Current Market Statistics for Rockbridge County VA

I hope all are enjoying the beautiful fall weather! It has been an outstanding month for fall color. Usually fall color brings out many buyers & “leaf peepers” unfortunately, this year has been unusually quiet. I’m sure you’ve been following the national & international real estate & general economy so this is not news to you. Even the number of “leaf peepers” is way down. The past 2 weekends I have been on the Blue Ridge Parkway and there has been very little traffic. In years past it has been bumper to bumper with folks out for fall foliage.

I’ve recently advised several of my clients with homes that they wanted to sell but were not in financial difficulty to take them off the market until things settle down.  This is for several reasons but mainly to keep the days on market lower when things to pick back up.

Below are some of the current statistical reports for the year for Residential & Farms in Rockbridge County VA. These reports do not include the cities of Lexington & Buena Vista BUT do include the villages in the county.

Total Active:  8% increase

2007: 517
2008: 557

Days on Market: 17% decrease (note: not sure about accuracy of this number – many homes are on 2^nd or 3^rd listing before they are sold)

2007: 303
2008: 250

Number Sold:  19% decrease

2007: 124
2008: 101

Sold Volume: 23% decrease

2007: $37,545,584
2008: $28,926,603

Average Sale Price:  5% decrease

2007: $302,786
2008: $289,402

Rate of Sale or Absorption Rate