The State of the Market – March 2008

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.   

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