YTD Real Estate Figures for Christiansburg VA

Six months of the year are behind us, and it’s a downhill race to the finish in 2010.  To say it’s been an interesting year in real estate is an understatement – there was the rush to get under contract for the buyer credit, and then we’ve seen a much slower-paced market since April 30th.  I posted the YTD real estate figures for Blacksburg last week; the Radford real estate numbers were posted earlier this week, and today’s it’s Christiansburg’s turn.  Following are the sales and inventory figures in Christiansburg for the first six months of 2010:

Christiansburg Inventory Levels and Average Sales Prices

< $200000 –                   9.6 months       $146556

$200001 – $300000 –   12.0 months     $240334

$300001 – $400000 –   6.48 months     $353180

$400001 – $500000 –   No Sales

$500001 – $600000 –   No Sales

$600001 – $700000 – No Sales

$700001+ – No Sales

These inventory levels are referencing what’s called the “absorption rate” – how long it would take the market to “absorb” the current inventory if nothing else came on the market.  In the New River Valley – and in most real estate markets, really – a balanced market is a figure of six months.  Anything less than six months is a sellers market, anything more than six months is a buyers market.  So by looking at how many homes are on the market in a particular price point, as well as looking at what’s sold over the last six or twelve months, we can get an idea of just how long it would take the market to absorb the current inventory levels.

A couple things jump out at me from the outset.  First, this is the closest that I can recall the 12-month average sold price between Blacksburg and Christiansburg being so close.  The $200000-300000 price point in both Towns is typically where the most number of listings can be found, and this is the first time I can remember the average sales price in Blackburg being so close to the average sales price in Christiansburg.  With nearly 42% more sales in Blacksburg (126) than in Christiansburg (74), I suspect this is indicative of those two markets become much more similar – and that’s a good thing, because it takes away some of the “can’t buy into the Blacksburg real estate market” that many buyers mention.  Second … no sales in the $400000 or higher price points?!  If I’m a homeowner in those price points in Christiansburg, I’m frustrated.

Price to sell.

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