Lots of movement in individual market segments over the last month, but virtually no change in the market as a whole between February and March. In total, February saw 99 properties CLOSE during the month, while March saw 133 properties close. But March ALSO saw more properties come on the market, as well, so it was virtually a wash. Overall, 10.55 months worth of inventory on the market right now, but think we’re not busy? I can’t believe what this home inspector said …
Mixed results overall though, with places like Blacksburg, Giles and Pulaski seeing a reduction in the amounts of inventory available, but overall a slight increase total. Blacksburg in particular has dropped to just over 6 months worth of inventory, which is where I thought we’d be much later into the year – it’ll be interesting to see whether that holds. Still, it’s very much a buyer’s market. We’re looking at how long it would take to sell the existing
residential inventory in a particular area, if nothing else came on the
market until supply was exhausted. Anything over 5 months is typically
a buyers’ market, and anything less than 5 months is typically a
seller’s market.
| Area | Active | Sold | Absorption Rate | Buyer/Seller Market |
|---|---|---|---|---|
| Blacksburg | 239 | 37 | 6.5 Months | Almost Balanced |
| Christiansburg | 309 | 30 | 10.3 Months | Buyer |
| Montgomery County | 83 | 6 | 13.8 Months | Buyer |
| Floyd County | 73 | 6 | 12.2 Months | Buyer |
| Giles County | 60 | 7 | 8.6 Months | Buyer |
| Pulaski | 109 | 16 | 6.8 Months | Almost Balanced |
| Dublin | 102 | 8 | 12.8 Months | Buyer |
| Radford | 94 | 7 | 13.4 Months | Buyer |
Interest rates are still very low, and values in the New River Valley are stable … contact me here if you’d like to do a confidential analysis of your situation.