Second Quarter Housing Market Report

Richmond, Va. – According to a second quarter 2014 housing market report just released by the Central Virginia Regional MLS, sales and pending sales remained relatively flat in the Central Virginia Region as a whole during the second quarter this year, while Chesterfield County experienced an up-tick in sales of 7 percent from this time last year. There were 4,269 sales in the Central Virginia Region, essentially unchanged from the 4,265 sales this time last year. Sales in the Richmond Metro area rose slightly, up 2 percent from a year ago. After a relatively strong first quarter, sales in the Tri-Cities fell in the second quarter, with 47 fewer sales than last year.

Even with the relatively flat sales activity, home prices continued to rise in many parts of the area. The average sales price in the Central Virginia Region in the second quarter was $246,453, up 5 percent from a year ago, a gain of nearly $11,000. The median sales price for the region also increased by 4 percent from this time last year to $212,885. Price gains have been the most consistent in the Richmond Metro Area, where the current median sales price of $216,791 is approximately $50,000 higher than the trough-level in the first quarter of 2012. At the jurisdiction level, Price George County led the region in median sales price growth, climbing 26 percent from the second quarter of 2013.

Homes are also selling faster in the Central Virginia Region compared to this time last year. The average days-on-market in the region for the second quarter was 55 days, down from 57 days a year ago.

As with closed sales, pending sales remained sluggish in the second quarter around the region. There were 4,867 pending sales in the Central Virginia Region in the second quarter, down 1 percent from a year ago. The City of Richmond experienced its first decline in pending sales in three years—falling 10 percent from a year ago—while the Tri-Cities Area experienced a rise in pending sales activity, up 8 percent from this time last year to 327.

The number of homes for sale in the Central Virginia Region continues to grow. There were 6,254 active listings at the end of the second quarter, up 5 percent from a year ago. This is the strongest inventory growth the region has seen since the third quarter of 2010, a clear indication that sellers are becoming more active in the market. The inventory is stabilizing across the region, with 8 of the 16 jurisdictions showing growth in active listings in the second quarter relative to last year.

“While home sales in the region remained relatively flat during the second quarter this year when compared with 2013, job growth in our region continues to outpace historic averages and the unemployment rate continues to drop, keeping our region’s housing market poised for continued stability,” said Mark Joyner, President of the Richmond Association of REALTORS® and Central Virginia Regional MLS. “Moreover, home prices continue to rise, which is great news for home owners who are regaining equity at a solid pace,” he added.

FULL REPORT | REPORT SUMMARY

Charlottesville REALTORĀ® Makes Stop in Richmond during Bike Ride Across Virginia for Seniors

Richmond, VA — July 10, 2014 — Drake Van de Castle, a longtime resident of Crozet, VA and REALTOR® with Sloan Manis Real Estate Partners, is embarking on a month-long journey in July combining some of his biggest passions: bicycling, photography, and helping seniors live safe at home. Beginning Tuesday, July 1 in Chincoteague, VA and ending Thursday, July 31 in Bristol, VA, the Bike for Seniors campaign seeks to raise a total of $10,000 from private donations as well as heighten awareness from fellow REALTOR® associations and housing nonprofits along the way.

Van de Castle’s route covers more than 1,000 miles and makes more than 15 stops in various locations across Virginia, including the Eastern Shore, Virginia Beach/Williamsburg, Northern Virginia/Fredericksburg/Dulles, and Roanoke. He is stopping in Richmond to meet with Richmond Association of REALTORS®’ Chief Executive Officer Laura Lafayette to share background on the local partnership between Charlottesville Area Association of REALTORS®, AHIP and Blue Ridge Home Builders Association.  

“Given the Richmond Association’s long-standing commitment to affordable housing, I was delighted to have the opportunity to meet with Drake and learn more about Seniors Safe at Home.  This program is similar to the efforts of ProjectHomes and Rebuilding Together here in the Richmond region.  Providing the opportunity for seniors to age in place is an incredibly important strategy in ensuring that housing needs are met.  I admire Drake’s efforts and wish him well as he continues across the Commonwealth,” said Lafayette.

Van de Castle’s fundraising effort comes on the heels of the third Seniors Safe at Home effort which has raised nearly $40,000 so far in 2014 to benefit more senior neighbors who have nowhere else to turn when the burden of fixing a leaky roof or performing energy upgrades comes down to the choice of staying or leaving their homes. The impact of this continued community partnership has been amazing. After the first year of the partnership, AHIP increased the number of seniors it was able to help to 95 in 2013 from 47 in 2012.
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Charlottesville REALTOR® Makes Stop in Richmond during Bike Ride Across Virginia to Raise Funds, Build Awareness for Program to Help Seniors Stay at Home – continued page 2

Seniors Safe at Home focuses on home repairs for people 62 and older. Typical repairs include: leaking or failed roofs, broken or failed furnaces, broken and unsecure windows and doors, loose railings and dangerous steps, structural and electrical hazards, plumbing deficiencies and failures, well and well pump emergencies, septic and sump pump emergencies, gutter repair, handicap modifications and more. Costs of these repairs range from $100 to $6,000, and average $2,000.

Known for his spectacular photo imagery, Van de Castle will be documenting the bike trip with his camera and the proceeds from his photographs will be donated. His goal is twofold: 1) raising $5,000 for AHIP clients and 2) raising another $5,000 to be donated to five collaborations in the form of $1,000 grants to jumpstart their own programs benefiting seniors.

Track Van de Castle’s progress and make a donation at here. All gifts to AHIP and Seniors Safe at Home are tax deductible.

About AHIP –
AHIP, Charlottesville and Albemarle’s home repair nonprofit, helps keep our neighbors in need safe, warm and dry in their homes. For more than 35 years, AHIP has helped thousands of families with critical home repairs—small, urgent repairs, on up to large home rehabilitations and replacements. AHIP can build a handicap ramp for a senior citizen or a replacement home for a family living without indoor plumbing—and everything in between. For more information, visit www.ahipva.org.

About CAAR –
The Charlottesville Area Association of REALTORS® (CAAR) represents more than 1,000 real estate professionals in Charlottesville and Albemarle and the surrounding areas of Greene, Fluvanna, Nelson, Louisa counties. For more information on CAAR, pick up a copy of the CAAR Real Estate Weekly, visit www.caar.com, or contact your REALTOR®.

About BRHBA –
The Blue Ridge Home Builders Association (BRHBA) is a professional trade association organized in 1964 to unite the builder/developer with the allied trade industries, businesses and professions that have interest in the building industry. BRHBA works to consolidate resources and build coalitions that will develop the industry and the community. www.brhba.org

(Photo caption: Drake Van de Castle with Laura Lafayette, Chief Executive Officer of the Richmond Association of REALTORS®)

Upcoming Classes You Don’t Want to Miss

July 22nd - Leasing Basics
In today’s challenging real estate market, some sellers are choosing to rent their homes and asking their listing agents to help them.
This 3 hour class taught by Property Management Attorneys Linda Price and Beth Godwin-Jones is designed to help agents and brokers:
• Learn the fundamentals of a typical residential lease transaction • Comply with state and federal law when showing property and screening prospective tenants • Understand the components of a standard lease agreement.
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July 23rd - Broker CE
In addition to 16-hours of Continuing Education, all Broker Licensees are required to complete 8 hours of Broker Continuing Education. Attend this class to fulfill all 8 hours of Broker Continuing Education credit; OR attend the morning or afternoon session only, and receive 4 hours of Broker Continuing Education.
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August 8th - Road Rules
Navigating the CVR MLS Rules and Regulations, DPOR Regulations, and the NAR Code of Ethics can be quite the traffic jam. Don’t let the Rules & Regs slow you down. Merge onto the fast lane and speed to the front of the race with MLS Road Rules. This class is designed to break down the rules and regulations and demonstrate how to utilize these “speed bumps” and turn them into a detour to success. This course will also provide tips on how to avoid fines, penalties and potential ethical and regulatory violations.
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