According to Long & Foster Market Minute reports, inventory remains tight
The greater Roanoke real estate market continued to experience some positive trends compared to July of last year, according to The Long & Foster Market Minute reports. The number of homes sold increased versus year-ago levels throughout the region, which includes Bedford, Botetourt, Franklin and Roanoke counties, as well as the city of Roanoke. Additionally, active inventory declined in 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 July increased throughout the Roanoke region compared to July 2012. Franklin County and Botetourt County sawn impressive 77 percent and 63 percent increases in the number of homes sold, and Roanoke County saw a 54 percent increase when compared to the same month a year ago. Bedford County saw an increase of 10 percent, while Roanoke City saw an increase of 8 percent year-over-year.
Compared to last July, active inventory continued to decline throughout the region versus year-ago levels. Roanoke County experienced a 16 percent decline, while Botetourt County saw a 10 percent decline in inventory. Compared to July 2012, inventory in Roanoke City declined by 7 percent, and inventory in Franklin County declined by 6 percent. Bedford County saw a 1 percent decrease in inventory.
Homes are continuing to sell at a quick pace in most of the Roanoke region. According to July’s data, days on market (DOM) was 71 days in Roanoke City, 90 days in Roanoke County and 101 days in Botetourt County. Other areas in the region saw an average DOM of 126 to 201 days.
In June, median sale prices decreased in much of the Roanoke region when compared to the same month last year. However, the year-over-year median sale price increased by 23 percent in Roanoke City. In Bedford, Botetourt, Franklin and Roanoke counties, the median sale price decreased anywhere from 2 percent to 7 percent.
“The real estate market has been thriving this summer, and the Roanoke region is no exception,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster Companies. “Homes are not only selling for more than previous years, but also they’re moving quicker than before, and these developments are clear indicators of the health of real estate in our area and the overall economy. Whether you’re a home buyer or seller, now’s a great time to enter the 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 reports are available at www.LongandFoster.com.
