New RIver Valley VA Home Sales Report, 3Q 2009

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A comprehensive look at residential real estate sales in the greater New River Valley of VA for the third quarter of 2009. Published by NRVLiving Real Estate.
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  NEW RIVER VALLEY  JULY - SEPT 2009 GREATER NEWRIVER VALLEY, VA  NRVLiving Real Estate is affiliated with Coldwell Banker Townside,REALTORS, in Blacksburg VA, and is a licensed REALTOR in theCommonwealth of VA. Published under Creative Commons License 3Q 2009 Real Estate Market Report  The point of these quarterly reports is simple … everyone’s a real estate expert, or they know someone who knows someone who’s a real estate expert, and real estatehas been quite the topic of conversation for a while. The numbers reflect the realstory of what’s happening out there, and this is an attempt at making sense of it all.The data included here is pulled direct from the New River Valley Association of REALTORS (NRVAR) Multiple Listing Service , and is considered accurate, but notguaranteed. It includes statistics from the greater New River Valley area, includingMontgomery County, Floyd County, Giles County, Pulaski County, and the City of Radford. 3Q 2009 New River Valley Market Report, NRVLiving Real Estate Licensed under a Creative Commons Copyright License , which means you’refree to share it in its entirety, provided you attribute the information direct toJeremy Hart and NRVLiving Real Estate. Please do share it! Just don’t forget tomention where you found it.If you’d like to discuss this in moredetail, or would likehave further questions,please call emailinfo@NRVLiving.comand we’ll try to help.In most cases, average statistics are used, but occasionally median values are used(and noted). Additionally, this report looks only at detached and attached residentialreal estate – it is not taking into account multi-family, land, or commercial sales. If you’d like further information regarding these other market sectors, emailinfo@NRVLiving.comand we’ll compile what we can for you.  3Q 2009 New River Valley Market Report, NRVLiving Real Estate The See-Saw That’s Been 2009   NRV MARKET200920082007 # of Sold306308410Sold Price$192,989$206,228$218,785Days on Market10810599 When looking at the above table, a two-year decline in # of Sold properties and averageSold price - when combined with an increase in overall Days on Market - doesn’t appear to be a positive market trend (at least, not for a Seller). Overall the market appears to betrending positive, however, led by an available supply of homes, low interest rates, andgovernment-sponsored stimulus bills; it is safe to say we won’t know for certain theimpact of these factors until mid-to-late 2010. 2009 – The year of the up and the down. Don’t watch thenews, here are the highlights. Foreclosures are on the rise,millions have turned the keys over to the banks, and pricesare falling. Some properties are taking years to sell, if they’re selling at all, and the sounds of new homes beingconstructed has been reduced to the sound of a lonely,solitary hammer.Yes … that was the best I could do with the word imagery.Looking around the New River Valley though, one sees a very different picture.Rosy?Not in the least, but certainly better than what we’re seeing nationally. For the thirdquarter of 2009, there’s an interesting pattern emerging – compared to the same timeperiod in 2008, prices are down 6.5% and yet the total Days on Market (DOM) is nearlyidentical, while the List to Sale ratio (how much a property listed for vs. how much it soldfor) is actually up 1%. There’s certainly nothing statistically overwhelming about a onepercent increase in List to Sale, although I think it’s reflective of an increase in buyer activity and overall stability in the market.  3Q 2009 New River Valley Market Report, NRVLiving Real Estate Total Sales by Area The market across the New River Valley in 3Q of 2009 has been up and down, to saythe least, just like a see saw. Total volume for the quarter - including residentialdetached, residential attached, and condominiums - was $70,080,170 spread over 370transactions, down 8% from the the same time period in 2008, which saw volumereported at $76,242,612. Total volume for residential detached  properties followed avery similar trend, with volume in 3Q 2009 of $59,139,655 through 306 transactions,compared to volume of $63,518,194 and 208 transactions during the same time periodin 2008. It’s safe to say that the majority of price stability in the market continues toremain in the average sold price of detached properties ... sales of townhomes andcondominiums will be covered later in this report.Just as trends within the New River Valley are certainly different than trends elsewherein the country, trends within various locales of the New River Valley are different, as well.Some of the greatest variances from 3Q statistics year over year occurred in the area of Total Sales by Area this quarter. While many areas like Blacksburg, Christiansburg andthe City of Radford had nearlymirror images of last year’s 3Qreports, other areas of the greater New River Valley brought muchdifferent sales figures. Thecounties of Montgomery and Gilesboth saw decreases in total sales(34% for Montgomery, 20% for Giles), while Pulaski saw a 27% increase and Floyd a 39%increase. It’s not clear whatimpacted those sales, but it’s quitepossible that at least one factor might have to do with risingaverage sales prices keeping some buyers out of Montgomery County, whilefalling average sales prices in areas like Pulaski might bring buyers in to the area.Whatever the srcin of that difference, it’s very clear that 2007 was the high point in our market, as it was across the country.
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