Last month, there were 737 unit sales in the VIREB area, a seven percent decrease from the previous year. Active listings totaled 4,559 board-wide, marking a 30 percent increase from July 2024. With an absorption rate of 16 percent and roughly six months of inventory, the VIREB housing market is balanced, slightly favoring buyers.
Sales by Category
In July, 363 single-family homes (excluding acreage and waterfront) were sold, an 11 percent decrease from a year ago and a one percent increase from June. Condo apartment sales reached 87 units, down nine percent year over year but up six percent from June. The row/townhouse category saw 99 units sold, a 16 percent increase from the previous year and a nine percent rise from June.
Active Listings
Active listings of single-family homes totaled 1,596 in July, up from 1,092 a year ago. The inventory of condo apartments reached 455, compared to 312 in July 2023. Row/townhouses had 342 active listings last month, up from 262 the previous year.
Benchmark Prices
July benchmark prices were as follows.
- Single-family – $784,200 (up 2% y-o-y)
- Apartment – $414,300 (up 1% y-o-y)
- Townhouse – $540,800 (down 2% y-o-y)
