Housing inventory is up, according to the Roanoke Valley Association of REALTORS. Compared to March '08, with 1246 new listings, 6437 active listings, and 461 sold listings with an inventory of 13.96 months, March '09 has 1068 new, 6939 active, 298 sold, and an inventory of 23.29 months.
Although inventory is up, the difference between listing and sold price has changed only 1.8%. In March '08 the average list price for homes was $200,218 and the average sold price was $190,705 with a difference of 95.2%. March '09 shows the average list price for homes is now $180,524 and average sold price is $168,691 with a difference of 93.4%. These numbers may be interpreted as a reflection of falling home prices, or owners of higher priced homes may be more hesitant to place their homes on the market, thus driving the average list price down. I am inclined to go with the former view, as prices on higher priced homes are also falling.
This combination of high inventory, lower prices, and historic interest rates makes now the best time ever to either purchase that first home, or purchase a home that would have been unaffordable years ago. Let's get started! Call me at 588-5940 or email me at vera@gwynharmon.com.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment