A new member survey from the Virginia Realtors trade group reports higher activity among both buyers and sellers across the commonwealth’s homes market.
While trends are moving in the right direction, they will not necessarily add up to a robust spring season – for a number of reasons.
Virginia Realtors conducts its survey of member sentiment monthly. The latest online survey, conducted March 27 to April 3, resulted in 681 responses, including just under 500 from Realtors who had been involved in at least one transaction in the previous month.
The monthly Buyer Activity Index stood at 56 on a 0-to-100 scale based on responses, up from 49 a month before and the highest since last summer.
A total of 36 percent of respondents reported buyer interest as “high” or “very high” in their localities, while 25 percent scored it “low” or “very low.”
The Seller Activity Index remains significantly lower, as many homeowners are unwilling to part with rock-bottom mortgage-interest rates. It stood at 21 in the latest report, up from 18 a month before and the first time it surmounted 20 since October 2022.
Based on responses to the survey, the typical home on the market over the past month received 2.8 offers before landing a purchasers, down slightly from a year before. About 44 percent of homes sold for above listing price, up slightly.
Where is the market headed? The monthly survey always asks respondents to gaze three months into the future (in this case, to the early summer). The projected Buyer Activity Index for that period stood at 65 on the 0-to-100 scale, with the Seller Activity Index at 37.
A total of 58 percent of respondents said they expected prices to be higher in their local markets in three months’ time, with 25 percent thinking prices would stay the same and 12 percent believing they would fall.
The monthly survey is not scientific in nature, but Virginia Realtors believes the sample is large enough to provide a good gauge of the market.
For full details, see the Website at https://virginiarealtors.org under “Research” and then “Reports.”
