The first half of the year is behind us, and we're officially on the backside of 2008.� There were some surprising conclusions that came out of the market in the first half of the year, namely that the time it took to sell a home was less, yet prices were stable or falling in most areas except for Blacksburg.� Despite that, June's absorption rate showed balanced markets in Dublin and Christiansburg, with a SELLER'S market in Blacksburg.
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 | 219 |
52 | 4.21 Months | Seller |
| Christiansburg | 257 | 41 |
6.27 Months | Buyer |
| Montgomery County | 73 |
6 |
12.71 Months | Buyer |
| Floyd County | 117 | 5 | 23.40 Months | Buyer |
| Giles County | 59 | 7 | 8.43 Months | Buyer |
| Pulaski | 103 | 8 | 12.88 Months | Buyer |
| Dublin | 117 | 13 |
9.00 Months | Buyer |
| Radford | 95 |
18 | 5.28 Months | Balanced - Buyer |
Sort of standard fare for July, the same thing we've seen for much of the year.� While there have been major fluctuations within various areas (Floyd County was 12 months of inventory in June, 23 in July), the overall average has been pretty consistent.� That's a good sign.� Why?� The market's not overreacting, one way or another to news.� It'll be interesting in the remainder of the year to see how HR 3221 moves the markets, but for now the trend has been slow and steady.� And in Blacksburg, even included a little appreciation, which is a good thing!
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