The State of the Market – July 2007

NOW we’re talking!  This is the kind of market we’ve been expecting to see, and it’s come at just the right time.  The summer buying season is in full swing, and sellers are seeing increased activity on listings as buyers look at everything on the market.  Last month, we saw a market in Radford, Giles and Pulaski, with those areas remaining at 6-12 months worth of inventory.  Not good numbers if you’re a seller, but a little more balanced as to how we typically see them.  Blacksburg and Christiansburg are blowing the rest of the market away – overall, supply and demand for the month of July is 7.30 months, while Blacksburg and Christiansburg are at 3.87 and 5.09, respectively.  Again, 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. Graph

Area Active    Sold      Absorption Rate    Buyer/Seller Market 
Blacksburg 213 55 3.87 Months Seller
Christiansburg 290 47 5.09 Months Buyer & Seller
Montgomery County 77 8 9.63 Months Buyer
Floyd County 98 10 9.80 Months Buyer
Giles County 85 15 5.67 Months Buyer & Seller
Pulaski 133 11 12.09 Months Buyer
Dublin 124 19 6.53 Months Buyer
Radford 82 15 5.47 Months Buyer & Seller

We’re still expecting stability in rates through the end of the year, so conventional, traditional products are still a good idea.  If you don’t know what kind of loan you have, feel free to call me and my team at (540) 552-6500 or email me and we can help you find out!  If you’d like more specific data about this report, or anything else pertaining to real estate in the New River Valley, don’t hesitate to contact us by email or Instant Messenger!

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