Inventory Growth ‘Strong’: Virginia Realtors
The Virginia realtors have their February numbers out. “Home sales in Virginia dropped for the sixth consecutive month in February, as home-price appreciation posted stronger than normal gains, the Virginia Association of Realtors reported Tuesday. Closed sales fell 9.5 percent in February to 7,109, down from 7,856 for the same month last year. Year-to-date, 13,818 home sales have closed, 12 percent less than last year’s year-to-date total of 15,743.”
“Fredericksburg and Prince William County saw the largest drops, with sales down more than 25 percent in each market.”
According to the association PDF file, Prince William sales volume fell 41%, and the Richmond metro had sales lower by 39%. The Dan River region saw sales drop 50%.
“‘The number of homes placed on the market in Virginia continues to show strong market activity in a historic context,’ explained VAR President Kit Hale of Roanoke. ‘The market definitely peaked last year, growing from just over 7,000 in 1999 to the 10,716 we saw last year. As the demand settles back into a more normal range of activity, we expect to see a much better balance between buyers and sellers.’”
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