Virginia real estate continued strong in March, registering gains in closed transactions and home values, the Virginia Association of Realtors reported today.
Closed sales showed 7,134 contracts closed during March, registering a 4.2 percent increase from March 2003’s 6,847 closed sales. Year-to-date closed sales were up 1.4 percent, with 14,095 transactions reported, compared to 13,896 for the same period last year.
All but four areas of the commonwealth showed an increase in contracts closed for the month. The largest increases in contracts closed in March were seen in the Dan River Region, Greater Piedmont, Lexington/Buena Vista, Massanutten, Martinsville/Henry, and South Central Virginia.
“Spring is a busy time of year for the home-sales market, and we typically see an increase in market activity this time of year,” said VAR President Nathan Booth of Alexandria.
The average price of a single-family home was $186,812 in March, up 8.2 percent from the year-ago average of $171,446. The median sales price was $163,858 for the state, up 8.7 percent from the $150,695 recorded in March 2003.
With 28,000 members, the Virginia Association of Realtors is the state’s largest individual membership trade association.
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