Published by the Virginia REALTORS®, the advocate for real estate professionals and property owners in Virginia
 
Virginia REALTORS® association publishes monthly and quarterly home sales reports to provide our members, the media, and real estate-related industries with current data. The report data comes from a variety of sources and is analyzed by the Virginia REALTORS®. All data may be used with citation to the proprietary owner, the Virginia REALTORS®.  
Third Quarter Summary

 
Virginia's third quarter residential real estate market reflects the prolonged inventory shortage that has affected sales pace for much of the year. Despite suppressed pace, most year-over-year performance metrics rose, underscoring the sustained high demand in the state's housing market.     
 
Year-over-year, quarterly transactions fell by 0.2 percent (from 33,493 to 33,432). The decrease is attributed to the variance in September sales, specifically, as July and August 2017 sales each outperformed their 2016 benchmarks. Third quarter volume rose by 3.2 percent year-over-year, from $11.037 billion in 2016 to $11.388 billion in 2017. Year-to-date volume is $31.962 billion, 8 percent higher than the sum for the first nine months of 2016 ($29.548 billion). Statewide, median price for the third quarter rose by 2.9 percent from 2016 to 2017, from $272,000 to $280,000.
 
Notably, annualized sales, the sum of all sales for the preceding twelve months, declined for the first time in eleven quarters. Third quarter annualized sales fell 0.1 percent to 120,786 sales (from the second quarter benchmark of 120,847). Preceding 2017 Q3, the average quarterly increase in annualized sales over the last eleven quarters had been 1.8 percent. 
 
Tight inventory in starter price bands had an outsized effect on sales in those categories, with transactions in the $0-$100K and $100k-$200k range dropping year-over-year by 9.6 percent and 6.8 percent, respectively. Third quarter sales increased in all other price bands, with the highest jumps in the $400k-$500k range and the luxury range above $1 million. While access to advantageous financing and relative consumer confidence are encouraging activity in premium price bands, the majority of buyers exist in the entry-level categories with the least inventory. The imbalance in supply and demand in those bands is intensifying pressure on price and transaction speed, creating more challenge for buyers trying to enter the market.   
 
Sales pace varied regionally in the third quarter of 2017. Sales in Northern Virginia, the Southside, and Valley regions dropped off relative to the third quarter of 2016, while transactions increased in other areas. Year-over-year, median prices rose in every region except the Eastern and Southwest regions.   
 

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Posted by Abuzar Waleed on
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