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Northern Virginia enjoys billion-dollar home sales in June

Northern Virginia's residential real estate market in June had a billion-dollar sales month. That's the first time in almost three years that the region's home sales have reached a billion dollars.

A total of $1.07 billion worth of real estate transactions closed in June, according to Metropolitan Regional Information Systems Inc., the area’s multiple-listing service. That’s a 9.3% increase over the $978.99 million logged last year, and is the highest one-month total since June 2007.

Increases in sales volume suggest that the region's real estate market is recovering. That's good news for homeowners, who may see the value and saleability of their properties increase.

Read more in the Sun Gazette....

Posted on Tuesday, July 13, 2010 - 11:06pm

Roanoke home sales up over last year

photo by steve jenkinsRoanoke-area home sales rose 14% in April over last year, likely a result of buyers rushing to sign housing contracts in time to qualify for federal tax credits.

According to the Roanoke Valley Association of Realtors, 328 area homes were sold during the month, compared with 287 in April 2009.  The average price of a house also rose, to $182,471, up from $176,964 in April 2009, the association said.

Posted on Wednesday, May 12, 2010 - 11:53am

Hampton Roads foreclosure rates up

RealtyTrac, a national foreclosure-monitoring service, reports that foreclosures are up in the Hampton Roads area -- a trend that is being noted across the U.S. The latest statistics put the number of bank-owned properties at the highest quarterly total on record. Bank-owned properties are foreclosed properties that fail to sell at auction.

There is also some good news: nationally, March sales of existing homes were up 16.1% over March 2009, according to the National Association of Realtors. Seasonally adjusted new-home sales were up 26.9% from March 2009, according to the U.S. Department of Commerce.

Read more in the Daily Press....

 

Posted on Tuesday, April 27, 2010 - 11:10am

Sellers hope expiring tax credits spur sales

photo by Hampton Roads PartnershipHomeowners in Hampton Roads are working hard to sell before the homebuyer tax credits expire next month. Two credits are available: $8,000 for first-time buyers or buyers who haven't owned a home in three years, and $6,500 for those who've owned their current or latest home for five years.

To qualify for the credit, buyers have to sign a contract by April 30 -- a powerful incentive that property owners hope to take advantage of.

Read more in The Virginian-Pilot....

Posted on Sunday, March 28, 2010 - 2:48pm

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