SAVE THE DATE! SAVE THE DATE! SAVE THE DATE!
VPAR Installation & Annual Awards Banquet
Date: Friday, November 18th, 2016 Marriott at City Center
Rounds of 10 to a table. Business to semi-formal attire please.
Duo-entrée served and vegetarian option upon request.
Time: Social from 5:30 p.m. – 6:30 p.m. and program begins at 6:30 p.m. with dinner/dancing to follow!
ANNUAL AWARDS TO BE PRESENTED:
Manager of the Year
Salesperson of the Year
Sales Team of the Year
Property Manager of the Year
Affiliate of the Year
REALTOR® of the Year Code of Ethics Award
Community Service Award
VPAR JULY SOCIAL AT BAR LOUIE
Beat the heat and meet us over at Bar Louie’s on Monday, July 18th from 5-7 p.m. Our sponsor will be Pillar to Post Home Inspectors. Bring some canned goods (which will go to the Peninsula FoodBank) and get a second free raffle ticket to go in the pot for the end of year door prize bonanza!
VPAR MEMBERS ONLY PLEASE!
According to the May 2016 Home Sales Report released by the Virginia Association of REALTORS® (VAR), the Virginia housing market continues a strong growth trend. Year-over-year, the number of transactions rose by nearly 11 percent, from 10,369 sales to 11,499. The value of transactions for May 2016 rose above $3.861 billion, gaining 10 percent on the same month last year. Typical of industry seasonality, May sales rose above April figures; historically, the market improves each month through June. Median price rose month-over-month by just over 4.5 percent, from $265,000 to $277,000. Relative to last year, the median price rose slightly from a May 2015 benchmark of $275,000. The marginal change in price from last May indicates that the volume surge this year is because of the significant jump in number of transactions. Further indicating market strength, average length of time on the market compressed from 67 days last May to 62 in May 2016, quickening by 7.5 percent. Rising median price and declining time on the market reflect limited inventory. With access to historically low interest rates, buyers may be motivated to enter the market with a sense of urgency as inventory constraints continue to press prices up.
Encourage your members to take action and urge the Senate to follow the House’s lead by passing H.R. 3700, the “Housing Opportunity Through Modernization Act of 2016.” The bill makes needed reforms to the FHA condominium loan program, federal assisted housing programs and Rural Housing Service loan programs. Letter to Senate.