State home sales improve, with Richmond lagging

Posted at 5:46 PM, Apr 25, 2012
and last updated 2012-04-25 18:05:10-04

RICHMOND, Va. (WTVR) A new report shows new home sales are up, virtually all across the state.

The latest data, provided by the Virginia Association of Realtors shows that home sales in the state are improving, up 4.3 percent in the first quarter of 2012, year-over-year.

However, Central Virginia lags behind the rest of Virginia, with the sales increase sitting at 3.8 percent.

Real estate broker Scott Garnett, with One South Realty, sits in the living room of a double-lot home on Floyd Avenue, in Richmond’s Museum District, that just sold for $515,000.

Garnett says that the sale is a sign that things are looking up in Virginia.

“We’ve found our bottom,” said Garnett. “The hardest part was we had to find a bottom, we could build off the bottom.”

“And we feel like we've found that,” he added.

Michelle barker is hopes Garnett’s prediction proves true.

She's had her $2,800 hundred square foot Midlothian home listed just a little under $300,000 dollars for 9 months now.

In 'stable times,' her realtor claims this place would be scooped right up.

“It's still fantastic numbers, relative,” said Stacey Ricks, with the Va. Association of Realtors. “I mean across the board we're seeing great increases…”

Ricks explained that the sales jump in places like Richmond and Northern Virginia are 'comparatively' lower because these places are more densely populated, and have already experienced part of the recovery.