Jeremy Hart

The State Of The New River Valley VA Real Estate Market - April 2008

05-08-08

Continuing the theme from last month, movement in individual segments of the market but really no change in the market overall - despite MAJOR slowdowns in Dublin and Radford. March moved 133 properties to closing, while April increased that number to 141 properties that closed, yet overall the market stayed almost dead even with the previous month - 11.61 months of inventory, very much a buyer's market right now. The numbers bear out what we are feeling on the street right now ... increases in market time has led to numbers of homes for sale increasing, with very little improvement overall across the entire sector. Something to keep an eye on. Again, we're looking at how long it would take to sell the existing residential inventory in a particular area, if nothing else came on the market until supply was exhausted. Anything over 5 months is typically a buyers' market, and anything less than 5 months is typically a seller's market.

Area	Active	Sold	Absorption Rate	Buyer/Seller Market
Blacksburg	247	26	9.5 Months	Buyer
Christiansburg	314	40	7.85 Months	Buyer
Montgomery County	79	8	9.8 Months	Buyer
Floyd County	86	10	8.6 Months	Buyer
Giles County	56	11	5.09 Months	Balanced
Pulaski	114	15	7.6 Months	Buyer
Dublin	120	7	17.14 Months	Buyer
Radford	109	4	27.25 Months	Buyer

This month, I wanted to dig into the story a little bit more and see how the market was doing versus last year at this time, so I've compared home sales and average sales prices in April 2007 and April 2008, as well as home sales and average sales prices YTD in 2007 and 2008. The results were surprising ...

	Apr 08 Sales	April 07 Sales	Change	2008 YTD	2007 YTD	Change
Home Sales	141	176	- 20%	514	560	- 8%
Average Sales Price	$193042	$187450	+ 3%	$185215	$188664	- 2%

While interest rates are still very low, values in the New River Valley have fallen slightly since last year at this time, while they ROSE in April. I was expecting that they would have risen by 2% or so for the year, not fallen by 2%. Still, I'm confident that there's not a slippery slope in the market here, although I'm no economist by any means.

This doesn't mean that there's a bubble waiting to burst here in the New River Valley. I think the larger picture here is that the New River Valley is seeing those pockets - Blacksburg condos, Christiansburg townhomes, for instance - starting to adjust to normal levels. Once the market has balanced out, we'll see positive growth again ... and I think we'll see that sooner than later!

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Jeremy Hart
Coldwell Banker Townside

Jeremy Hart: Real Estate Agent in Blacksburg, VA

Office: (540) 998-4731

Mobile: (540) 998-4731

About Us:

Hi, thanks for finding me on Active Rain! My name is Jeremy Hart, I'm a licensed REALTOR(R) in Blacksburg VA and the founding member of the NRVLiving Real Estate Group. My focus is primarily on residential and investment properties in the Blacksburg, Christiansburg and Radford markets, and with more than 8 years in the area it goes without saying that I know our market. In fact, we were Coldwell Banker's #1 producing team in the state of VA (3Q 2008)! Our goal throughout the real estate transaction is to provide as much expertise as we can to counsel you through the process. The real estate process can certainly be exciting, full of twists and turns, and I believe the process has been streamlined as much as possible for you in order that you can make the best decisions with the information at hand. I love the fact that the internet has provided an opportunity for consumers to be so enpowered and educated; research shows that as many as 90% of home buyers and sellers start on the web, and with literally millions of real estate websites the scale of it all can often become too much. Realizing that so much information at our fingertips can also at times be overwhelming, the NRVLiving Real Estate Group's goal is to compile that in a logical format for you, intersperse it with our own expertise in the area, and format it in a way that will get you to the closing table with your goals in mind. We call it "Real Estate. Simplified." If you're a buyer at the end of the day and you've saved money, or a seller and you've seen your value - and bottom line - increase, I couldn't be happier.

With technology in mind, several different portals have been created for you to search and browse and find out more about me, as well as the NRVLiving Real Estate Group. Feel free to use the website, as well as Active Rain, to search for homes throughout the New River Valley, and keep up with local market trends and information on the NRVLiving Real Estate Blog. Watch our videos on NRVLiving TV, or hook up with me on Twitter or Facebook. Our market is very different than many areas of the country, for a myriad of reasons, and we hope the tools here wil help you drill down to the core of what's happening here in Blacksburg, Christiansburg and Radford.

Personally, I'm a transplant to the area and couldn't be happier. My wife is a Hokie, currently working at Virginia Tech and completing her third - yes, THIRD - degree there with a PhD in the College of Architecture and Urban Studies. We love this area, and enjoy hiking the Appalachian Trail, attending all kinds of events at the university, including art exhibits, music recitals and Hokie athletics. There's so much to do here, and you really do get the best of small town living combined with internationally renowned artists, musicians, and cultural activities. I love to play volleyball, and have in the past few years discovered that snowboarding is another aspect of adventure that I can't seem to get enough of.

The NRVLiving Real Estate Group has served hundreds of clients since 2004, and I'm excited about the possibilities for the New River Valley in the future! It's an industry I love, in a place I adore. Welcome to the NRVLiving Real Estate Group - Real Estate. Simplified., and I'd love to meet you one day!

Areas of Expertise

Use this section to write about your specific areas of expertise. Do you specialize in first time buyers - listing high end homes - etc. Are there specific market area's that you specialize in? The more you write about your area's of expertise the more knowledgeable you'll sound to a potential buyer or seller.

Testimonials

Jonathan Anderson
"Jeremy and his team at NRV Living were nothing less than a Godsend for my wife and I as we moved into the Blacksburg area. With a challenging market, our own particular needs in a home, and constraints due to work and school, we could not have been more pleased with the service we received, with the purchase we made, and with our new home in the New River Valley. The folks at NRV Living worked with diligence, patience, honesty, and precision throughout our process, and moving to southwest Virginia was a pleasure. We recommend Jeremy's team to anyone, and with great enthusiasm"

Angela Keen
"“Jeremy Hart was a real pleasure to work with when I bought my home. Even during the height of the summer real estate season, Jeremy was very quick to return my calls and meet me to look at homes. After the sale, he followed up to make sure everything was OK and helped by offering referrals to qualified contractors when I needed them. You can be sure, when the time comes to sell my home, I’ll be calling Jeremy!”"

Cliff Walker and Ellen Jones-Walker
""We had four real estate transactions that were handled through your office as a 1031 exchange, and we worked with Jeremy Hart on all four. We have worked with many Realtors over the last 25 years and Jeremy is without a doubt right at the top. He stayed in close communication with us throughout the entire process, keeping us informed as to how all four transactions were progressing. His professional yet personable manner combined with a strong knowledge base make him an exceptionally effective Realtors. We expect to sell and purchase additional properties in the future, and we intend to take our business to Coldwell Banker Townside and Jeremy Hart.""

Nick Lapointe
"Jeremy was recommended to me through the Off-Campus Housing office at Virginia Tech. He was very helpful both before and after I'd arrived in Blacksburg, and was a pleasure to work with. He determined my needs, and offered guidance without ever pushing me towards any specific decision. As a first-time homebuyer, I was at times a little wary. My uncle is a REALTOR near Ottawa, Ontario and I sometimes went to him for a second opinion and he quickly praised the work that Jeremy was doing.

My overall impression of Jeremy was excellent, and I very much appreciate his help and advice throughout the process. I feel that he went above and beyond to help me out, and we have become friends in the process. I would be happy to recommend him to others in the future."

Janet Kunz
"I was referred to Jeremy when I moved to VA from MT in 2004. I was given the names of two individuals from different agencies and they were as different as night and day ... Jeremy was courteous, set aside half of his day for me and took me around Blacksburg and pointed out areas he thought would suit my needs. When the time came to begin looking for a house I contacted Jeremy. Given the small amount of information I gave him to go on he continued to find listings for me; he was always professional, never lost patience, and continually refined the search until we were successful in finding a townhouse. His expertise and professionalism made the entire experience easy, all I had to do was show up with the money. This is the first home I have owned, and have had friends tell me what a harrowing experience it is to buy a home. These people did not have an agent of Jeremy's caliber working for them."

Deron Casto
"Jeremy Hart was referred to me through USAA's Mover's Advantage Program. My family and I were living in Hawaii and moving to VA ... from his initial contact through closing, Jeremy went above and beyond. I would highly recommend his services to anyone, and I plan to do business with Jeremy again."

David, Dee and Colin Tickner
"From the beginning, Jeremy was extremely professional, providing gentle suggestions about what could make our home more marketable. He was diligent about doing the background work, confident in his ability to sell our home and did not disappoint - it was sold in ten days! While his professional qualities are outstaniding, his personality stands out even more. The only negatives are that we'll have difficulty ever finding another Realtor to match his service, and we would have loved to get to know him better!"

Mr. Tom Hyman, Jr.
"A close friend of mine, who is a commercial builder here in Richmond, referred me to Jeremy. He was very professional and went out of his way to provide numerous updates, complete with photographs. We have enjoyed working with Jeremy and, in fact, have referred several friends to him for their real estate needs in Blacksburg."

Kurt Hoffman
"What I like best about Jeremy is that he was informing me about the market in Blacksburg. At no time did I feel rushed or pushed; I had very specific ideas about what I needed, and Jeremy listened and found me something that worked. I am very pleased with my home."

Brian and Amanda Huprich
"You did a great job helping us with our first home. We were impressed with how you managed to simplify everything to a level we could understand. What I most appreciated was your ability to quickly decipher what we were looking for in a home and steer us towards properties that best fit. Finally, your timely responses were extremely appreciated; we look forward to working with you in the future! "

Jon and Angela Anderson
"Buying a first home together can be a stressful undertaking, particularly when buying from out of state, but Jeremy was so patient with us while we discovered along the way what we liked and didn't like. He conveys a confident optimism which sustained us through few housing options, and when we finally found our home, he made the experience straightforward by letting us know along the way all the steps that needed to be taken. When there were bumps in the road, he stepped up and demonstrated those traits which make him an excellent agent - and person. Our lender created some last-minute chaos, and Jeremy worked overtime with grace dealing with both the lender and the sellers, and he consistently held the broker accountable.

We do not have enough words to express how thankful we are to Jeremy. We would recommend him to anyone buying in the New River Valley, and we look forward to using Jeremy again. He has become more than an agent to us, he has become a friend."

Henry and Lois Carroll
"We worked with Jeremy when relocating from Charlotte, NC, and we felt Jeremy thoughtfully considered our priorities were and what we were looking for. With what turned out to be a very small market for houses in the price range we were looking for, he proactively found listings that fit our needs and worked to provide as many options as possible. He helped us research schools, new driver's requirements for the teenagers, sports teams, and shopping options. He made the entire relocation as stress-free as possible, and it mattered to him that our family settled into the community quickly and comfortably."

Rhon and Cathy Keinigs
"Jeremy indulged our numerous requests for information about listings which we'd dug up on the internet, and checked out many properties for us between our visits to the area from Santa Fe, NM. He had a good feeling for who we are and what we wanted in a property. He was an excellent liaison between us, the lender and the attorneys, and we just plain like him!"

Rufus Flinchum
"I had fired four real estate agents here in FL, but what a pleasure it was to sell my home in VA with Jeremy. He was there every time I needed him, he went to my home every time the buyers requested another test, and he held our hands through the entire contract. It all came down exactly as he predicted, and we really appreciate the job that he did for us."

Chris and Hope Purgason
"We want you to know what a pleasure it has been working with Jeremy Hart. He is by far the best agent we have worked with while trying to purchase a home. He worked hard to make our transition to the NRV as painless as possible - and it has been! Jeremy's note: this means a lot to me, giving that this was their 9th move in 11 years!"

Willis Blackwood
"As a commercial real estate professional myself, I have to say that Jeremy is one of the best residential sales associates I have ever encountered. He was very thorough, thoughtful and he followed through on details. I have the utmost respect for his abilities, and I have continued to refer others to him as well."

Eddy and Michelle Llaneras
"We would like to express our appreciation to Jeremy Hart in helping us purchase our home. While living out of town and trying to purchase a home in the Blacksburg area, we found Jeremy to be very accommodating. He sometimes had very little notice of our arrival, but we never felt rushed or as if we were being squeezed into his schedule. We feel he went above and beyond, and we would recommend him to anyone."