Southwest Virginia Market Sees More Homes Sold in Second Quarter 2014

August 21, 2014

The Southwest Virginia real estate market continued to experience a number of positive trends compared to the first quarter of this year, according to data from the local multiple listing services. The region includes Bedford, Botetourt, Franklin and Roanoke counties, as well as the city of Roanoke.

Information for Long & Foster real estate market updates, such as this one, is compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

The number of homes sold decreased by 8.7 percent in the Roanoke region compared with the same time period in 2013, but increased by 42 percent when compared with the first quarter of 2014. Similarly, in the New River Valley area, which includes Floyd, Giles, Montgomery and Pulaski counties, as well as Radford City, the number of homes sold was down 16.4 percent compared to the same quarter last year. When compared with the first quarter of this year, the area experienced a 52.3 percent increase in the number of homes sold.

Average sale prices in the Southwest Virginia market have remained fairly stable. Compared to the same quarter of 2013, they have decreased by just 0.4 percent in the Roanoke region and by 2.6 percent in the New River Valley region. In both regions, the average sale price to list price ratio has increased by 0.3 percent.

On average, homes in the Roanoke region experienced a days on market (DOM) average of 100 days for the second quarter of 2014, a 6.4 percent decrease from the average in the second quarter of 2013. In the New River Valley region, the DOM average was 104 days, an increase of 17.9 percent when compared to the same quarter last year.

“Throughout this summer the real estate market has stabilized and in many regions inventory is up, meaning more homes for buyers to choose from,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Meanwhile, sellers are continuing to benefit from speedy transactions, with our data showing great days on market averages in many parts of the Mid-Atlantic. Overall, the market is well positioned for future growth.”

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