ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Sunday, July 14, 1996 TAG: 9607160003
SECTION: HOMES PAGE: D-2 EDITION: METRO
Virginia's home sales figures for the year through May are running 6.65 percent ahead of last year, according to the state home sales survey published by the Virginia Association of Realtors.
Through May, the association said, 27,790 contracts were signed compared to last year's 26,058.
During the month of May, 6,411 homes were reported under contract, a 4.24 percent increase over the 6,150 recorded for the same period last year.
Closed sales were also ahead of last year, with 6,650 contracts closed in May, an increase of 15.65 percent over last year's 5,750.
"There is a definite seasonality in demand for homes," said Barbara M. Wolcott of Virginia Beach, president of the Virginia Association of Realtors. She explained that the industry typically sees a sales peak in the spring.
"It's certainly encouraging at this time of year to see cumulative home sales so far ahead of last year," Wolcott said. "Plus, there is a good selection of homes on the market, making it an excellent time to buy a home."
In May, the average time a house in Virginia spent on the market was 89 days. The average price of a single-family home was $102,438, down slightly from last year's average of $103,221.
Increases in pending home sales for the year were seen in 11 of the 21 areas reporting sales activity. These were Charlottesville, the Dulles area, Greater Piedmont, New River Valley, Northern Virginia, Prince William, Richmond, Southwest Virginia, Staunton-Augusta, Tidewater and Williamsburg.
LENGTH: Short : 35 lines ILLUSTRATION: GRAPHIC: Chart by staff: Regional home sales.by CNB