Year-over-year home sales were down slightly statewide in November, but rising prices helped push total sales volume higher, according to new data from Virginia Realtors.
The month marked the first since summer when year-over-year sales declined statewide.
Transactions in November totaled 8,909, a dip of 2 percent from the 9,132 transactions recorded in November 2018 – due largely to a dropoff in Northern Virginia, where a dearth of inventory issues remain an issue.
Across the commonwealth:
• Sales were up 13 percent in the Shenandoah Valley, 12 percent in Southwest Virginia, 6 percent in the Hampton Roads area and 3 percent in central Virginia, which includes the Richmond area.
• Sales were down 16 percent in western Virginia, 13 percent in eastern Virginia, 10 percent in Northern Virginia and 4 percent in Southside Virginia.
While sales totals were mixed, median sales prices were up throughout the commonwealth, rising 16 percent in eastern Virginia (to $235,000), 9 percent in the Shenandoah Valley ($227,275), 6 percent in western Virginia ($190,000), 5 percent each in central Virginia ($263,500) and Southside Virginia ($126,500), 3 percent in Northern Virginia ($445,000) and 2 percent each in Hampton Roads ($240,000) and Southwest Virginia ($132,750).
Overall, the median sales price of $288,114 for the month was up 3 percent from $280,000 a year before.
Total sales volume for the month was $3.17 billion, up $28 million (or just under 1 percent) from a year before, and the number of days it took, on average, for a home to go from listing to ratified sales price improved from 55 in November 2018 to 51 in November 2018.
At the end of the month, there were approximately 31,800 active listings on the market, a decline of 7,600 (19 percent) from a year before – with declines reported in all areas of the commonwealth.
For full data, see the Website at www.virginiarealtors.org.