In Chesterfield home sales were down in August from June, the strongest month this year. June boasted 631 units sold while August was down at 461 yet still the strongest month other than June.
August home sales in Virginia were 5.26 percent higher year-over-year, while median sales price remained fairly stable.
Both number of sales and sales prices decreased from July to August. Sales and prices decrease seasonally beginning in July and continue to decrease through the beginning of the following year.
In Chesterfield, the days on the market in August averaged 50, lower than the average last year, which was 57, a decrease of 12 percent. In all of Virginia, according to the Virginia Association of Realtors® (VAR), the days on the market, statewide increased to 69 in August, but remained 5.24 percent lower than August 2014.
In August 2014, the median sale price (half higher and half lower) for a Chesterfield home was $222,000. This August, the median sale price jumped $8,000 to $230,000, an increase of 4 percent, although the current median price of homes sold is 1 percent lower than in July.
Overall in Virginia, August sales volume was 3.87 percent higher year-over-year due to a combination of slightly higher prices and a 5.26 percent increase in sales. Since Virginia experienced a less pronounced seasonal decline last year, Virginia is likely to experience smaller year-over-year changes this fall, following the relatively high peak of sales in July.
Currently, statewide, mortgage rates have dropped from 4.05 percent in July to 3.91 percent in August. Still mortgage interest rates stand slightly less than a year ago at 4.12 percent, a decrease of .21 percent.