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Virginia Housing Market Shows Improvement
More good news for the Virginia residential real estate market as new data on home sales across the state was released by the Virginia Association of Realtors. Virginia home sales increased 10.8% in April 2013 compared to April 2012 and reached 8,540 sales, which was the highest figure since last summer. The sales volume of real estate sold in Virginia during April 2013 also marks a significant 16.7% increase in the volume of real estate being transferred compared to last April. Further positive signs were in the home prices as well. Median home sale prices across the state were up more than $10,000 and reached $250,000 in April 2013, compared with $238,990 in April 2012. (more…)
Housing Market Improving in Staunton
As we’ve previously reported in a number of recent posts, the residential real estate market is showing signs of improvement across the state. The good news continues to come, although it’s somewhat mixed for Staunton and the Augusta County area. A new report shows that the number of homes in the region dropped in May 2013 compared to May 2012, but the average price rose. These numbers highlight the generally improving path of the housing industry while underscoring the uneven nature of the recovery.
Foreclosures Down Across Virginia
There is more evidence that the residential real estate sector in Virginia is recovering as the number of foreclosures and short sales dropped throughout the state. According to a new RealtyTrac report, the foreclosure rate across Virginia is down and foreclosures only accounted for 15.5% of home sales in the first quarter. Short sales represented 10% of residential sales in the state. Both figures are lower than the national averages, signaling that Virginia’s residential real estate market continues to retain a good position nationally. Across the U.S., foreclosures accounted for 21% of sales and short sales made up 15% of sales.
Northern Virginia Homes Market Crosses $1 Billion Mark
The residential real estate market in Northern Virginia continues to show significant signs of strength. Last month we discussed the rise in home sales and pricing for the region. This month, the good news continues for the homes market in Northern Virginia as it passes the $1 billion mark. The region again saw marked increased in the number of sales and sales prices for home. This growth resulted to a total sales volume of $1.008 billion for the month of April 2013 and was up almost 21 percent compared to April 2012. Crossing this threshold represents a significant achievement and highlights how hot the residential real estate market has become in Northern Virginia.
Troubled Charlottesville Development Purchased
Bundoran Farm, a stalled and troubled residential development in Albemarle County, has a new lease on life. The project was purchased this week by Natural Assets, a British sustainable leisure and vacation company. The company’s U.S. operations are based in Charlottesville and it purchased the property from Wells Fargo Bank, which foreclosed on the property in 2011. Natural Assets announced that it plans on transforming Bundoran Farm into the top conservation-based residential community in the country.
