Q3 2016 New River Valley Nest Report

As Halloween approaches that means that the third quarter has come to a close and the holiday season will be upon us before we know it. With that we have released the Q3 2016 Nest Report which looks back on how the market performed this past quarter and what that means for our market moving forward. Overall, our market experienced a decline in total sales this past quarter which was due primarily to the significant declines in inventory which pushed prices upward and constrained sales. While the market is balanced in terms of months of inventory at six months, anecdotally it feels to favor sellers as quality inventory is limited but buyer demand remains strong. Read on for additional highlights and be sure to read the full report here.

New River Valley MSA

Q3 2016 New River Valley

  1. Total sales are down 10% year-over-year.
  2. Inventory levels declined at the end of the third quarter, as they have for three of the last four years, and remain well below historical averages.
  3. Median sales prices rose 6% year-over-year.

Town of Blacksburg

Q3 2016 New River Valley

  1. Total sales dropped significantly declining 28% year-over-year.
  2. Declines in inventory are playing a prominent role in constraining sales as inventory levels were 19% lower at the end of the third quarter compared to Q3 2015.
  3. The condo segment was the best performing property type segment this past quarter indicating that more investors and second home buyers are re-entering the market.

Town of Christiansburg

Q3 2016 New River Valley

  1. Total sales were flat this past quarter which is historically typical for an election year.
  2. Despite flat sales, rising prices indicate there is a strong contingent of ready and willing buyers moving into the market.
  3. Contracts written increased 8% year-over-year indicating a continued long-term confidence in the market.

Be sure to read the full Q3 2016 Nest Report to learn more about the New River Valley market including Blacksburg, Christiansburg, Floyd, Giles, Pulaski, Montgomery, and Radford.

Have questions? Contact your Nest Broker today to find out what this report means for you.

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