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Market strength continues

The real estate market in the Heart of Virginia was strong throughout 2017 and looks to be continuing into 2018, according to Realtor Jason Meeks, president of South Central Association of Realtors.

Jason Meeks

“We have robust sales throughout central Virginia. We’re seeing pick up in all properties,” Meeks said.

He said specifically higher valued properties are starting to pick up in activity as well.

“Overall Farmville does have a robust market,” Meeks said. “I foresee coupled with, we still have good interest rates out there, the demand is still pretty strong. I think this is going to follow into 2018.”

Farmville Realtor Kip Lafoon said it’s been a good year for sellers seeing that the value of their homes have been coming back into line.

“And it’s been a good year for buyers in that there’s plenty of inventory for them to choose from,” Lafoon said. “A lot of people have found a nice new home this year and I don’t see any indications that 2018 will be any different. 2018 looks like it’s going to be great and I hope that I’m right.”

According to the November 2017 Home Sales Report released by the Virginia REALTORS®, the residential real estate market hasn’t lost strength as the 2017 drew to

C.H. “Kip” Lafoon

a close.

“Year-to-date volume (the sum of all sales) for the period January through November rose 8.8 percent over the first 11 months of 2016, from $35.244 billion to $38.349 billion,” officials said in a press release. “Year-over-year, transactions in the month of November rose by 3.9 percent, from 8,648 in 2016 to 8,982 in 2017. Strong demand has characterized the 2017 market.”The release cited that Nov. 2017 volume — the sum of all transactions — was $3.026 billion, rising 8.7 percent over last November’s volume of $2.783 billion.

“The rise in volume reflects boosts in both median price and the number of transactions. Month-over-month, volume fell 6.1 percent, from $3.223 billion in October,” officials said in the release. “Month-to-month declines in volume are typical of the industry at this time of year.”

According to the release, the number of transactions in November fell 8.3 percent from October, from 9,797 to 8,982. As with volume, month-to-month declines in pace are characteristic of the year-end.

Statewide median sales price for November 2017 was $270,000, an increase of 2 percent from the median price last November, which was $264,700. Since November 2014, median price has risen 8 percent from $250,000. There was almost no change in price between October and November 2017, only $100, from $269,900 to $270,000.

“The average number of days on the market in Nov. 2017 declined markedly year-over-year by 12.7 percent, to 62 days from 71 in Nov. 2016,” officials said in the release. “The steep decline is a clear indicator of buyer eagerness. Month-to-month, the average length of time on the market increased by 3.3 percent, from 60 days in October.”