NRVLiving - Real Estate. Simplified.

Failing to Prepare Means You Swallow A LOT Of Water

Tony Arko of LoudounStats.com wrote a post earlier this month encouraging readers to sign up for  several triathlons happening later this year in his area.  The post wasn't all about just doing a tri and having fun though - if anyone participated in one of the tris AND used Tony to buy or sell a house in 2008, he'd provide them a $1000 gift card to buy more triathlon gear. 

As someone who has done a couple of triathlons, and wants to do more, I perked up.  Of course, I was also sitting on the couch reading the post so I got up and trekked outside for a run.  I HATE running ... thanks Tony.  I cursed you every step.

A quick story

I did a tri a few years ago called The Sandman, in Virginia Beach.  The year before, I did it with some buddies and the weather forced the swim to be cancelled (because of the waves).  This particular year, when I got to Virginia Beach, the weather was similar and the waves were up - I was certain we wouldn't do the swim.  I had trained, but not as well as I should have, and mentally I had given up on that leg.  The morning of the race, I discovered we WERE in fact doing the swim - GULP.  When the race started, it took me nearly 10 MINUTES to get out to the first buoy, and I was beat.  The waves were constantly crashing over me, I had swallowed more saltwater than I cared to, and I was done.  DNF, Did Not Finish, had to be towed to shore and then do the long, shameful walk back to the starting line.  I knew it was hard to train for open ocean swims in Blacksburg, but nevertheless I had failed to prepare, and therefore prepared to fail. 

Prepare For Real Estate Success

After I finished the run the other day, hacked up my lungs and stopped weeping, I realized that once again I was failing to prepare.  I hadn't run consistently in months, and I couldn't have reasonably expected to pick back up where I left off.  Buying a house is the same way.  When you're buying a house, you've got to train for the process; you don't just wake up one morning and buy a house that afternoon.  There are a number of things you have to do to get ready.  Your financial house needs to be in order, which might mean you need to raise your credit scores, or save some additional money.  You need to shop around a bit, see what areas of Blacksburg or Christiansburg might fit your lifestyle.  You need to find a good agent - I can help you with that.  Once you've found that perfect house, it'll take more time to inspect it, work through the safety items that arise from that, and move toward closing.  And don't forget the attorney - you want an attorney, this is a whole other post - and the lender who'll provide the financing! 

Just as it's not an overnight process to find the perfect house, there's not an instant route to success in a race, either.  The satisfaction of finishing both accomplishments is unlike any other, however.  If you'd like to talk more about the steps necessary to buy a New River Valley home in today's market, let me know and we can talk.  If you'd like to know how to prepare for an open ocean swim ... I can't help with that one, but I'm still looking for the secret!

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Radford Finally Gets It Right

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Well, they're on their way, at least.

At last night's Town Council meeting, Radford got two pieces of business right ... they passed - unanimously, I might add - a rezoning for Tyler Place, a five-story mixed use development with a five-story garage.  They also voted - again unanimously - to begin inspecting rental housing in two areas of the city.

Can't We All Just Get Along

Why is unanimous important?  Because it's nice to see a Town Council actually agree on something that's  good for the citizens they serve.   Tyler Place has the opportunity to provide locals, as well as the university population, a space that's unique to our region - let's hope they don't change their minds midstream like Blacksburg and end up with several lawsuits on their hands.

Additionally, there's a need throughout the Valley - including here in Blacksburg - for landlords to take care of the properties that they own.  This pilot program is a way for the City of Radford to monitor and enforce zoning that might have otherwise been overlooked.  There are some real dumps in the rental inventory right now ... this is a good call on Council's part. 

Dear Rental Inspector

If you wouldn't mind, please give me fair warning before visiting the 300 block of Clement Street.  My tenants have been leaving a ton of garbage outside the door, I'd sure hate to get cited for their filth. 

Take Me Out To The Ballgame

Congratulations to the Christiansburg Dixie All-Stars, headed to the Dixie League World Series in Mississippi.

I liked Seth Willis' quote:  "We're ... just happy to be here."  Proof you can start the athlete cliches early. :)

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It's Just His Hometown

Today's post comes from the NRVLiving Real Estate Group's very own Steve Ayers, a Blacksburg Townie and Food Afficionado of some  kind.  I've been bugging him for a year to bring us something here on the blog, and we've finally found a topic that's near and dear to his stomach - err, heart.  Welcome, Steve!

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http://en.wikipedia.org/wiki/Lendy's

South Main Street in Blacksburg ... A covered canopy with rows of speakers that you pulled into to order treats. 

Ice Cream, Milkshakes, Fresh fries, Buddy Boys, with a side of Friends.

If you remember these, you remember Lendy's.

Lendy's was a great meeting place in Blacksburg, at least in the late fifties, sixties, and early seventies.

A classic American Drive-In restaurant. Push button call stations, wonderful curb service.

You sat in the comfort of your own car, talking to friends, listening to the radio, waiting for your order.

It might be a  double decker hamburger with cheese, lettuce, pickle and its own special tangy sauce, a Buddy Boy.  Before KFC UCB (OK .... spelled out ... Kentucky Fried Chicken on University City Blvd.) ,

This was where you ordered real fried chicken from Colonel Harland Sanders, made from the secret herbs and spices.

Drinks? How about a thick chocolate or strawberry milkshake or maybe even a Lime Freeze.

This meeting place, this delicious retreat, is part of the history, part of the fabric, of a small town called Blacksburg, VA.

The 1400 block of South Main was a family and friends destination for food, fun, and fellowship.

As a town we place great value on preserving what has made this community a wonderful place to live, learn and prosper.

Everything from alley ways to the 16 downtown original blocks are being enhanced to make sure we do not lose the character of our 'Burg.

Too bad some members of our current town council failed Blacksburg History in school, they might have prevented a Sonics lawsuit.

And my Mom could have ordered a Limeade without having to drive to Christiansburg. (She gets me a strawberry limeade ... Thanks Mom)

It's just my hometown. That's all.

Real Estate Taxes In The New River Valley

Taxes.  Everyone's got to pay them, and they never go down.  That's the bad news.

The good news is that by paying taxes, we're contributing to the infrastructure that makes the New River Valley such a great place to live.  But how the heck do they come up with the amount you need to pay?  Well, it's based on the rate that's voting on by the various municipalities, and they're detailed below.  You'll note that some have TWO rates - one is the Town or City rate, added to the County rate.  And should you need more information about a particular location, feel free to use the phone numbers below to contact the taxing authority.

To calculate current yearly tax, take the current assessed value of the home, divide by 100 and multiply by the current tax rate.

The assessed value of the home is $250000 and the home is in Blacksburg:
$250000/100 = 2500 x .93 = 2325  Yearly tax $2325

The following rates are current as of July 1, 2008

Locale	Tax Rate	Phone Number
Blacksburg	$.22 + $.71 = $.93	540-961-1105
Bland County	$.69	540-688-3741
Christiansburg	$.144 + $.71 = $.854	540-382-9519
Craig County	$.52	540-864-6241
Floyd County	$.60	540-745-9345
Giles County	$.63	540-626-7067
Montgomery County	$.71	540-382-5717
Pulaski County	$.62	540-980-7785
Radford City	$.73	540-731-3661
Rich Creek	$.22 + $.63 = $.85	540-726-3260
Town of Floyd	$.60	540-745-9435
Town of Pulaski	$.32 + $.62 = $.94	540-994-8640
Town of Narrows	$.34 + $.63 = $.97	540-726-2423
Town of Pearisburg	$.29 + $.63 = $.92	540-921-0340
Town of Pembroke	$.30 + $.63 = $.93	540-626-7191

Every Little Bit Counts

A cause came to my attention the other day that I thought worth sharing here on the blog.  I spend a lot of time working with the Valley Interfaith Child Care Center, and I know firsthand how difficult it can sometimes be to raise money for a cause you KNOW is worth it.  With that in mind, I learned recently about Chris Strock's efforts to build a bridge in Boucan Carré, Haiti.  My wife knows Chris through classes here at Virginia Tech, and they had a chance to catch up with each other earlier this week.  Chris has  a real direction in his life, and he feels strongly about this project.  Because of the weather, they only have ~ 4 months out of the year on which to work on the project.  I'd encourage you to find out more about the project here and here, and if you're so inclined,give in some small way.  As he says in the email below, only $50 from a thousand people goes a VERY long way.  Please pass this on ...

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Dear Friends and Family,
Most of you know about my volunteer work in Nigeria, Haiti and Belize. Every trip has been incredibly rewarding, but so far my most compelling work has been with the people of Haiti. Currently, Anna and I have both taken-up an effort to help build a bridge for more than 20,000 people living in Boucan Carré in Haiti's Central Plateau. We are doing this as a project with Partners In Health (PIH), a U.S. based non-profit organization that provides free health care to hundreds of thousands of people throughout the Caribbean, South America and Africa. (See their recent 60 Minutes story and learn more here).

Our goal is to raise $250,000 and we need your help. We've completed a construction plan, drawings and cost estimates. Now all we need is funding. Please take a look at our website, http://www.bridgeforhaiti.org/, which tells the story of the project and provides directions on how to donate. All donations are tax-deductible, go directly to PIH and to this specific project. Once our funding goal is complete, I'll return to Haiti to oversee construction.

We know this won't happen overnight, but with your help, we really do believe it can happen. Its amazing how Obama was able to garner millions of dollars for his campaign from so many donations under $50. To me the sad thing is how quickly those millions of dollars seem to just vaporize into political air. We've already raised $35,000 and if we can get a thousand people to donate just $50, we'll be  another $50,000 closer to our goal.

Also, we realize that not everyone is in a position to give financially, so please know that sometimes the greatest gift is just getting the word out. Please consider passing this along to your own friends and family. If you are part of any group or organization that might be interested in getting involved please let me or Anna know. We would be happy to provide any additional information or give a presentation.

We believe that together, if we ALL do just a little bit, we can build a bridge that will provide long-term access to health care, education, and an overall improved well-being for the people of Boucan Carré.

Thank you in advance for your consideration -- and as always, thank you for your support,
Chris and Anna

P.S. Don't forget to go to http://www.bridgeforhaiti.org/ today!!

That House Cost What??

With the first half of 2008 in the books (with 954 sales in the first half of the year), you might have been wondering what the most expensive sales in the Blacksburg/Christiansburg/Radford area have been in the first half of the year.  When the median home price in the same area is $188500 YTD, and the average is $215662, it's interesting to see what some of the higher-priced homes are selling for.  Admit it - you've driven by that McMansion and wondered how much they paid!  Thankfully, it's all public record, and pulled directly from MLS.  Here are the top 5 single-family detached, townhouses and condos that have sold in Blacksburg/Christiansburg/Radford the first half of this year.

Single-Family Detached Homes

• 686 Deercroft Drive, Blacksburg VA - 7 bedroom, 5 1/2 bath home with 5314 finished square feet and a fully-equipped mother-in-law suite, this home is located in Deercroft and has a 460 square foot master bedroom suite!  It sold April 29th for $660000.
• 1235 Falcon Ridge Drive, Blacksburg VA - a 5 bedroom, 4 1/2 bath home on a sloping 2 acre lot in Deercroft.  4460 finished square feet, with another 2560 unfinished square feet in the basement.  It was on the market for over 400 days, but sold June 20th for $630000.
• 2220 Birch Leaf Lane, Blacksburg VA - 4 bedroom, 3 1/2 bath Georgian Colonial in Blacksburg's Wyatt Farm.  This home has commercial-grade appliances, rich appointments and 3576 finished square feet.  It sold April 23rd for $620000.
• 2301 Tom's Creek Road, Blacksburg VA - this is a 20 year old, 4 bedroom 3 1/2 bath home on nearly 23 acres on the outskirts of the Town of Blacksburg.  The land had 8 pastures, multiple buildings for storage and boarding, but the house needed a bit of work.  It sold on April 25 for $595000.
• 615 Leisure Lane, Blacksburg VA - Custom-built home with 4 bedroom 3 1/2 bath home and 3516 square feet, this was an absolutely stunning home in Cedar Orchard, and why it sold for full price in just over two weeks.  It sold on March 31 for $559000.

Townhomes

• 1003 Chateau Court, Blacksburg VA - this 4 bedroom, 3 1/2 bath home in The Vistas has a main level master, and the neighborhood is centrally located in Blacksburg.  It sold on May 5th for $348000.
• 1717 Honeysuckle Drive, Blacksburg VA - a 3 bedroom, 3 1/2 bath townhome in The Village of Tom's Creek in Blacksburg.  This home has 9' ceilings on 2 of its' three levels, granite and stainless steel features, and backs to a 20-acre conservation easement.  It sold on March 28th for $294900.
• 2645 Blossom Trail, Blacksburg VA - this home in The Orchards has 4 bedrooms, 3 1/2 baths, 2721 square feet finished and one of the coolest basements I'd ever seen in The Orchards.  It was just so well done, it's not hard to understand why it sold so quickly.  It sold on May 9th for $294000.
• 2211 Whitney Court, Blacksburg VA - this is a 3 bedroom, 2 1/2 bath home across the street from the Corporate Research Center, and a 1/2 mile from Route 460.  Great location, a main level master and vaulted ceilings, and it sold on March 3 for $280000.
• 1601 Cedar Ridge Drive, Radford VA - 408 days.  That's how long this 3 bedroom, 2 1/2 bath home with main level master was for sale in Radford.  It has 9' ceilings and sits on the outskirts of Radford, away from the University.  It sold on May 23rd for $280000.

Condominiums

• 401 South Main Street, Unit #301, Blacksburg VA - This 1 bedroom, 1 1/2 bath two-story loft could be yours for game days and weekend getaways.  Well, the next one, anyway.  This condo has a second room that could be a bedroom, it just doesn't comply with zoning.  It was listed and sold on February 28th for $373900.
• 250 South Main Street, Blacksburg VA - another great game day condo, this one likely wins the award for Highest Sold Price Per Square Foot.  It's a 2 bedroom, 2 bath condo on the top floor of Kent Square, in the heart of Blacksburg.  It sold on June 11th for $320000.
• 195 Revolution Circle, Christiansburg VA - this home is part of The Villas at Peppers Ferry, an active-adult community built next to the New River Valley Mall.  It's a one-level plan with 2 bedrooms and 2 baths, it listed for $241850 but with buyer upgrades on the construction, it eventually sold on March 20th for $313164.
• 105 Revolution Circle, Christiansburg VA - this home is also part of The Villas at Peppers Ferry, and was listed as new construction as well.  The 2 bedroom, 2 bath plan features 1866 square feet, and it sold on May 12th for $261952.
• 20 Washington Avenue, Christiansburg VA - this home is ANOTHER in The Villas at Peppers Ferry (can you see where the active adults are spending their money??), another 2 bedroom 2 bath plan with 1866 square feet.  It sold on April 30th for $253500.

Image Credit

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The High Cost of Elitism

Full disclosure - I'm a Blacksburg resident, have been since 2001.  Now that's out of the way.

Excellent op-ed in Sunday's Roanoke Times regarding the high cost of elitism.  My favorite line (emphasis mine):

"The costs came in the forms of economic stagnation, limited job opportunities, underfunding for the social infrastructure of bridges, roads and schools, and high property taxes."

Hat tip to New River Journal - he's got several good links there regarding the First & Main debate.

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The First Half of 2008

Now that the first half of the year is behind us, I thought I'd take a look at homes sales in the Blacksburg/Christiansburg/Radford area a little bit more.  At the beginning of the month, in the Absorption Rate post, I showed how every market studied has seen Days On Market go down, along with the average sales price, except for Blacksburg - which has actually gone UP in value nearly 5%.  For the chart below, I used Average Sales Price, but to dig in and look at the real strength of the market it's probably best to look at Median Sales Price.

The Average Sales Prices shown above accurately reflect the homes that have sold, but they don't reflect the trending nature of the market.  To do that, I went back and looked at January - June sales that occured between 2004 and 2008.  In order to accurately the trend, I looked at residential homes (detached, condos and townhomes) that sold in Blacksburg, Christiansburg or Radford during that period and graphed them based on the median sales price of all the homes sold. 

Based on those figures, you can see sharp increases between 2004 and 2006, when the market was really hot.  These were definitive Seller markets, with multiple offers commonplace.  Between 2006 and 2007 we saw a shift back toward more balance, and even a Buyer market in some areas.  The plateau that exists between 2007 and 2008 is likely just that - a plateau.  My analysis is that while we might see a sag in the market continue, with little to no appreciation for several more months, we aren't likely to see the decline, month over month, that many other markets have felt. 

Just for fun, I also looked at the number of homes sold during the same period.  A similar pattern, although a decline between 2007 and 2008.  It'll be interesting at the end of the year to see where that ends up.

Truth be told, I doubt that we'll know the real ramifications of the current market until after the November elections.  It's likely that we'll need be in the spring of 2009 that, with the administration in place, and the shakedown of the bailout - er government support - of Fannie Mae and Freddie Mac complete we'll know the real story.

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Bloggers Invade Christiansburg

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Don't know if saw the article last month in the Roanoke Times about the number of Christiansburg residents who, according to the article's author, are "'pajamas journalists' -- keystroke correspondents eager to bestow percipience on the politics, issues and bones of contention rattling local government."

Call them what you will, but folks paying attention to local issues and writing about them online is a good thing, in my opinion.  It's another source of information, a different voice, and the anonymity of the Internet - whether that's truly a good thing or not - encourages conversation.  So when I read the article - I'd encourage you to click through and read it - I knew we had to have some of these bloggers on the NRVLiving Real Estate Show.

Carol Lindstrom of DepotDazed, and Councilman Brad Stipes of AdvanceChristiansburg, both agreed to join us, and our heartfelt thanks to both of them for taking some time on a Saturday morning to do that.  The focus of both of these blogs seems to be transparency (the buzzword of the year, I think), dissemination of information and a call to action.  All worthwhile causes, and based upon the number of readers they've got, and the amount of comments they're seeing, I'd say it's working.  You can download the segments here and listen to them on your own media player.  I'd also encourage you to visit both blogs and subscribe - if you're a Christiansburg resident, interested in living in Christiansburg, or just like to keep up with what's happening in the New River Valley, these are two sites you must keep up with.

The Segments

Segment 1 with Carol Lindstrom of DepotDazed.com

Download 01_carol_lindstrom.mp3

Segment 2 with Councilman Brad Stipes of AdvanceChristiansburg.com

Download brad_stipes.mp3

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Your Face Is Broken

Remember the Keystone Light beer commercials, with their Bitter Beer Face theme?

This post isn't about that - but those were still funny commercials.

I did read in the Roanoke Times that the Town of Blacksburg is considering ways to keep moped riders from breaking their face.  With rising gas prices, moped - and motorcycle - ridership has increased throughout the New River Valley, and particularly in Blacksburg.  Currently, anything with a motor of 50cc or less is classified as a moped, and no helmet is required to ride on the road.  Anything higher than 50cc (and really, if you're going to put yourself in traffic, why would you ride something so small?) requires a helmet.

The proposed Blacksburg ordinance requiring all moped riders, regardless of their whip's engine size, to wear a helmet with faceshield or glasses will go up for public discussion on August 12th.  As I've typed this, my neighbor has zipped off on his moped - nice to see he's wearing a helmet.  But if you've got something to  say about your need to avoid Helmet Hair, put it in your calendar, here's your chance to discuss it.  Personally, I think you need to have a helmet - but, I don't like getting my face broken.

(Okay, that <----- is some serious Helmet Hair.)

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Very Important PSA

Your Friday public service announcement is this:

Today is July 11th or, numerically, 7/11. Which means you should not forget to run by your neighborhood 7/11 today to get your free Slurpee, in honor of July 11th. It just makes good sense.

We now return to regularly scheduled programming.

Hey Radford - How's The Water?

Earlier in the week, I posted the Christiansburg 2007 Water Quality Report.  Following up on that today is Radford's 2007 Water Quality Report.  For the third consecutive year, Radford's Water Treatment Plant has received Virginia's Excellence in Waterworks Performance Award from the VA Department of Health.  Looks like the water's fine - there were no violations among the water samples tested.  You can download the entire report here:

Download annual_drinking_water_quality_report.pdf

Coming up next week ... Blacksburg's 2007 Water Quality Report. 

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Is The Third Suit A Charm?

It was only a matter of time, I think, until we saw this one added to the mix.  According to the Roanoke Times, this is the third suit filed so far regarding Blacksburg's First & Main Development.

On Wednesday, attorneys for Fairmount Properties filed an appeal to last month's Blacksburg Town Council's vote against the installation of a Sonic Drive-In restaurant at the new First & Main development on South Main Street. 

Some quotes from the article:

"The council has in the recent past approved similar special-use permits for other restaurants, including a Wendy's across the street from the site of the proposed Sonic."

"On Aug. 5, the town's planning commission is scheduled to hear public comments on another special-use permit for phase one, this one for an Arby's restaurant at 1450 S. Main St."

"This ... is political retribution for Fairmount's successful challenge of the Town Council's previous improper actions towards the First & Main project."

That's right - this is all about control. 

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Thanks for the picture.

As The Road Turns ...

Don't forget to submit your comments regarding VDOT's proposed roundabout at North Main and Price's Fork in Blacksburg.

More coverage here ...

Hey Christiansburg - How's The Water?

It's that time of year again where the local communities begin publishing the results of their water tests during the previous year.  According to federal and state regulations, the local Water Authority (described as the Blacksburg-Christiansburg-VPI Water Authority) has to monitor for 76 regulated, 48 unregulated, and many nonregulated contaminants in our drinking water. 

Christiansburg has just published the results of their testing in the document entitled, simply enough, the "2007 Water Quality Report."  You can download the whole report here, or view the table following:

Download 2007_water_quality_report.pdf

Furman University Backs Up Their Commitment To Sustainability

My wife Natalie sent me this video of a building that's just opened on the campus of Furman University.  It was built to LEED-certification standards, will serve as a model home for one year, then be turned into campus facilities and offices.

You can find out more at Furman Cliffs Cottage ... it's nice to see an organization like this take sustainable design seriously.  Make sure to check out the photo gallery on the site, as well.

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Welcome To The Web, Christiansburg

I don't know if you've seen the Town of Christiansburg's website recently, but it's SO 1994, and a poor introduction to such a great New River Valley community; certainly not fitting of it's title "Progressive Small Town Living At Its Best".  Try to get information about upcoming events on there - when I wrote this post about 4th of July fireworks happening throughout the area, I had to *gasp* email someone at the Town for information and times! 
 
It seems trivial to some, I know, but a Town website is the face of a community to a visitor to the New River Valley.  The tone of the site tells you something about the residents of that community, amenities available, and the atmosphere you'll experience.  Imagine you're considering moving to the New River Valley, and want to live in Christiansburg - what do the Frequently Asked Questions tell you?  Not much, other than how to pay your utility bills.

All of that's going to change, and I hope very soon.  Councilman Brad Stipes posted on his blog this evening that the new website redesign is well underway, and mockups have been presented for the look and design.  The new site will not only bring the Town's internet presence current, but will also allow citizens the opportunity to pay their utility bills online (a very progressive step on the Town's part, I think).  I'd encourage you to head over to Councilman Stipes' blog and post comments for him to respond to ... I can tell you that he's very interested in hearing what residents of Christiansburg have to say!

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It's Golf Season

It's summer, I like golf, here's a repeat of a random post I did last year. The end is the best part, I think.

If you like to track your scores online, determine your USGA handicap and that sort of thing, then I'd encourage you to use a great FREE site called oobgolf.com.  It's an online site where you can find course information, enter your scores from recent rounds, connect with players both locally and around the world, and chart and analyze your own game in a way that's a little easier than the above video, I'd recommend checking it out.  I love their mobile scoring feature, which allows me to enter scores and round information right from my phone.  If you sign up, find me online at Volleyhart.

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The State of the Market - June 2008

The residential properties sold in the month of June here in the New River Valley have been closed out in MLS, and the new numbers are in (thank you, Aaron, for compiling them).  Since we now have two complete quarters in the book, we'll first post the numbers for this month, then dig a little deeper into reports for the entire year. 

When it comes to absorption rates, 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	235	62	3.79 Months	Seller
Christiansburg	276	54	5.11 Months	Balanced
Montgomery County	68	7	9.71 Months	Buyer
Floyd County	109	9	12.11 Months	Buyer
Giles County	96	9	10.67 Months	Buyer
Pulaski	102	14	7.29 Months	Buyer
Dublin	120	22	5.45 Months	Balanced - Buyer
Radford	109	13	8.38 Months	Buyer

Why does the absorption rate matter?  It's supply and demand, really.  What's the supply in a particular area of the New River Valley, and what's the corresponding demand for that supply?  Over the last several months, absorption rates have stayed relatively high, indicating a shift toward longer selling times, and a buyer's market.  There are fluctuations within each area - because of particular products available, creation or elimination of jobs, or school schedules, for instance - but on average the markets for 2008 have remained firmly in the buyers' favor.

A reader emailed me after last month's post and asked why I wasn't using more of the MLS data in each months report.  More MLS data would include things like price changes, days on market, etc., and the absorption rate is a quick snapshot of the market average.  Given that we've now got two quarters behind us for the year, I thought I'd do a comparison of the market through the first two quarters of 2008, and compare it to the same time period of 2007, in the eight areas listed above (Dublin has been lumped into Pulaski, for this table).

Area	2007 DOM	2008 DOM	2007 Avg Sales Price	2008 Avg Sales Price
Blacksburg	111	94	$227,768	$240,515
Christiansburg	129	110	$187,649	$184,151
Montgomery County	144	118	$284,350	$254,777
Floyd County	178	129	$185,152	$181,515
Giles County	161	138	$131,986	$114,707
Pulaski	146	119	$154,155	$153,139
Dublin	-----	-----	-----	-----
Radford	140	120	$155,024	$154,932

It's an interesting look at the market, I think ... YTD in 2007 vs. 2008, the Days On Market has gone down in every single area, yet prices have fallen in every market (on average almost 5%) but Blacksburg (which has gone UP 5%).  Safe to say the market here has shifted to the south side of stable during the first quarter of 2008.  Nevertheless, homes are still selling.  I had this conversation with another agent and her client at a closing we had this morning - if the home is priced well, shows well, and is exposed to the market, we WILL get it sold.  

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