It’s time once again for the Q2 2015 Nest Report, Nest Realty’s statistical report on what the New River Valley real estate market did during the last quarter. All stats, no fluff.
Last year at this time, we were reporting a very unusual quarter. While the first quarter of 2014 saw brisk sales, particularly for that time of year, the second quarter lagged, and we were left shaking our heads. It wasn’t until the third quarter that it made sense – Montgomery County Public Schools had a short (42 day) summer last year, and so real estate sales were pushed aside as folks squeezed all their summer fun into six weeks.
Not the case this year, and the market has responded. The full report is posted below, and as you can see most sectors of the market have rebounded quite nicely.
- Christiansburg townhomes, traditionally slower due to an oversupply, have surged back in the last 24 months.
- Floyd County, which will see slower sales as a result of being considered “rural” by the market, saw a decrease in inventory, and a 35% INCREASE in median sales prices.
- Blacksburg hit a median sales price (for single family homes) of $300000, the first time we’ve ever seen that level reached.
As always, there are positives and negatives in every report, and there are some indicators that say we are not a robust market yet. Condo sales continue to lag, and will do so until the financing environment is on par with traditional financing – as median sales prices rise, condo affordability (and availability) will continue to be an important gateway to the first-time buyer, so we need that market to improve. Overall, however, the second quarter of 2015 in the New River Valley real estate market was very different from what we saw at this time a year ago.
As always, I’m glad to share a cup of coffee (I’ll even let you have your own!) and talk some more.
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