July Market Report
Good new or bad news first? Good news is the market in the Lexington - BuenaVista - Rockbridge area has not changed much.
The bad news but it has not really improved either.
Inventory and Months of Inventory Report at current rate of sale for Residential in Lexington - Buena Vista - Rockbridge
Inventory and Months of Inventory Report at current rate of sale for Land in Lexington - Buena Vista - Rockbridge
One of the interesting things to note in both of the above charts is the sales are remaining relatively flat
and the new listings are continuing to increase. This is causing a wide gap between the amount of properties
for sales & those sold. In other words - there is a lot to chose from.
Sellers this means you must price your property competitively & make your property sparkle to out shine your competition.
Buyers this means now is a great time to buy!
The two charts below are ones that I have not published in the Monthly Market Report before.
Sales Statistics by Area Land & Residential for July 2008
Sales Statistics by Area Land & Residential for July 2007
A few points I find to be of nterest from the Sales by Area Charts:
The DOM numbers are not dramaticaly different July 2008 vs July 2007.
Land sales were showing the affect of the market bubble prior to 2008 and are continuing that trend - way too much inventory in land.
The number of Residential sales droped 23% compared to July 2007 with the dollar volume dropping 45% over July 2007.
To wrap up this monthes report - remember this is only a broad snapshot of 1 month of the year. Many variables are involved in establishing
market trends & specific trends as they relate to your property. For a more detailed look please contact me candy@candylynn.com .
For a look at Virginia's 1st half 2008 Market Report please visit:
http://www.varealtor.com/Research/VirginiaHomeSales/tabid/228/Default.aspx for a podcast of the press release.