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Aug 23 2011

Virginia Housing Market Set to Improve by End of 2011 From the Virginia Association of Realtors

Posted at 11:25 AM |

Categories: Williamsburg Real Estate

Despite slower home sales during second quarter 2011, compared to second quarter of 2010, the housing market in Virginia may be ready to surge forward in the third and fourth quarters. Other good news is that we can see a clear increase in sales from first quarter 2011 to second quarter 2001.

Highlights:

Consumer Confidence Improves

  • The balance of 2011 will likely see stronger performance than in 2010 as the third and fourth quarters last year were slow after so many buyers rushed to close in second quarter 2010.
  • Virginia residential home sales showed a strong improvement (+39%) between the first quarter of 2011 and second quarter of 2011.
  • The median sales price of homes in Virginia has only declined a total of 10% over the past three years.
  • The fact that average days on market continues to decline is an indication that we may be towards better times in the local housing market.
  • When comparing Virginia home sales data to the nation, the state looks to be heading in a good direction. The decline in state unemployment numbers could be a significant factor.

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