"The significant increase in home sales this quarter was experienced throughout the state. Every
region saw significant increases in sales. Notably, the Roanoke/Lynchburg/Blacksburg area, the Central Valley and Southside experienced very high sales after a slower first quarter. In addition, the year-over-year increases in these areas are among the highest in the state..."
"Time on market decreased 16% from the second quarter of 2012 to an average of 71 days in the
second quarter of 2013 (10% fewer days on the market than the second quarter of 2010). In June, homes stayed on the market an average of 64 days. The market is moving homes extremely fast, faster than it has since August of 2006..."
See the entire report below!
The real estate market in Blacksburg is kicking off 2011 with a bang, comparatively speaking. The end of 2010 was perhaps a hint of sales to come as existing home sales jumped an astounding 12.3% in December – historically one of the slowest home-buying months of the year. The leap put existing home sales at their highest level since the homebuyer tax credit expired in June, according to Stuart Hoffman, an economist with PNC Financial Services Group.
And the upward ascension hasn’t stalled. During December 2010 in Montgomery County, twenty-two properties listed for sale went under contract. In the first month of this year, that number soared to fifty-four.
Perhaps the two largest driving forces behind the increase in sales are:
1.) Pent-up demand from the 2010 market when many buyers waited to see if the federal government would re-institute homebuyer tax credits and
2.) Historically low interest rates that have begun to slowly rise.
We think the trend will continue through 2011, producing a modest - perhaps five or six percent - increase in home sales over the course of the year.
But while sales are on the upswing, prices will likely not be - especially for moderately-priced homes.
The foreclosure blight has finally settled into southwestern Virginia, quite a bit behind much of the state. The inventory of lender-owned homes continued to increase over the last year in the Roanoke area, though foreclosures in the state's northern tier have begun to decrease.
With foreclosures adding to supply, demand is not likely to increase enough in 2011 to create much of a rise in Blacksburg-area home prices. As of the third quarter of 2010, the inner tier of the northern Virginia area is the only part of the state to have posted an increase in home prices.
But increasing sales is good news for all contemplating throwing their hat into the Blacksburg area real estate ring. As faith in the market grows, more houses will go on the market and more potential homebuyers will begin their search in order to beat rising interest rates.
Contact the team of Overstreet & Powell to assist you in navigating the search to fulfill your Blacksburg area real estate needs, whether you're on the buying or selling side of the table.