The State of the Market – November 2007

Not a lot of change in this month’s report from last month … well, unless you consider Radford.  Look at that!  78 properties on the market in Radford, with one sale in the month of November.  At that rate, it’d take 78 months to sell all the inventory in Radford (go on, make all the comments you want about Quick Math – even my calculator looked at me and said "Really, you’re going to calculate that?")  Throwing Radford out of the mix, the overall average of 9.52 months worth of inventory is just slightly less than last month’s 9.89 and the 9.45 in August, so I think the numbers bear out the fact that we are certainly in a winter market.  Which, coincidentally, translates to a buyer’s market.  Remember, 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.

Don’t forget that for just a few more weeks, until the end of December, Mark Weddle at Salem Financial will be providing a FREE APPRAISAL to anyone who refinances OR sets up a new loan in the month of December.  I know there are some of you that need to do this – we’ve got two closings scheduled in the next few weeks ourselves so there are certainly buyers out there!  Call (540-961-3966) or email Mark today and get this taken care of!

Area Active    Sold      Absorption Rate    Buyer/Seller Market 
Blacksburg 190 18 10.56 Months Buyer
Christiansburg 255 32 7.97 Months Buyer
Montgomery County 66 7 9.43 Months Buyer
Floyd County 79 9 8.78 Months Buyer
Giles County 99 10 9.90 Months Buyer
Pulaski 116 11 10.55 Months Buyer
Dublin 104 11 9.45 Months Buyer
Radford 78 1 78 Months Buyer

Take Note – this is not a bad time to be considering buying or selling real estate.  If you’re selling, we need to  talk about ways to really get you the right kind of exposure for your home.  We should be adjusting our marketing to be specific for your house, not just "’cause this is the way we’ve always done it".  I’m still taking listings because people are still moving – but we need to be realistic and patient, among other things.  And if you’re buying, we need to talk.  Opportunities abound out there, let’s take advantage of them. 

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 !  Or, hit us up on our Facebook or Twitter accounts!

Happy buying and selling!

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