The Central Virginia economy continues to have solid economic growth and will likely do so in 2019, indicates a report released by the Central VirginiaRegional Multiple Listing Service.
For the first time since 2010, there was a year over year decline in home sales—with fewer overall sales in the Central Virginia Region in 2018 compared to 2017. There were 19,449 sales in 2018, 180 fewer than 2017, a 0.9% decline. The drop in sales in Central Virginia was driven largely by slowed sales in the Richmond metropolitan area, which generally accounts for more than three-quarters of all sales in the region in any given year.
Despite the slowdown in sales within the region, home prices continue to rise--a reflection of the low inventory of active listings available. The average sales price in the Central Virginia region climbed 4% to $283,658 in the fourth quarter of 2018 (compared to 2017), a gain of nearly $11,700. The average sale price in metro Richmond for the fourth quarter of 2018 grew at a rate of 3%, an increase of $9,500.
The average days on market continues to fall in the Central Virginia Region, a reflection of the limited number of listing options available to buyers. On average, homes sold in 38 days in the region during the 4th quarter, which is 3 days faster than the same time frame in 2017, and 27 days faster than 5 years ago.
There were 3,297 active listings at the end of the 4th quarter in the Central VirginiaRegion, up 6% from last year, an increase of 201 listings. The inventory growth occurred throughout the region with 8 of the 16 jurisdictions having more listings at the end of the 4th quarter than a year ago.
“Despite a small decrease in the number of sales, home prices continue to rise in the region, an indication that buyers remain active,” said Curt Reichstetter, 2019 President of the Richmond Association of REALTORS® and Central Virginia Regional MLS. “The region’s unemployment rate remains low and the economy remains strong—both of these conditions bode well for a healthy housing market in 2019,” added Reichstetter.
source: Richmond Association of REALTORS®/CVR MLS
Author:Susan Magee Phone: 804-334-5087 Dated: January 29th 2019 Views: 435 About Susan: As a mother, wife and businesswoman, my determined spirit has taken me through personal and professi...
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