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Roanoke Housing Market Sees Increased Sales, Tightening Inventory

The greater Roanoke real estate market has continued to experience some stabilizing trends compared to November of last year, according to The Long & Foster Market Minute reports, including increases in sales versus year-ago levels in many areas. Inventory also decreased across the region, which includes Bedford, Botetourt, Franklin, and Roanoke counties, as well as the city of Roanoke.

The Long & Foster Market Minute reports are compiled from data from all residential real estate transactions within specific geographic regions.

The number of homes sold in November increased in several areas of Roanoke compared to November 2010. The number of units sold in Botetourt County increased by 43 percent from the prior year. The number of units sold in Roanoke City and Franklin County increased in November.

In November, active inventory was down throughout the area versus year-ago levels, with Botetourt County and Roanoke City tightening significantly by 29 percent and 23 percent, respectively. Other counties in the region saw decreases ranging from 10 percent to 17 percent.

According to this November’s data, median sale price decreased for many areas in the greater Roanoke region in November as compared to the same month last year.  Sales prices in Bedford County increased 6 percent compared to one year ago.

The average number of days a house remained on the market before going under contract varied throughout the region, with days on market (DOM) indicating that many homes are selling in approximately four months, on average. According to the data, DOM in November was 110 days in Roanoke County, 107 days in Roanoke City, and 102 days in Bedford County. DOM was higher in Franklin and Botetourt counties at 174 days and 146 days, respectively.

“As we round out what has been a challenging year for real estate, it’s more important than ever for consumers to have as much information as possible to support their buying and selling decisions,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster Companies. “Because every real estate market is different, national housing data may not support local buyers and sellers as they look to make well-informed decisions pertaining to their homeownership goals. For example, we are continuing to see some very positive trends in the greater Roanoke region, including increased sales and tightening inventory throughout much of the region.  For consumers, these dynamics could signal an ideal opportunity to buy or sell real estate.”

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