Trends reflect statewide uptick

Published 12:26 pm Wednesday, July 19, 2017

Realtors say real estate sales in the Heart of Virginia are reflecting year-to-date statewide increases exceeding $15 billion, which is nearly 11 percent more from the same period last year.

According to the May 2017 Home Sales Report released by Virginia REALTORS, the residential real estate market continues its steady strengthening.

According to statistics from the South Central Virginia Association of Realtors — of which Lunenburg County is a member — for the 30 properties sold across the county from Jan. 1 to May 31, the properties sold at an average of $136,259.

The properties listed for 191 days on average and sold at 11.3 percent above the listing price.

South Central Virginia Association of Realtors President Jason Meeks said the current trends could be attributed to historically-low interest rates.

“There’s been a lot of pent-up activity in the market,” Meeks said. “For years people have put off buying homes and families were growing and so with the interest rates that you’re seeing now, the economy has turned around in such a way that, you know, consumer confidence is up so it’s really been a driving force in the market itself.”

He said the factors coming together make a productive realty market.

“Not only are we starting to see activity in the market, we’re also seeing multiple, multiple offers in the market which … now seems more common,” Meeks said. “That’s also creating urgency in the market (where) there are just more buyers in the market and fewer properties.”

According to the June 22 press release, year-to-date sales for the period of January through May of year are up 6.3 percent over the same period in 2016. This includes 45,952 transactions this year over 43,211 in 2016.

“We are continuing to see high demand across Virginia’s housing market,” said Claire Forcier-Rowe, the president of the Virginia REALTORS, in the release. “With inventory loosening in May, eager buyers drove sales up significantly with quick purchases.”

According to the release, month-over-month, the number of transactions in May rose by 18 percent, from 10,496 in April.

“Steep inclines are typical as the industry reaches its summer peak,” officials said in the release. “Last year’s sales from April to May rose by 15.5 percent. Though inventory constraints eased in May, limited supply persists and is applying pressure to both price and the speed of transactions.”

According to the release, the statewide median sales price for May was $285,000, which was 2.9 percent higher than the median price in May 2016.