The most common question I answer is “how’s the market”. Normally I remind my questioner that the primary factor in real estate is location. Nationally, we have improved the volume of sales 7.8% since 2010 and even new home starts are up,* an encouraging trend for sellers and buyers. National Association of Home Builders has identified 99 cities with improving real estate markets, which is up from only 80 the month before. The volume of sales is starting to affect the value of the sales prices. The overall real estate sales price in the US was up in July year to date almost 10% from last year at this time. **
So how is the market here in the Roanoke Valley? We have seen a 10% increase in our sales volume from 2011. This has helped reduce the large real estate inventory in the valley. The sales price has only improved around 1% since last year but we are reducing the extended marketing time of most homes. We started the year with 189 average days on the market and we have reduced that to 164. The month of August was our best month so far this year with 384 homes closing with another 388 going under contract.*** If we continue this momentum the result will be a reduced inventory and slowly increasing sales value.
The numbers here encompass all areas of the Roanoke Valley and price ranges. To get information that is more specific about your home’s value or trends in your neighborhood, please contact me.