Homebuyers Return to the Market Following COVID-19 Slowdown 

Homebuyer demand rises as low inventory constrains Virginia’s housing market 

Richmond, VA – (July 23, 2020) – According to the June 2020 Home Sales Report released by Virginia REALTORS®, home sales in most regions of Virginia are rebounding, following spring’s slowdown due to COVID-19.

There were 13,176 home sales statewide in June 2020, up 0.5% from a year ago and up nearly 30% over May 2020 sales. The increase in closed sales in June reflects a return of homebuyers to the market. An easing of stay-at-home restrictions in Virginia, growing acceptance of social distancing measures, and greater use of virtual tools has propelled the increase in market activity.

Record-low mortgage rates are also driving buyer activity. In the week ending July 4, 2020, the average 30-year fixed mortgage rate fell to 3.07%. “Mortgage rates continue to be at historically low levels, and this is providing a major incentive for both refinancing and home purchases,” says Virginia REALTORS® Chief Economist, Lisa Sturtevant, PhD.

Another indicator of strong homebuyer demand is the steady rise of Virginia’s statewide median sales price, which was $318,000 in June, up nearly 2% over June 2019. The average close-to-list price ratio was 99.2 in June, indicating that sellers are getting very close to their asking price. In some local markets, particularly in Northern Virginia, sellers are often getting above asking price.

While buyers are returning to the market, there are not enough sellers to meet demand. Virginia’s inventory of homes available for sale has declined dramatically. At the end of June, there was a total of 23,558 active listings across Virginia, a decline of nearly 40% compared to the end of June 2019, or more than 15,000 fewer listings. A lack of available inventory continues to be a significant constraint on the market. In the weeks and months to come, sales might slow not because of slower demand, but due to a lack of inventory.

 

The Virginia Home Sales Report is published by Virginia REALTORS®Click here to view the full June 2020 Home Sales Report. Current and past reports are available to members, media, and real estate-related industries through the organization’s website.

 

#   #   #

Robin Spensieri
Vice President of Communications & Media Relations
 
Virginia REALTORS®  •  Shaping the future of real estate.
Mobile: 404-433-6015 • Tel: 804-622-7954
10231 Telegraph Road • Glen Allen, VA 23059
Hours: 8:00 a.m. – 4:30 p.m.

VPAR 2020 Annual Awards Program – nominate yourself or someone else deserving!

Attention all Virginia Peninsula Association of REALTORS® Members:

Do you know someone who deserves some recognition? Someone who has gone above and beyond? You have until Friday, October 2nd, 2020 to submit nominations for the following annual award categories:

Please click below for the links to the applications or go to the Events section on our website www.vpar.realtor 

The Rookie of the Year nomination form will sent out in January and presented at the OSC Awards Banquet in March.

If you need cannot edit a PDF, and need me to send you the Word document for an application please call Jo McNamara or email at jo@vpar.org

Now’s the time to help recognize them for all that they do and help them shine. It’s time to nominate someone (or even yourself) for the 2020 VPAR Annual Awards.

These awards recognize outstanding leadership, accomplishments, and professionalism in our industry — recipients will be recognized at a ceremony during the upcoming VPAR Installation & Annual Awards Luncheon on Friday, November 20th at the Holiday Inn at City Center.

SALESPERSON OF THE YEAR

https://vpar.realtor/wp-content/uploads/2020/07/2020-Salesperson-of-the-Year-Application.pdf

 

SALES TEAM OF THE YEAR

https://vpar.realtor/wp-content/uploads/2020/07/2020-Sales-Team-of-the-Year-Application.pdf

 

REALTOR® OF THE YEAR

https://vpar.realtor/wp-content/uploads/2020/07/2020-REALTOR-of-the-Year-Application.pdf

 

PROPERTY MANAGER OF THE YEAR

https://vpar.realtor/wp-content/uploads/2020/07/2020-Property-Manager-of-Year-Application.pdf

 

MANAGER OF THE YEAR

https://vpar.realtor/wp-content/uploads/2020/07/2020-Manager-of-the-Year-Application.pdf

 

CODE OF ETHICS AWARD

https://vpar.realtor/wp-content/uploads/2020/07/2020-Code-of-Ethics-Award-Application.pdf

 

COMMUNITY SERVICE AWARD

https://vpar.realtor/wp-content/uploads/2020/07/2020-Community-Service-Award.pdf

 

AFFILIATE OF THE YEAR

https://vpar.realtor/wp-content/uploads/2020/07/2020-Affiliate-of-the-Year-Application.pdf

 

 

 

2021 VPAR DIRECTOR & OFFICER NOMINATIONS – Applications Now Being Accepted!

Now’s the time!  If you have been considering stepping up into the Leadership of your local REALTOR® Association now is the time to submit your application.  It is hard to measure the many valuable benefits to your business and the many friendships you will make as you serve as a volunteer leader for the Virginia Peninsula Association of REALTORS®.  Help us to protect the real estate industry in your community as a business leader!

Nominating Announcement 2021

BOD Application form 2021

Application Deadline is August 10th 4:30pm.