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

The greater Roanoke real estate market continued to experience some positive trends compared to March 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. Additionally, some of the region experienced an increase in sale prices.

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 March, active inventory continued to decline throughout the entire region versus year-ago levels. Roanoke County experienced a decline of 24 percent, while Roanoke City and Botetourt County experienced declines of 15 percent and 13 percent, respectively. Bedford and Franklin counties experienced decreases of active inventory in March of 6 percent and 5 percent, respectively.

The number of homes sold in March increased throughout most of the Roanoke region compared to March 2012. Botetourt County saw an impressive 25 percent increase in the number of homes sold and Bedford County saw a 22 percent increase when compared to the same month a year ago. Franklin County saw an increase of 7 percent, while Roanoke County saw an increase of 3 percent year-over-year.

In March, 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 11 percent in both Roanoke City and Bedford County. Roanoke and Botetourt counties also saw year-over-year increases in sale prices of 6 percent and 2 percent, respectively.

Homes are continuing to sell at a rapid pace in the Roanoke region. According to March’s data, days on market (DOM) was 94 days in Botetourt County and 109 days in Roanoke City. Other areas in the region saw an average DOM of 124 days to 221 days.

“Spring is finally here, along with an uptick in activity in the residential real estate market in the Roanoke region. With improving market conditions – including stronger than expected job growth, and rising affordability and consumer confidence – potential buyers and sellers are using this opportunity to explore what their market has to offer,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies.

“While inventory remains low, limiting the number of options for would-be buyers, the Roanoke market is experiencing some positive trends such as appreciating home prices and decreasing average number of days on market. These are all promising signs for the Roanoke region’s local housing market, and provide a prime opportunity for fence-sitters to fulfill their dreams of homeownership.”

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.