SALES SURGE AS INVENTORY DIPS IN THE FIRST QUARTER
We’ve just released the First Quarter 2016 Nest Market Report for the New River Valley. Across our market, buyer demand remained strong as total sales increased significantly in most segments of the market. Inventory levels also declined in most segments of the market, which will likely put upward pressure on prices if the trend continues.
Here are some highlights:
New River Valley MSA:
- Total sales rose 15% from Q1 2015
- The number of contracts written increased 7% compared to Q1 2015, indicating an increase in sales in the second quarter this year
- Price per square foot increased and average days on market decreased in every property type segment
Town of Blacksburg
- Total sales increased by nearly 50% from Q1 2015; the largest year-over-year gain for a given quarter in the past five years
- Condo sales soared this past quarter increasing 66% from Q1 2015
- Inventory declined nearly 40%, reaching its lowest total in several years
Town of Christiansburg
- Increased buyer demand did not correlate to increased sales as they dropped 5% from last year
- Median sales prices rose approximately 10% from Q1 2015
- With months of inventory at 4 months, this segment is strongly favoring sellers
For real estate market updates on Floyd County, Giles County, Pulaski County, and the City of Radford, you can view the full New River Valley First Quarter 2016 Nest Market Report here. Have questions about the report, or ready to start your home search? Contact your Nest Broker today to start the conversation.