After a winter best described as sluggish, home-sales activity across Virginia saw improvement in spring, according to new data.
A total of 13,301 residential transactions were reported across the commonwealth in May, a 3-percent rise from a year before – the first significant year-over-year uptick in eight months.
Figures were reported by the trade organization Virginia Realtors.
Sales growth was concentrated in a number of corridors of the Old Dominion, including the Shenandoah Valley, where homes going to closing during the month increased 17 percent from a year before. Hampton Roads and central Virginia also saw increases, though not so significant, while Northern Virginia – which represents nearly 40 percent of Virginia real-estate activity – saw sales rise 1 percent to 4,951.
Prices, which have shown more upward traction than total sales in recent months, rose to a median $309,900 for the month, up 5 percent from a year before. Double-digit increases were reported in eastern, Southside and Southwest Virginia, with Northern Virginia seeing a 3-percent gain. No area of the commonwealth registered a year-over-year drop in May.
Add up the total sales and median prices, and the $4.86 billion in total sales volume for the month rose 5.4 percent from May 2018 and was up an impressive 54 percent from May 2014.
Among homes that went to closing for the month, it took an average of 47 days between listing and ratified sales contract, the briskest pace of any May since the recession. Inventory remained relatively low (55,090 properties on the market at the end of May), but appears to be stabilizing after a decline that has totaled 25 percent over the past four years.
For full data, see the Website at www.virginiarealtors.org.