According to Long & Foster Market Minute® reports, sales increased for April
The greater Roanoke real estate market continued to experience some positive trends compared to April of last year, according to The Long & Foster Market Minute® reports, including increased number of homes sold 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, inventory continued to tighten throughout 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.
The number of homes sold in April increased throughout most of the Roanoke region compared to April 2012. Botetourt County saw an impressive 100 percent increase in the number of homes sold and Roanoke City saw a 36 percent increase when compared to the same month a year ago. Franklin County saw an increase of 10 percent, while Roanoke County saw an increase of 5 percent year-over-year.
Compared to last April, active inventory continued to decline throughout the entire region versus year-ago levels. Roanoke County experienced a decline of 22 percent, while Roanoke City and Botetourt County experienced declines of 16 percent and 10 percent, respectively. Franklin and Bedford counties experienced decreases of active inventory in April of 8 percent and 4 percent, respectively.
In April, 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 15 percent in Bedford. Roanoke County and Roanoke City also saw year-over-year increases in sale prices of 6 percent and 3 percent, respectively.
Homes are continuing to sell at a quick pace in the Roanoke region. According to April’s data, days on market (DOM) was 98 days in Roanoke County and 103 days in Roanoke City. Other areas in the region saw an average DOM of 108 days to 136 days.
“The residential real estate market continues to bloom in the Roanoke region this spring. Market conditions remain on the upward trend – including job growth, home affordability and consumer confidence – and those interested in the local market are researching what it has to offer,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies.
“Although housing inventory is still low, limiting buyers’ options, the Roanoke market continues to show a number of positive trends, such as appreciating home prices, an increasing number of homes sold and decreasing average days on market. These indicators are all good signs for the Roanoke region’s local housing market, and just go to show it’s a great time for those considering buying 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.