According to the Virginia Association of Realtors (VAR), Virginia Home Sales stabilized in the first quarter of 2011. "January and February home sales in 2011 exceed the same month the prior year (by 2.5 % and 3.5%).." and "first quarter 2011 home sales (16,547 units) showed a marginal improvement over first quarter 2010 (16,499 units). The coming quarter will show if it can keep pace with the many closings in second quarter 2010 that were likely related to the federal home buyer tax credit."
In addition, VAR provided highlights of the first quarter, including:
- First quarter 2011, with $4.4 billion of residential sales, has matched the starting pace of each of the past two years ($4.4 billion in 2009-Q1, $4.5 billion in 2010-Q1).
- The Hampton Roads / Chesapeake Bay region showed the best performance in the state, with a 13% increase in home sales, over first quarter of 2010.
- Despite turbulent times in housing markets across the country, the median sales price of homes in Virginia has only declined a total of 16% over the past three years. Most recently, since the first quarter of 2010, the median sales price has declined 6.7% to $210,000.
- Foreclosures saw a 20.8% overall decline across the state and is a promising indicator that we may see a gradual improvement in the health of the overall housing market.
- While the unemployment rate has increased 75% in Virginia over the past three years to 6.3%, it is currently down from 7.4% in March 2010.
Thinking about putting your home in the Henrico County Real Estate or surrounding Richmond Real Estatemarket and don't know where to begin? Contact me, Shannon Milligan at Home Sweet Henrico with Keller Williams Realty, and lets work together to get your home SOLD!
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