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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