On today’s NRVLiving Real Estate Show, I mentioned that I was going to post a recap of the real estate market comparing 2007 to 2006. Now, that’s a great idea if I do say so myself, but then I mentioned that I was going to post it later today. And THEN I mentioned that I thought 2007 would prove to be better than 2006.
The problem was, I had things to do today, and NONE of them involved an analysis of the real estate market over a twenty-four month period. But I got SO excited about the analysis that I decided to also include a comparison of 2005, as well – it’s probably best to use three years as the testing period. For the purposes of our comparison, we’ll simply be looking at how the market of 2005 compared to 2006, and how that market compared to 2007, and focus SOLELY on residential real estate. Real estate is local – it’s not national, and it’s not regional. It’s local. News reports would have us believe that real estate is the worst thing to invest money in right now, and while it’s certainly an investment that needs to be approached with due diligence, I hope we’ll find it to be a sound choice for the New River Valley.
What’s the synopsis? Well, my hunch was correct, the market in the New River Valley has continued to get stronger over the last three years. While the average # of closings a month has gone down since 2005, the average list price and – more importantly – the average sale price has gone UP in the same time period. An average of 6% between 2005 and 2007!
Does this surprise you, or about what you expected??
JEFF – Beep beep.
BOB – thanks. How does Mt. Airy stack up? I imagine, giving your proximity to NOVA, that you might have seen a downtick … is that right? But I’d be willing to bet that if we polled practitioners around the country, in communities OTHER THAN large metropolitan areas, that overall we’d see positive markets. Just a hunch.
JEFF – Beep beep.
BOB – thanks. How does Mt. Airy stack up? I imagine, giving your proximity to NOVA, that you might have seen a downtick … is that right? But I’d be willing to bet that if we polled practitioners around the country, in communities OTHER THAN large metropolitan areas, that overall we’d see positive markets. Just a hunch.
That is some powerful stats! That is something a local newspaper should see.
Everyone but the news media knows that Real estate is local…they have everyone believing it’s not. Nice job.
That is some powerful stats! That is something a local newspaper should see.
Everyone but the news media knows that Real estate is local…they have everyone believing it’s not. Nice job.
Jeremy — Please shush! How the heck can I stay under the radar with your beeping loudly behind me? 🙂
Let the media have their way until July 4th, OK? Thanks.
Jeremy — Please shush! How the heck can I stay under the radar with your beeping loudly behind me? 🙂
Let the media have their way until July 4th, OK? Thanks.