May Home Sales Indicate Booming Virginia Market

Dated: 06/23/2017

Views: 118

May 2017 VA real estate sales

Residential real estate sales continue to illustrate steady strengthening. Though inventory constraints eased in May, limited supply persists and is applying pressure to both price and the speed of transactions. The average number of days on the market fell to a multi-year low (52 days) in May. Year-over-year, pace increased by 5.1 percent, from 11,787 transactions for the month in 2016 to 12,383 in 2017. Month-over-month, sales increased according to historical seasonal trends, rising 18 percent from April (10,496). Last year’s sales from April to May rose by 15.5 percent. Typically, pace rises each month from the beginning of the calendar year through the summer peak.

May 2017 volume (the sum of all transactions) exceeded $4.359 billion, rising 10.1 percent from last May’s volume ($3.961 billion). Year-to-date, residential sales volume  exceeds $15.252 billion, an increase of 10.7 percent from the same period in 2016.

Click here to view the full May 2017 Home Sales Report.


Article Courtesy Jenny Wortham SVP Communications and Public Relations Virginia Association of Realtors


Dan Lesher

After 15 years in sales, Dan Lesher began his career in real estate in 1997 with the goal of providing superior customer service, inspired by his own experience with lackluster real estate agents. Ove....

Latest Blog Posts

Thinking Of Selling Act Now

If you thought about selling your house this year, now more than ever may be the time to do it! The inventory of homes for sale is well below historic norms and buyer demand is skyrocketing. We were

Read More

3 Tips For Buyers In Todays Market

In today’s highly competitive real estate market, where inventory levels are not keeping up with the constant stream of buyer demand, there are steps you can take to ensure you are most prepared

Read More

A Home Is A Good Financial Decision

According to the National Association of Realtors®’ 2017 National Housing Pulse Survey, 84% of Americans now believe that purchasing a home is a good financial decision. Since 2007 before the

Read More

Why No Two CMAs Are Alike

Whether you’re a buyer or seller, your agent will prepare a comparative market analysis(CMA) based on similar homes within a given search area, using size, age, features, condition and location,

Read More