Hot off the heels of putting out the 2013 Nest Report, we’re already into May and looking back at numbers from the first quarter of 2014. Crazy. So, without further adieu, here’s a repost of the Q1 2014 Market Report from the NestRealty.com site.
As we do every quarter (and every year), Nest New River Valley has run the numbers for the first quarter of 2014 (Q1 2014). What did we find out?
Nest Realty New River Valley Q1 2014 Real Estate Market Data (abbreviated market analysis):
- Total Sales: Total sales increased almost 13% in Q1 2014 for the overall MSA in comparison to Q1 2013. With 296 homes solds, this shows a strong opening quarter for 2014 which is a positive indicator that we will see strong performance in the remainder of 2014.
- Inventory: Total inventory levels increased 3.12% from Q1 2013. However, given the increase in sales this quarter, months of inventory decreased 8.59% compared to Q1 2013, which is an indicator of a strengthening market.
- Contracts Written: The number of contracts written rose 2.11% from Q1 2013 which is yet another indicator that we will see strong activity this spring.
- Median Home Prices: Median home prices have decreased overall by 8.96%; however, Christiansburg saw the median home price increase by 6.45%. With the increase in the number of sales and reduction in inventory, we expect to see the median home price increase for the overall MSA in the next two quarters of 2014.
Want to learn more about New River Valley’s Q1 real estate market data? Want to be added to the mailing list for these quarterly reports or our Nest Realty Annual Reports? Email Nest New River Valley’s Managing Broker Tina Merritt today!