The 2017 Third Quarter sales report was released today, revealing the year-to-date market volume (the sum of all transactions) ending 2017 Q3 grew 8 percent over the year-to-date volume for 2016, totaling $31.962 billion (up from $29.548 billion). The sum of sales in the third quarter was $11.388 billion.
For the third quarter, pace fell slightly year-over-year by 0.2 percent (from 33,493 to 33,432 transactions). Notably, annualized residential sales, the rolling sum of sales for the previous twelve months, fell 0.1 percent from the previous quarter measure to 120,786 sales (from 120,847). This disrupts a trend of eleven consecutive quarters of improvement in Virginia’s annualized residential sales.
Average days on the market declined year-over-year by 10 percent, from 61 to 55 days.
Median price rose 2.9 percent year-over-year, from $272,000 in the third quarter of 2016 to $280,000 for the third quarter of 2017.
Third quarter sales grew in high price categories, but fell significantly in the lowest bands ($0-$200K), where the bulk of sales potential exists because they are the price categories accessible to entry-level and first-time buyers.
The Virginia unemployment rate held at an average of 3.8 percent for the third quarter. The Virginia unemployment rate continues to track below the national rate (4.4 percent). 30-year and 15-year fixed mortgage interest rates fell for the second time quarter-over-quarter (to 3.89 percent and 3.17 percent, respectively).
To read the Virginia’s 2017 Third Quarter Home Sales report in its entirety, click here.