Real estate market improves
Published 5:04 pm Saturday, October 3, 2015
A home for sale in Riverview is among the mounting evidence of what local agents say is an improving real estate market.
The real estate market continues to improve slowly but surely, local real estate agents said recently.
“I definitely think the market is improving, because I’m much busier than I was this time last year,” said Mary Austin Darden, an agent with Berkshire Hathaway HomeServices Towne Realty.
“It’s been steady,” added Ellen Drames, a Rose & Womble agent. “I would say the reason would be the low interest rates. It helps people qualify for a little more. It’s a good time to buy.”
A press release from the Virginia Association of Realtors said July residential real estate sales went up more than 13 percent from July 2014, according to the July 2015 Home Sales Report. It continues an eight-year trend of year-over-year improvement.
“While on trend with industry cycles, the July sales report certainly points out that Virginia’s residential real estate market is continuing to improve,” said Virginia Association of Realtors President Deborah Baisden. “Our Realtors look forward to closing out the summer selling season on a high note, and we are proud of their ongoing efforts to help clients navigate the path to successful home ownership.”
Other real estate metrics improved, too. The increase in the number of sales coupled with a 3-percent increase in the median sales price — to $275,000 — boosted the dollar value of July 2015 sales by 14 percent over July 2014.
The number of days on the market also decreased by more than 7 percent, “supporting other indicators of long term market improvement,” according to the release.
While July sales are typically lower than June, this year’s month-to-month decrease was only 8 percent, against the 11-percent average for the prior seven years.
Drames said more people are “getting off the fence” because of the low interest rates, particularly in Suffolk.
In Suffolk, total homes sold was up about 6 percent, Drames said, while the price was up about 2.1 percent.
Drames said she encourages home ownership because it is a good investment.
“It’s one of the only tax-deductible things we have anymore,” she said.
