buyers at the low end of the market. The multiple listing service reported that the median price for existing homes in November was $199,950, down 7 percent from a year ago and at the lowest point in 10 months.

November marked the six month in a row of growth in local home sales and the biggest year-over-year gain in 2009. The rebound contrasts with the market a year ago, when sales were plummeting amid deteriorating economic conditions."

Read the full story.

Posted on Thursday, December 10, 2009 - 10:26pm

Craigslist Real Estate Scam Resurfaces in Hampton

Another warning for consumers to be careful about transactions online, as a Craiglist scam has resurfaced in the Hampton area.

According to the Daily Press a hoax that involves fake ads attempts to trick individuals looking to rent or buy a home and take their deposit money.

"Felicia Bradley found a great deal on a town house for rent on Craigslist.

But the more the Hampton resident looked into it, the more suspicious she became.

'It was just a total scam,' said Bradley, who works at the Daily Press.

A hoax that first came to light in Hampton Roads in August has resurfaced. It involves phony ads on Craigslist, a popular classified advertising Web site.

The phony ads list a home for rent or for sale. When contacted, the advertiser asks for personal identifying information and/or a deposit.

In August, a real estate agent listing a James City County home for rent discovered someone else had lifted the information to create a fraudulent ad. A potential renter fell for the scam and provided her Social Security number. When the homeowners found out about the false ad, they alerted police."

Read the full story.

Posted on Tuesday, December 8, 2009 - 12:16am

Hampton Roads Home Sales Up 28 Percent Over Last October

Great news for Hampton Roads residents. The housing market continues to improve, according to The Virginian-Pilot, as October's numbers show to be greater than September's and October 2008.

Much of the rebound has come from first-time home buyers taking advantage of the $8,000 tax-credit, which will hopefully continue because of the recent extension of the tax-credit until April 2010.

Also, the extension of the tax-credit includes higher-incomes and an option for current homeowners to "move up". These qualities will hopefully help move more valuable houses on and off the market that first-time homebuyers could not purchase.

"First-time buyers rushing to take advantage of the now-extended federal tax credit continued to drive home sales in Hampton Roads in October, according to a report released Monday.

Last month, sales volume was up 2.3 percent over September and 28.1 percent over October 2008, according to Real Estate Information Network Inc. The Virginia Beach-based multiple listing service reported 1,107 homes in the region sold in October, compared with 864 a year ago.

October's was the biggest year-over-year gain for 2009, and it was the fifth month of such increases since home-sales volume turned positive in June. The rebound in home sales stands in stark contrast to the homes market a year ago, when sales were plummeting amid deteriorating economic conditions.

The federal tax credit for first-time homebuyers has buoyed sales across the country. Congress recently extended the $8,000 tax credit, originally scheduled to expire this month, through April and expanded the credit to include $6,500 for home-owners who have lived in their home for at least five years and want to buy a replacement primary residence.

'The tax credit, no question about it, has had a positive impact on the market,' said Ron Pearman, regional vice president for Long & Foster Real Estate. Of a sampling of homes that closed last month with Long & Foster, 70 percent were first-time buyers, Pearman said.

Other local brokers said Monday that the tax credit has accounted for as much as half of their recent sales."

Read the full story.

Posted on Tuesday, November 17, 2009 - 5:52pm

Homes Sales in Southside VA Are on the Rise

Area homes sales have increased, according to the South Boston Virginia News, which has been aided by low interest rates and the new tax-credit for first time home buyers.

Last week local real estate agents learned how the Virginia Association of Realtors is working towards an extension of the tax credit. This would help continue to bring the housing market into recovery, which will help boost the local economy and increase property values.

"Home sales in the area have risen by more than a third in the past year as the recovery in the national housing market takes root, aided by low interest rates and a new tax credit of up to $8,000 for first-time home buyers.

Local real estate agents associated with the Southern Piedmont Land & Lake Board of Realtors, a trade group for Halifax and western Mecklenburg counties, listened yesterday as Lisa Noon, vice-president with the Virginia Association of Realtors, discussed market trends during a luncheon at Italian Delight.

Noon said the VAR is working with its national association to lobby for the extension of the home buyer’s credit, which is good for 10 percent of housing purchases up to $80,000. The credit has brought out more first-time purchasers and spurred sales in the low- to mid-range of the market, said Noon yesterday.

'Overall, it’s been well received,' she said.

The program, part of President Obama’s stimulus package, not only has boosted home sales, but created or saved jobs in construction, furniture and other housing-dependent sectors of the economy, Noon said.

Noon said a healthy housing market is essential to economic recovery, making the tax credit worthwhile. 'Our overall goal is to ensure a continuing strong housing market, and anything we see that will improve housing will improve the economy as well,' she said.

VAR data show that home sales in the Southern Piedmont region — Halifax and the portion of Mecklenburg west of Route 4 — jumped 35.5 percent from the third quarter of 2008 to the same period in 2009. The realty group reported 84 home sales in 2009, compared to 62 for the same three-month period in 2008."

Read the full story.

Posted on Tuesday, November 3, 2009 - 12:57pm

Carroll County Resort Introduced to DC Residents

A recent article in the Washington Times positioned Olde Mill resort in Laurel Fork as a great resort for DC residents looking for a second home.

The resort is nestled in the Blue Ridge Mountains, and was recently renovated to include a fitness center, 18-hole golf course, indoor swimming pool with a hot tub, two restaurants, facilities for special events and a breath-taking view of a 54-acre lake and the mountains.

Community activities include concerts and casino nights, plus trips to local wineries, festivals and antique shops.

This is good news for Carroll County residents who will experience a boost in the local economy from potential buyers visiting the area, and much more once the homes are sold.

"The Blue Ridge Mountains beckon visitors in every season, but they are especially enticing in autumn. For prospective second-home owners in the District, it's about a five-hour drive to Southwestern Virginia and Olde Mill, an 850-acre master-planned resort community in Laurel Fork.

Home prices in Olde Mill range from the $200,000s for villa homes to more than $800,000 for an estate home."

Read the full story.

Posted on Wednesday, October 21, 2009 - 5:11pm

Home Sales Continue to Grow in Hampton Roads

The Virginian-Pilot recently reported on housing sales and trends in South Hampton Roads.

Although the average price did fall, the news is still good for homeowners because of the increased activity.

"Home prices in South Hampton Roads fell last month, most likely pushed lower by sales of foreclosures and strong buying activity in the market’s lower price range, according to a report released Friday.

The median price for an existing home in September was $210,000, down 6.7 percent from August and 4.1 percent from a year earlier, according to Real Estate Information Network Inc., the Virginia Beach-based multiple listing service. The median is the point at which half the prices are higher and half are lower.

The listing service also released data showing that 1,082 homes sold last month, up slightly from August but 28 percent higher than a year ago. That's the biggest year-over-year gain this year.

September marks the fourth month of year-over-year sales increases since home sales volume turned positive in June. The strong sales volume likely reflects historically low interest rates and first-time home buyers taking advantage of the $8,000 federal tax credit.

The report also showed that the number of homes on the market last month in Hampton Roads fell slightly. In September, there were 14,029 homes on the market. Meanwhile, the average time on the market for existing homes in Hampton Roads also fell to 82 days last month, compared with 86 days in September 2008.

Read the original story.

Posted on Tuesday, October 20, 2009 - 11:23pm

Home Prices Increasing in Loudoun

Home prices are up, the Chamber of Commerecie is holding its fourth annual Virtual Realty Tour, and a meeting will be held about housing and community development. That's some of the latest news from Loudoun County, according to the Loudoun Independent.

The County Chamber will hold their annual Virtual Realty Tour to highlight major existing and approved real estate projects in Loudoun County. Residents can find more information on the Chamber's website.

Residents and local nonprofits are also encouraged to take part in a hearing on housing and community development needs. The county must solicit comments to qualify for certain federal grants to provide decent housing, establish and maintain suitable living environments and expand economic opportunities for Loudoun’s low- and moderate-income families.

And, home prices increased last month. Great news and opportunities for Loudoun homeowners.

"Home prices in Loudoun crept up last month.

According to a new report prepared for the Dulles Area Association of Realtors, the county’s median sale price last month of $340,000 was up 6 percent from the same month in 2008.

Also, according to the same report, homes that sold in September were on the market on average for 61 days, down 6 percent from August and 37 percent from September 2008.

Finally, the number of homes on the market in Loudoun continues to remain low. Last month, the county had just a 3.8-months supply of homes for sale. That’s down 43 percent from the year before. In January 2008, Loudoun’s supply stretched to nearly 14 months. Last month, Sterling’s 20164 Zip code area had the smallest inventory in the county, with a supply of 1.7 months."

Read the full story.

Posted on Monday, October 19, 2009 - 1:54pm

Latest Real Estate Numbers from Fairfax are Positive

Condo sells in Fairfax County have seen the largest growth this year and homes are staying on the market for fewer days, according to the Connection Newsaper.

Although not all the news is great, the overall trend points to the real estate market in Fairfax County improving.

"Some portions of the Fairfax County real estate market have improved over last year, while others continue to decline, according to data released by the county’s Department of Management and Budget in September.

The number of existing single family homes sold during the first seven months of the year increased from 3,070 in 2008 to 3,219 in 2009, about 5 percent overall. But the total falls short of existing single-family homes sales during the first seven months of 2007, which were more than 3,500.

Sales of new townhouses were also up from 95 during the first seven months of 2008 to 102 during the same time period in 2009. Again, this is not nearly the same number of new townhouses sold during the first seven months of 2007, which was approximately 175.

Condominium sales, both existing units and new construction, had the largest increase, at 10.2 percent. Residents purchased 1,250 condominiums during the first seven months of 2009, compared to 1,134 condominiums during the same time period in 2008.

Still, in 2007, the number of condominiums sold was far higher, more than 2,000 during the same time period."

Read the full story.

Posted on Monday, October 12, 2009 - 10:34pm

New Roanoke Homeowners Are Finding Great Deals

As forclosures around the country have become a serious reality for many neighborhoods, new homeowners are finding some great deals. And, the Roanoke area is not an exception to this, according to the Roanoke Times.

"Angela Batey's sales were sluggish until she began helping people buy homes lost to foreclosures this year.

Now, the Roanoke real estate agent's business is hopping with all kinds of buyers hunting for deals.

'I'm busier than I have ever been,' said Batey, who represents buyers in many kinds of home transactions for Gracious Living Realty in Roanoke. She estimated that at least 80 percent of her sales are from bank-owned properties that have been through foreclosure.

The hardships of homeowners in the Roanoke and New River valleys are erupting into a flood of foreclosure filings, an indication that the region's housing woes are far from over.

The abundance of lender-owned homes on the market is forcing real estate prices down across the country and paving the way for some buyers to snatch tremendous deals.

Foreclosure filings in the Roanoke Metropolitan Statistical Area rose 590 percent from January through August of this year, compared with 2008, according to RealtyTrac, a California-based online service that tracks foreclosures. The Roanoke MSA includes the cities of Roanoke and Salem and the counties of Botetourt, Craig, Franklin and Roanoke."

Read the full story.

Posted on Tuesday, October 6, 2009 - 11:35am