Median sale prices increase in many areas of the region

The greater Roanoke real estate market continued to experience some positive trends compared to December of last year, according to The Long & Foster Market Minute® reports. The number of units sold increased versus year-ago levels in most of the region, which includes Bedford, Botetourt, Franklin and Roanoke counties, as well as the city of Roanoke.

The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

Compared to last December, active inventory continued to decline throughout most of the region. Inventory decreased by 11 percent in Roanoke City and 10 percent in both Bedford and Roanoke counties. Franklin County saw a decrease in inventory of 2 percent, while Botetourt County saw a 4 percent increase.Median sale prices increased in many areas, including by 27 percent in Franklin County, 21 percent in Roanoke City and 13 percent in Bedford County. Roanoke County experienced a decrease of 3 percent, while Botetourt County saw a 7 percent decrease.

Homes in the Roanoke region are selling in about three to five months on average, depending on the area. According to December data, days on market (DOM) was 90 days in Roanoke County, 92 days in Botetourt County and 99 days in Roanoke City. Other areas in the region saw an average DOM of 111 to 160 days.

“We’re continuing to see many improvements throughout the real estate market on the East Coast, including in the Roanoke region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Many areas are experiencing rising sale prices and increases in the number of homes sold. These developments bode well for the market in 2014, and we expect to see continued improvement in the housing market, meaning better opportunities for both home buyers and sellers.”

The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions and presented at the county level. The easy-to-read and easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. Featuring reports for more than 500 local areas and neighborhoods in addition to more than 100 counties in eight states, The Long & Foster Market Minute is offered to buyers and sellers as they aim to make well-informed real estate decisions.

The Long & Foster Market Minute reports are available at www.LongandFoster.com, and users can subscribe to free updates for the reports in which they’re interested.