3Q 2009 New River Valley Market Report, NRVLiving Real Estate
The See-Saw That’s Been 2009
# 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
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.