October 17th is the deadline to register to vote in Virginia for the upcoming November General Election. While more than 86 percent of Virginia REALTORS® are registered to vote, we can do better. So if you’re not registered to vote or you’ve moved and need to update your registration, the deadline is approaching.
Eligible residents can visit vote.virginia.gov and register online with the Virginia Department of Elections. On the site you can also check your registration status, find out information on absentee voting, and learn about what items will appear on your November 8th ballot.
Our goal is to have 100% of our members registered and at their polling place on Election Day. Register today so you can vote for candidates who support REALTOR® issues and policies that protect your business, community, and the rights of private property owners.
August 2016 residential real estate sales have strengthened markedly relative to August of last year and brought strength back to the third quarter following a contracted July. The number of August transactions grew year-over-year by 12.5 percent, from 10,204 sales to 11,482. Atypical of industry seasonality, August 2016 sales were slightly higher than July sales; the market typically peaks in June and begins to taper through the end of the year. Greater August sales may reflect that more inventory has come onto the market, expanding buying opportunities and boosting sales and volume. Following seasonal tendency, August median price declined slightly month-over-month and from the June peak, but was 1.7 percent higher than in the same month last year ($272,500 over $268,000 in 2015). Average length of time on the market was significantly lower, declining 13 percent (from 69 days last August to 60 in August 2016). The value of transactions for August 2016 was $3.793 billion, a significant 14.8 percent jump from August 2015. Volume through the end of August 2016 exceeded $25.941 billion, a gain of 6.8 percent from last year’s accumulation of $24.294 billion. Year-to-date measures continue to build significantly upon 2015 and prior year performance.
Click here to view the full August 2016 Home Sales Report.
In recognition of September as National Preparedness Month, Virginia REALTORS® are encouraging people to ready themselves by making plans for how to stay safe and communicate during an emergency. Preparedness Month reminds us all to collect supplies and make and share a plan for the protection of our families, homes, and communities. Since natural disasters and other emergencies can inhibit channels of communication, the first step to safety planning is to inform close contacts about the course of action in case of an emergency. Consider transportation routes and property safeguards, as well as the needs of elderly family members and pets. To assist Virginians with disaster preparedness, the Virginia Department of Emergency Management offers www.ReadyVirginia.gov as resource that includes checklists of essential supplies, step-by-step guides for staying safe in emergency conditions, and instructions to stay informed of critical updates.
July 2016 residential real estate sales have slowed from this point last year, though year-to-date performance remains strong. Year-over-year, the number of transactions fell by 4.7 percent, from 11,820 sales to 11,265. The value of transactions for July 2016 was $3.797 billion, 4 percent lower than in July 2015. Despite a moderate decline in pace and volume for July, year-to-date measures have outperformed 2015. Volume through the end of July 2016 exceeded $22.071 billion, a gain of 5.1 percent from last year’s accumulation of $20.992 billion.
Reflecting typical industry tempo, July sales declined from June; historically, the market climbs each month through June before tapering into the third quarter. Following the same seasonal trend, median price fell 4 percent month-over-month, from $289,500 in June to $278,000 in July. Median price did outperform last July by 1.1 percent, rising from $275,000. Average length of time on the market decreased 6.3 percent, from 64 days last July to 60 in July 2016. Rising median price and declining time on the market reflect limited inventory.
Click here to view the full July 2016 Home Sales Report.
According to the May 2016 Home Sales Report released by the Virginia Association of REALTORS® (VAR), the Virginia housing market continues a strong growth trend. Year-over-year, the number of transactions rose by nearly 11 percent, from 10,369 sales to 11,499. The value of transactions for May 2016 rose above $3.861 billion, gaining 10 percent on the same month last year. Typical of industry seasonality, May sales rose above April figures; historically, the market improves each month through June. Median price rose month-over-month by just over 4.5 percent, from $265,000 to $277,000. Relative to last year, the median price rose slightly from a May 2015 benchmark of $275,000. The marginal change in price from last May indicates that the volume surge this year is because of the significant jump in number of transactions. Further indicating market strength, average length of time on the market compressed from 67 days last May to 62 in May 2016, quickening by 7.5 percent. Rising median price and declining time on the market reflect limited inventory. With access to historically low interest rates, buyers may be motivated to enter the market with a sense of urgency as inventory constraints continue to press prices up.
Read the full report here.