ROANOKE VIRGINIA HOUSING MARKET SEES MIXED TRENDS IN FEBRUARY

By
Real Estate Agent with Long and Foster Realtors

 

ROANOKE HOUSING MARKET SEES MIXED TRENDS IN FEBRUARY

 The greater Roanoke real estate market has continued to experience mixed trends compared to February of last year, according to The Long & Foster Market Minute® reports. Though the region continues to have a significant amount of inventory on the market compared to a year ago, homes are selling faster in some areas and some regions saw an increase in the number of homes that sold in February.

CHANTILLY, Va., March 21, 2011-

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 that sold in February was mixed in the Roanoke region, though some counties did experience significant increases. Franklin County experienced a 37 percent increase in sales compared to the same month in 2010, and Roanoke County saw a 29 percent increase in the number of homes that sold. Roanoke City and Bedford County experienced decreases of 7 percent and 10 percent, respectively, versus year-ago levels.

Median sale price was mixed in the Roanoke region in February compared to the same month last year. Though each had a limited number of transactions, Franklin County experienced a 3 percent increase in median sale price compared to year-ago levels, to $159,000. Roanoke County experienced a decrease of 4 percent compared to February of last year, with a median sale price of $167,000. The remainder of the region experienced more significant decreases and February data shows median sale prices of $89,900 in Roanoke City and $143,500 in Franklin County. These types of larger declines since last year are likely in part a reflection of heightened demand a year ago with the tax incentives.

In February, active inventory in much of the Roanoke region remained elevated compared to February of last year. Bedford County saw active inventory increase 3 percent versus year-ago levels, and Roanoke City and Franklin County each experienced a year-over-year increase of 6 percent. In Roanoke County, total active inventory increased more significantly, though it remains down from peak levels in the second half of 2010.

The average number of days a house remained on the market before going under contract varied throughout the region, and the data indicates most of the region experienced a decrease in days on market (DOM) in recent months and compared to year-ago levels. In Bedford and Franklin counties, DOM decreased 30 percent and 29 percent compared to the same month in 2010, respectively, to 106 days and 109 days. Houses in Roanoke County and Roanoke City are selling, on average, in about three months, as February's data indicates DOMs of 98 days and 83 days, respectively.

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Roanoke Housing Market 2

"Consumer confidence in February was at the highest level we had seen in about three years," says Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies. "While year-over-year comparisons in the first half of the year will continue to reflect the pull-forward effect we experienced last spring thanks to the tax incentives, we are seeing some positive economic strides, such as consumer confidence and job creation, that are supporting opportunities for today's buyers and sellers in the residential real estate market."

"In the greater Roanoke region," Detwiler continues, "sales increased in some areas in February, and homes continued to sell in three to four months, on average. These dynamics indicate there is continued movement toward future stabilization in this market."

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. Recently expanded to feature reports for more than 500 local areas and neighborhoods in addition to more than 100 counties in seven 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, available at no charge at www.LongandFoster.com, and users can subscribe to free updates for the reports in which they're interested.

About Long & Foster® Real Estate, Inc.

Long & Foster® Real Estate, Inc. is the largest independently-held residential real estate company in the United States. The company is part of The Long & Foster® Companies, which also includes Prosperity Mortgage® Company; Walker Jackson® Mortgage Corporation; Long & Foster Insurance Agency, Inc.; and Long & Foster Settlement Services. Long & Foster Real Estate, Inc. represents more than 12,000 agents in seven Mid-Atlantic states, plus the District of Columbia. The company sold more than $25.3 billion worth of homes and helped people buy and sell homes 78,281times in 2009. The Long & Foster Companies 2009 combined sales for the year were in excess of $51.5 billion. Visit us at longandfoster.com

 

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