TOTAL SALES UP 13%!
We’ve just released the 2015 third quarter New River Valley Real Estate Market Report. As we finish up the this quarter, we’re starting to see the market settle down once again. After a frenetic second and third quarter in most areas of the New River Valley, we’ll see things settle in the fourth quarter among most sectors. Despite that easing, much of the New River Valley still saw positive reports in the third quarter of 2015. Consider:
1. Total sales are up 13% from 2014.
2. The median sales price is down slightly to $161,599, as compared to $163,950 in 2014.
3. The third quarter of 2013 saw 530 total sales, the highest number of sales we’ve seen in the third quarter of the year in the last five years.
1. Continuing the wild ride seen throughout 2015, total sales in the Town of Blacksburg are up 38% from the same time period of 2014.
2. Contracts Written were up 63% – alone this is a substantial increase, but suggests that, should those contracts see the closing table, the fourth quarter of 2015 might be more positive than years past.
3. Inventory levels remained low in the Town of Blacksburg between the second and third quarters, with the Town seeing just 2 months of inventory.
1. Total sales in the Town of Christiansburg were somewhat flat from the year prior, but total inventory is down 26%.
2. Detached homes continued to rise in value, on average, but just a percentage point. The market overall in Christiansburg followed a similar pattern.
3. Attached Homes in Christiansburg make up a significant part of the market, with sales in the third quarter totaling nearly 35% of total sales. If demand of these homes doesn’t continue to stay strong, expect to see downward pressure put on prices here in 2016.
Be sure to read the full report to learn more. Have questions about the report or how it applies to you? Contact your Nest Broker today to start the conversation.