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New RIver Valley VA Home Sales Report, 3Q 2009

New RIver Valley VA Home Sales Report, 3Q 2009

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Published by nrvliving
A comprehensive look at residential real estate sales in the greater New River Valley of VA for the third quarter of 2009.

Published by NRVLiving Real Estate.
A comprehensive look at residential real estate sales in the greater New River Valley of VA for the third quarter of 2009.

Published by NRVLiving Real Estate.

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Published by: nrvliving on Nov 17, 2009
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07/25/2013

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NEW RIVER VALLEY 
JULY - SEPT 2009
GREATER NEWRIVER VALLEY, VA 
NRVLiving Real Estate is affiliated with Coldwell Banker Townside,REALTORS, in Blacksburg VA, and is a licensed REALTOR in theCommonwealth of VA. Published under Creative Commons License
3Q 2009 Real Estate Market Report
 
The point of these quarterly reports is simple … everyone’s a real estate expert, or they know someone who knows someone who’s a real estate expert, and real estatehas been quite the topic of conversation for a while. The numbers reflect the realstory of what’s happening out there, and this is an attempt at making sense of it all.The data included here is pulled direct from the
New River Valley Association of REALTORS (NRVAR) Multiple Listing Service
, and is considered accurate, but notguaranteed. It includes statistics from the greater New River Valley area, includingMontgomery County, Floyd County, Giles County, Pulaski County, and the City of Radford.
3Q 2009 New River Valley Market Report, NRVLiving Real Estate
Licensed under a
Creative Commons Copyright License
, which means you’refree to share it in its entirety, provided you attribute the information direct toJeremy Hart and NRVLiving Real Estate. Please do share it! Just don’t forget tomention where you found it.If you’d like to discuss this in moredetail, or would likehave further questions,please call emailinfo@NRVLiving.comand we’ll try to help.In most cases, average statistics are used, but occasionally median values are used(and noted). Additionally, this report looks only at detached and attached residentialreal estate – it is not taking into account multi-family, land, or commercial sales. If you’d like further information regarding these other market sectors, emailinfo@NRVLiving.comand we’ll compile what we can for you.
 
3Q 2009 New River Valley Market Report, NRVLiving Real Estate
The See-Saw That’s Been 2009
 
NRV MARKET200920082007
# of Sold306308410Sold Price$192,989$206,228$218,785Days on Market10810599
When looking at the above table, a two-year decline in # of Sold properties and averageSold price - when combined with an
increase
in overall Days on Market - doesn’t appear to be a positive market trend (at least, not for a Seller). Overall the market appears to betrending positive, however, led by an available supply of homes, low interest rates, andgovernment-sponsored stimulus bills; it is safe to say we won’t know for certain theimpact of these factors until mid-to-late 2010.
2009 – The year of the up and the down.
Don’t watch thenews, here are the highlights. Foreclosures are on the rise,millions have turned the keys over to the banks, and pricesare falling. Some properties are taking years to sell, if they’re selling at all, and the sounds of new homes beingconstructed has been reduced to the sound of a lonely,solitary hammer.Yes … that was the best I could do with the word imagery.Looking around the New River Valley though, one sees a very different picture.Rosy?Not in the least, but certainly better than what we’re seeing nationally. For the thirdquarter of 2009, there’s an interesting pattern emerging – compared to the same timeperiod in 2008, prices are down 6.5% and yet the total Days on Market (DOM) is nearlyidentical, while the List to Sale ratio (how much a property listed for vs. how much it soldfor) is actually up 1%. There’s certainly nothing statistically overwhelming about a onepercent increase in List to Sale, although I think it’s reflective of an increase in buyer activity and overall stability in the market.

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