New River Valley Real Estate Sales Are Rising

That’s right, real estate sales in the New River Valley are rising. I’d guessed that sales were up based on my own activity, and I was partially right – PENDING sales are up, closed sales are down. Here’s the breakdown:

1q 2009 v. 1q 2008

Closed Sales – 188 (2009) v. 344 (2008)

Pending Sales – 125 (2009) v. 59 (2008) UP 111.9%, the highest in the state

Median Sales price – $151318 (2009) v. $157960 (2008)

Average Sales price – $168862 (2009) v. $182548 (2008)

Data compiled from Virginia Association of REALTORS 1Q 2009 Home Sales report.

Statewide, sales are off 4.7%, and the median and average sales prices are off 14.1% and 12.4%, respectively. So what’s it all mean? I don’t really know. People much smarter than I (read: economists) are saying that the fact that median sales prices are actually UP 7.8% since 4Q 2008 is actually a positive sign of things to come. What I can say from the local New River Valley market is that buyers are certainly jumping in, as evidenced by an increase of 111% in Pending Sales, and buoyed by strong buyer preference when it comes to prices.

Sellers should be encouraged as well – the New River Valley’s drop in Median Sales Price is only the second smallest in the state, and the drop in Average Sales Price is one of the smallest declines, as well. Price it right, expose the heck out of it, and we can get this thing sold.

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