Roanoke Housing Market Sees Continued Low Inventory Levels in February

According to Long & Foster Market Minute® reports, sales increased for month

CHANTILLY, Va., March 18, 2013—The greater Roanoke real estate market continued to experience some positive trends compared to February of last year, according to The Long & Foster Market Minute® reports, including tightening inventory versus year-ago levels throughout most of the region, which includes Bedford, Botetourt, Franklin, and Roanoke counties, as well as the city of Roanoke, and increased sales in some of the region.

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 February, active inventory continued to decline throughout the entire region versus year-ago levels. Roanoke County experienced a decline of 23 percent, while Roanoke City and Botetourt County experienced declines of 16 percent and 12 percent, respectively. Franklin and Bedford counties experienced decreases of active inventory in February of 8 percent and 7 percent, respectively.

The number of homes sold in February increased throughout some of the Roanoke region compared to February 2012. Botetourt County saw an impressive 56 percent increase in the number of homes sold and Roanoke County saw a 12 percent increase when compared to the same month a year ago. Bedford County saw an increase of 10 percent, year-over-year.

In February, median sale price increased in parts of the Roanoke region when compared to the same month last year. Year-over-year median sale price increased 21 percent in Botetourt County and 17 percent in Bedford County. Roanoke County also saw an increase in sales of 16 percent, year-over-year.

Homes are continuing to sell at a rapid pace in the Roanoke region. According to February’s data, days on market (DOM) were 86 days in Roanoke City and 100 days in Botetourt County. Other areas in the region saw an average DOM of 139 days to 174 days.

“As we gear up for the 2013 spring buying season, the local real estate market in the Roanoke region continues to benefit from positive economic conditions, job growth, and consumer optimism,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies.

“In February 2013, home prices continued to appreciate in much of the region, inventory remained low, and houses were snapped up at a healthy pace – all great signs for a Roanoke-area residential real estate market that is headed toward a full recovery.”

The Long & Foster Market Minute®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.