Home sales stay consistent
Published 9:44 am Thursday, June 1, 2017
Real estate sales across the Heart of Virginia have stayed rather consistent, contrasting with the Virginia average, which rose exponentially in the first quarter this year.
According to a press release from Virginia Realtors, there were 22,859 residential transactions that were closed in the state between January and March of this year. This was a 7.8 percent increase from the 21,213 units sold in the first three months of 2016, the officials said in the release.
Real estate sales encompassing Lunenburg, Charlotte, Buckingham, Cumberland, and Prince Edward, have remained nearly the same between the first quarter of 2016 and this year, according to Virginia Realtors.
Lunenburg has seen sold 15 properties between January and March this year, according to data from the South Central Association of Realtors.
Dempsey Jones, a sales associate with RE/MAX Advantage Plus in Farmville, said he believes the market has been better this year, and prices have been edging up.
He also said that Prince Edward County has seemed to have the most activity, with Charlotte and Lunenburg having slightly less activity.
He said with all counties, the spring season and job changes are prompting people to put their homes on the market, making it a good time to buy.
“It’s a good time to look at real estate,” Dempsey said. “(It) seem(s) like it’s more a seller’s market, because inventory is low.”
Between January and March of 2016, there were 105 units sold in the five-county area, which includes single family, condos and townhomes, according to data from the organization.
This year during the same time period, 104 were units sold.
According to the data, there has been a leap in the average price increases in units as well. In 2016, the average price of a unit in the first quarter was $145,609. This year, it’s jumped to $185,746.
An increase in the “Ask to Sale” ratio has also taken place over the last year, according to the data. The ratio compares how close the final sales price is to the list price. The ratio grew from 89.23 in the first quarter of 2016 to 95.65 percent this year, according to Virginia Realtors.
Claire Forcier-Rowe, president of Virginia Realtors, said the rise in average purchasing price is a benefit for sellers and affordability home rates in the area a benefit for buyers.
“Performance has strengthened relative to the start of last year, especially in average purchase price,” Forcier-Rowe said in a statement. “While the region’s affordability is a great benefit for buyers, prospective sellers are poised to gain as prices rise. Similar to the statewide picture, the number of houses available for sale is too limited for demand … It’s especially important right now to work with a Realtor who can ensure access to quality inventory as soon as it hits the market.”