A recent report from the Virginia Association of Realtors shows that the residential real estate market in Virginia has improved in the past year. Although sales this past August were down from their peak earlier this summer, John Seggerman is optimistic because they're up compared to last August.
McLean, VA -- (ReleaseWire) -- 10/01/2015 --A recent report published by the Virginia Association of Realtors showed that the commonwealth's residential real estate market experienced strong growth over the past year. John Seggerman of Seggerman Homes notes several figures in the report -- and he's not overly concerned about a seasonal decrease that's also evident in the data.
Compared to earlier this summer, home sales in Virginia have begun to decline. August is typically slightly slower than the second quarter, though, as summer ends and the school year begins.
John Seggerman explains, "Seasonal shifts, like a slight decrease in activity at the end of summer, are normal in real estate. What is significant about this report isn't the month-to-month figures, but the comparison between August 2014 and this past August. Those numbers show growth."
Seggerman is correct. The comparison between last year and this year shows strong growth. Compared to August 2014, this past August saw:
- a 5.26 percent increase in total sales
- an increase in the median statewide selling price of almost 2 percent, from $262,000 to $266,500
- nearly a 4 percent increase in the total value of home sales
The total value of home sales in Virginia this past August was $3.22 billion.
While increases of 2, 4 or 5 percent might seem small, they show that the market has grown over the past year. These aren't seasonal adjustments, but increases in number and value of sales compared to last year.
According to John Seggerman, a strong real estate market can be positive for everyone. Sellers can get good prices for their homes, and buyers can feel confident in their purchases. "The Virginia real estate market isn't a seller's or a buyer's market -- it's a strong market," he concludes.
For more information on John Seggerman and Seggerman Homes, please visit https://www.linkedin.com/pub/john-seggerman/1/a65/537