Improvement overall in the market, and a slight improvement over last month. A 16% increase in the number of homes sold in May versus April, with a drop of a month and a half to just ten months worth of inventory. That's better than what we saw in January, and similar to what we've seen over the last few months (see the rest of 2008 here). Again, we're looking at how long it would take to sell the existing
residential inventory in a particular area, if nothing else came on the
market until supply was exhausted. Anything over 5 months is typically
a buyers' market, and anything less than 5 months is typically a
seller's market.
| Area | Active | Sold | Absorption Rate | Buyer/Seller Market |
|---|---|---|---|---|
| Blacksburg | 250 | 54 | 4.63 Months | Seller - Balanced |
| Christiansburg | 309 | 50 | 6.18 Months | Buyer |
| Montgomery County | 79 | 6 |
13.17 Months | Buyer |
| Floyd County | 106 | 4 | 26.5 Months | Buyer |
| Giles County | 53 | 9 | 5.89 Months | Balanced |
| Pulaski | 109 | 15 | 7.27 Months | Buyer |
| Dublin | 115 | 12 |
9.58 Months | Buyer |
| Radford | 118 | 17 | 6.94 Months | Buyer |
I'm going to leave it at that this month, simply because it's been a broken record over the last few months - inflated inventories, longer selling times, a buyer's market. That's a good thing, honestly - some balance in the market will be good, in the long run.
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