RoanokeReal state Team
Real Estate Market Report for Roanoke Virginia September 2011 Walter Grewe III Realtor, Licensed in Virginia Long & Foster Realtors 3906 Electric Rd SW Roanoke VA 24018 Phone: 540 537 9281 Fax: 540 989 7076 E-mail: WaltSellsHomes@hotmail.com
September showed 2067 homes in The City of Roanoke and Roanoke County actively listed for sale of these homes 331 (16%) were new to the market in September, 167 (8%) were placed under contract and 131 (6%) homes were recorded as closed.
The Absorption rate eased again in September down again from the high in July of a little over 13 months. September showed a 12 month absorption rate which is double the neutral market absorption rate of 6 months.
* September showed a continuing disparity in the listed price of a home compared to the sold price of a home. The first line in the chart shows residential sale, the second line in the chart shows multi-family sales for the period of 9/1/11—9/30/11. The residential percentage of sales price to listed price is 70%, the multi–family percentage of sales price to list price is 78%. *The third line is a subtotal that is not used in this depiction.
Information is deemed to be reliable, but is not guaranteed. Š 2011 MLS and FBS. Prepared by WALTER GREWE on Friday, October 07, 2011 3:46 PM
The real estate market in The City of Roanoke and Roanoke County is currently in a “buyers� market. Foreclosures and Government owned homes continue to have a negative effect on pricing. People who are considering selling their home in this market need to be very wary of the price because over priced homes will not be shown and you then face the daunting task of chasing the pricing. Buyers are extremely fortunate at this time due to the continued role of the Government in creating artificially depressed interest rates and the opportunity created by the availability of foreclosed and government owned homes being sold at below market pricing. For a confidential discussion of your unique real estate situation feel free to call or email me. Walter Grewe III Long & Foster Realtors 3906 Electric Rd SW Roanoke VA 24018 Phone: 540 537 9281 Fax: 540 989 7076 E-mail: WaltSellsHomes@hotmail.com