The State of The Market – October 2008

Ah, the leaves in the New RIver Valley are changing.  It’s one of my favorite times of the year here – until the winter winds decide to blow.

Just as the leaves will change every year, it’s election day today and with a lame duck President in place we’ll see change in DC, as well – you DID vote, didn’t you?  The leaves change, our leadership changes, and the real estate market … well, it’s changed a bit, as well.

I’ll repeat it one more time:

“a slow, steady and calculated approach
to the market is going to be important as we move forward towards 2009.”

There are opportunities for buyers and sellers, right now, and a slow and steady approach will serve you well.  That being said, I don’t think we’ll see significant market rebounds in the short-term so Sellers, if you don’t have to sell, don’t.  As you can see from the following numbers, anything over 5 months is a buyers market and right now, there aren’t any buyers markets.  I’m currently working on an end-of-year market report, I’m interested to see how that works out … stay tuned for that.  Again, when it comes to absorption rates, 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 # of Active Properties # of Sold Properties
Absorption Rate
Buyer/Seller Market
Blacksburg 216 11 19.64 Months Buyer
Christiansburg 278 14 19.86 Months Buyer
Montgomery County 67 8 8.38 Months Buyer
Floyd County 124 6 20.67 Months Buyer
Giles County 60 9 6.67 Months Buyer
Pulaski 105 9 11.67 Months Buyer
Dublin 113 6 18.83Months Buyer
Radford 72 10 7.20 Months Buyer

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