People are always asking me "How is the Market?" I always tell them, "It depends!" By that I mean, where are you located? What are your needs? Are you a buyer or a seller? It all depends on a lot of situations.
I live in Forest, Virginia and I can tell you that we have a 9.5 month supply of homes in inventory. Lynchburg, Va has a 11 month supply of homes and Bedford County has a 10.5 month supply of homes if I am looking at 6 month figures.
A six month supply is considered a balanced market. We do not have enough buyers to purchase the amount of supply we have on hand right now in any of these areas.
That tells me that we are in a Buyer's Market and will be so for a very long time.
In the month of October, Lynchburg, Va. (25 sold) solds came in at $3,112,500 with an average home price of $124,500.
In the month of October, Amherst, Va. (15 sold) solds came in at $2,337,250 with an average home price of $155,816.67. The reason Amhert was so high was because of one property that sold for $725,000.
In the month of October, Bedford County, Va. (24 sold) solds came in at $5,008,800 with an average home price of $208,700.
In the month of October, Campbell County, Va. (12 sold) solds came in at $1,897,050 with an average home price of $158,087.50.
These are figures I give my buyers and sellers every month to help them see where they stand in the market. If a seller is looking to sell their home, they must price it competitive and at a price that is going to attract the buyers.
We cannot do anything about the location, size, or features of a home but we darn sure can do something about the CONDITION of a home and the PRICE of a home.
I get my figures from the Lynchburg Association of Realtors Multiple Listing Service.
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