Report says new home sales in Central Virginia were up 30 percent in 2013.
The number of new home sales in Central Virginia increased 30 percent to 2,763 in 2013 compared to 2012, and the average price for a new home rose 9 percent to $341,407. New home construction picked up as well, with building permits 25% higher than in 2012, according to a new report.
The Home Building Association of Richmond (HBAR), in partnership with Commonwealth Partnerships, released a semi-annual report that looks at the state of the housing industry in the greater Richmond area. “We felt very strongly that there was a need for this kind of data among professionals in the housing industry in Central Virginia,” Craig Toalson, the HBAR’s CEO said in a statement.
Data provided by Integra Realty Resources-Richmond (IRR) indicates that while activity was up last year, it remains below pre-recession levels.
Still, “The increase in new home sales and new development activity are positive signs for the industry,” said Ken Brown, Senior Managing Director at IRR.
Chesterfield County was the most active jurisdiction in terms of new home sales. In 2013, the county captured a 38 percent market share. Chesterfield, Henrico and Hanover Counties accounted for 81 percent of all new home sales in the market. Yet Goochland County saw the largest jump in the number of overall home sales in 2013 with 131 percent more closings than in 2012.
For a full copy of the report visit: www.hbar.org or www.cwpmarketing.com. The next edition of the RVA New Home Market report will be a mid-year report and is scheduled for release in the third quarter.