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New River Valley

                     Q1 2012




NestRealty.com
                      1 of 9
Still Some Work To Do.


As news starts to trickle out from other parts of the country that some local real estate markets are shifting from Buyer’s
Markets to Seller’s Markets, there’s definitely reason for some excitement. After dealing with extremely difficult market
conditions over the last several years, you can’t blame anyone for waiting in anticipation that our local real estate market
has finally turned. Unfortunately, the New River Valley isn’t quite there, yet.


That being said, there are some positive signs starting to trickle out of the core New River Valley sub-market (Blacksburg)
and the overall NRV region. Q1 2012 sales for the overall New River Valley were at their highest point since 2007. And
while median prices for single family homes were down slightly (about 4%), single family inventory levels fell from 1924 to
1792 homes for sale. This represents a decrease of 6.9%. In addition, total Months of Inventory for single family homes on
the market was also reduced by 12.1%.


Attached home sales for the overall NRV didn’t bode quite as well, but didn’t perform poorly either. While sales were off
slightly from Q1 2011, inventory levels were also down significantly. Total inventory fell 33.5% and Months of Inventory
dropped 31%. That large reduction in year-over-year inventory is a great sign.


Real estate recoveries start at the core of markets and New River Valley’s core is Blacksburg. Blacksburg’s numbers in Q1
were steady. Sales were down ever-so-slightly, but were in line with the past several Q1s. There’s something to be said for
consistency. Other indicators of the Blacksburg real estate market were good. Median prices for single family and
condominiums were up (attached median prices were off slightly). Single family home sales in Blacksburg were flat, but
condominiums seem to be geared for a comeback.


The real recovery in the New River Valley will happen, but we’re not quite there yet. The biggest roadblock to any real
estate market recovery is inventory levels (supply). Until inventory and months of inventory reach lower levels in the
marketplace, the market truly can’t bounce back. There was a drop in total inventory and months of inventory in just about
every category throughout the New River Valley in Q1. That is definitely a step in the right direction.


We also keep a close eye on contracts written and pending sales. These are great indicators for the upcoming months and
are the best way to forecast the future of the market. Looking at the Blacksburg core market, contracts written were up in
Q1 - once again, a good sign.


Numbers aside, we’re hearing stories from our team and other local real estate professionals that make us feel as though
we are starting to turn a corner. Q1 2012 saw the return of multiple offers, realistic sellers, and an increase in investor
activity. It can easily be argued that these stories from the ‘trenches’ are even more valuable than raw numbers in
determining the future of the market.


Overall, the expected job growth, construction starts, and the continued impact that Virginia Tech and the Research Park
have on the New River Valley will ultimately lead to more sales activity. However, don’t expect the New River Valley real
estate market to turn around overnight. Considering the high inventory levels in many of the market sub-categories, this
will be a slow recovery.


NestRealty.com
                                                                                                        2 of 9
New River Valley MSA Market Snapshot

While the overall five year trend for the MSA trends downward, year-over-year sales are on the rise. Total Q1 sales for the New River Valley
totaled the highest Q1 levels since 2007. This marks the third straight quarter where year-over-year sales have been up. Single family home sales
jumped from 214 in Q1 2011 to 227 in Q1 2012 - a 6.1% increase. This comes off a 4.4% increase from Q1 2010 to Q1 2011. Attached home
sales, however, were off 3.6% (from 28 to 27).



Five Year Trend of Sales Activity (Number of Sales)                                                                                                                                  5 YEAR TREND

800




600




400




200




       0
                 Q2 ’07   Q3 ’07   Q4 ’07   Q1 ’08   Q2 ’08   Q3 ’08   Q4 ’08   Q1 ’09   Q2 ’09   Q3 ’09   Q4 ’09   Q1 ’10   Q2 ’10    Q3 ’10   Q4 ’10   Q1 ’11   Q2 ’11   Q3 ’11    Q4 ’11   Q1 ’12


Median prices in Q1 were down for both the single family and attached categories. Single family home median prices in the MSA were down 4.9%,
while attached median prices were off 9.4% from Q1 2011. The total volume of real estate transactions in the New River Valley was up in Q1:
single family home total sales volume increased 7.1%, which represents an increase of over $2,500,000 from Q1 2011. Attached home sales
volume fell from approximately $4.7m to $4.3m (down 8.2%). Inventory levels remain high, however. There are some positive signs with both
total inventory and Months of Inventory numbers coming down significantly from last Q1. Months of Inventory for single family homes across the
NRV fell 12.2%, while attached fell 31%. These lower inventory levels must continue to come down for a recovery to take place.

MSA (Entire New River Valley MSA)

                                                      Total Sold                 Average                Median                    Total                    Total                    Months of
                                                       Volume                   Sale Price             Sale Price                 Sales                  Inventory                  Inventory
 Single Family




                            Q1 2012                  $38,572,456                $169,923               $141,000                       227                   1792                     23.68

                             Change                      7.1%                     0.9%                     -4.9%                  6.1%                     -6.9%                     -12.2%

                            Q1 2011                  $36,030,843                $168,368               $148,250                       214                   1924                     26.97

                             Change                      7.6%                     3.1%                     6.7%                   4.4%                      1.2%                     -3.0%

                            Q1 2010                  $33,487,901                $163,356               $139,000                       205                   1901                     27.82



                                                      Average                    Average                Median                    Total                    Total                    Months of
                                                      List Price                Sale Price             Sale Price                 Sales                  Inventory                  Inventory
                            Q1 2012                  $4,332,350                 $160,457               $151,500                       27                    133                      14.78
 Attached




                             Change                     -8.2%                    -4.8%                     -9.4%                  -3.6%                    -33.5%                    -31.0%
                            Q1 2011                  $4,717,210                 $168,472               $167,250                       28                    200                      21.43
                             Change                     17.6%                     5.0%                     11.9%                  12.0%                    -24.2%                    -32.4%
                            Q1 2010                  $4,010,200                 $160,408               $149,500                       25                    264                      31.68




NestRealty.com
                                                                                                                                                                         3 of 9
Blacksburg (In Town Limits) Market Snapshot

Overall, the Blacksburg real estate market is showing some healthy signs. Q1 2012 sales were down slightly over Q1 2011: from 50 to 46.
However, the 46 total sales represents a significant increase over Q1 levels in both 2010 and 2009. Single family year-over-year home sales were
flat, condo sales were up (from 6 to 10) and attached sales were down fairly significantly (from 16 to 8). Total sales volume for both single family
and condos were up, while attached home sales volume dropped over 55%. Median prices for attached (-1.2%) and single family (+2.6%) stayed
relatively flat. However, median prices for Blacksburg condos increased 19.8%.


Five Year Trend of Sales Activity (Total Number of Sales)                                                                                                                                         5 YEAR TREND


175


150


125


100


     75


     50


     25


         0
                 Q2 ’07   Q3 ’07   Q4 ’07   Q1 ’08   Q2 ’08    Q3 ’08    Q4 ’08   Q1 ’09    Q2 ’09   Q3 ’09     Q4 ’09       Q1 ’10   Q2 ’10   Q3 ’10   Q4 ’10     Q1 ’11     Q2 ’11    Q3 ’11   Q4 ’11    Q1 ’12


Contracts Written in Q1 - typically an indicator of future sales - were up up for single family homes (+43.2%) and condominiums (+209.1%).
However, contracts written for attached homes were off 42.9% from Q1 2011. Clearly, condominiums in Blacksburg are starting to make a
comeback. Even though condo sales and median prices are up, the most significant number is the contracts written: up from 11 in Q1 2011 to 34
in Q1 2012. Expect Blacksburg condo sales to continue on an upward trend in Q2.



                                       Total          Average            Median             Total                                              Total              Average          Median             Total
                                   Sales Volume      Sale Price         Sale Price         Sales #                                         Sales Volume          Sale Price       Sale Price         Sales #

                    Q1 2012         7,602,600        271,521            237,475              28                              Q1 2012           1,298,500         162,312           165,250                8
 Single Family




                                                                                                              Attached




                     Change           32.5%            13.6%              2.6%             16.7%                              Change            21.3%             -9.0%                -1.2%          33.3%

                    Q4 2011         5,737,630        239,068            231,365              24                              Q4 2011           1,070,150         178,358           167,325                6

                    Q1 2012         7,602,600        271,521            237,475              28                              Q1 2012           1,298,500         162,312           165,250                8

                     Change            4.9%             4.9%              2.7%              0.0%                              Change            -55.3%            -10.6%               -4.5%         -50.0%

                    Q1 2011         7,245,260        258,759            231,280              28                              Q1 2011           2,904,660         181,541           173,000                16




                                       Total          Average            Median             Total             Contracts Written
                                   Sales Volume      Sale Price         Sale Price         Sales #
                    Q1 2012         1,346,900        134,690            122,500              10                                                Q1 2011                Q1 2012                    Change

                     Change           204.7%           21.9%             19.8%             150.0%
 Condos




                                                                                                                  Single Family                  37                         53                   43.2%
                    Q4 2011          442,000         110,500            102,250              4

                    Q1 2012         1,346,900        134,690            122,500              10                          Attached                28                         16                   -42.9%

                     Change           111.0%           26.6%             12.4%             66.7%                         Condos                  11                         34                   209.1%
                    Q1 2011          638,200         106,367            109,000              6




NestRealty.com
                                                                                                                                                                                     4 of 9
Blacksburg (In Town Limits) Market Snapshot (Part 2)



                                                 Blacksburg (In Town Limits) Sales by Type




                                                                    22%




                                                              17%                             61%




                                                              Single Family     Attached      Condos




Single family homes continue to make up the largest percentage of sales within Blacksburg Town Limits. Approximately 6 out of every 10 sales is
a single family home. Once again, the biggest change is the increase in the condominium market. Condos made up 22% of total sales in
Blacksburg, as compared to 17% for attached homes. Based on the contracts written in Q1, we anticipate that this gap will continue in the near
future. Buyers are clearly seeing values in the condo market and as financing for condominiums continues to loosen (albeit only slightly), the
lower price points of Blacksburg condos are proving to be attractive.




                                                       Blacksburg In Town Limits Percent of Sales by Price Range


Q1 ’12        7%                                 46%                                                        28%                           17%        2%



Q4 ’11 0% 6%                               41%                                                                    44%                           9%



Q3 ’11         7%                    33%                                                      34%                                   22%              4%



Q2 ’11    3%                  31%                                                       39%                                         26%               2%


         0%                            25%                                        50%                                       75%                       100%


                                     0-100K              100K-200K            200K-300K         300k-500k               Over 500K




Home sale price distribution gives a good indication on several market trends, including where the buyer demand lies. Over the last four quarters,
the $100k-$200k Blacksburg sub-market has seen steady growth - increasing from 31% in Q2 2011 to 46% in Q1 2012. That represents a
significant increase of over 50%. The below $100k market has also seen a fairly large increase. Subsequently, other price categories have
dropped. The relative percentage of home sales above $200,000 has dropped. $200k-$300k has fallen from almost 40% of the market to 28%,
while the $300k-$500k range has decreased from 26% to 17%.


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                                                                                                                                 5 of 9
Christiansburg (In Town Limits) Market Snapshot

The Christiansburg real estate market lagged slightly in Q1 2012. Total sales in Q1 were down ever-so-slightly: from 47 to 45. However, this
marked the fourth straight decline in Q1 sales within Christiansburg. Single family home sales in Christiansburg dropped from 37 to 34 (-8.1%)
and condo sales were flat. Unlike Blacksburg, which saw a fairly significant decrease in Q1 attached home sales, attached home sales in
Christiansburg held relatively steady (8 sales in Q1 2011 vs. 9 sales in Q1 2012).



Five Year Trend of Sales Activity (Total Number of Sales)                                                                                                                                      5 YEAR TREND


175


150


125


100


     75


     50


     25


         0
                 Q2 ’07   Q3 ’07   Q4 ’07   Q1 ’08   Q2 ’08    Q3 ’08    Q4 ’08   Q1 ’09    Q2 ’09   Q3 ’09     Q4 ’09      Q1 ’10   Q2 ’10    Q3 ’10   Q4 ’10    Q1 ’11   Q2 ’11    Q3 ’11    Q4 ’11   Q1 ’12

Median prices were off across the board in Christiansburg: single family (-5.3%), attached (-5.3%), and condos (-35.7%) each showed declines.
Total sales volume for single family and condominiums in Christiansburg fell slightly. However, attached total volume showed a 12.8% increase.
More surprising than a year-over-year drop in sales and volume, Christiansburg Q1 2012 sales were also lower than Q4 2011 sales. Single family
homes were down 15% from Q4 and attached sales were 35.7% lower.



                                       Total          Average            Median             Total                                                 Total           Average          Median            Total
                                   Sales Volume      Sale Price         Sale Price         Sales #                                            Sales Volume       Sale Price       Sale Price        Sales #

                    Q1 2012         6,099,900        179,409            162,000              34                              Q1 2012           1,222,350         135,817            125,500             9
 Single Family




                                                                                                              Attached




                     Change           -13.1%            2.2%             -6.6%             -15.0%                             Change            -36.9%            -1.8%              -9.5%          -35.7%

                    Q4 2011         7,022,450        175,561            173,500              40                              Q4 2011           1,936,553         138,325            138,750             14

                    Q1 2012         6,099,900        179,409            162,000              34                              Q1 2012           1,222,350         135,817            125,500             9

                     Change           -3.1%             5.4%             -5.3%             -8.1%                              Change             12.8%             0.2%              -5.3%          12.5%

                    Q1 2011         6,296,986        170,189            171,000              37                              Q1 2011           1,083,950         135,494            132,500             8




                                       Total          Average            Median             Total             Contracts Written
                                   Sales Volume      Sale Price         Sale Price         Sales #

                    Q1 2012          357,000         178,500            178,500              2                                                 Q1 2011                 Q1 2012                  Change
                     Change           55.2%           -22.4%             -22.4%            100.0%
 Condos




                                                                                                                     Single Family                 55                      46                   -16.36%
                    Q4 2011          230,000         230,000            230,000              1

                    Q1 2012          357,000         178,500            178,500              2                           Attached                  49                      32                   -34.69%

                     Change           -35.7%          -35.7%             -35.7%             0.0%
                                                                                                                         Condos                    0                          3                    NA
                    Q1 2011          555,316         277,658            277,658              2



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                                                                                                                                                                                   6 of 9
Christiansburg (In Town Limits) Market Snapshot (Part 2)



                                        Christiansburg (In Town Limits) Sales by Type


                                                                      4%

                                                        20%




                                                                                        76%




                                                     Single Family         Attached           Condos




The vast majority of home sales in Christiansburg continues to be single family homes. More than 3 out of every 4 sales are single family homes.
This percentage is representative of the overall market inventory in Christiansburg. Contracts written in Q1 were off fairly significantly in
Christiansburg also. While condo sales were up (from 0 last Q1 to 3 this past quarter), single family (-16.36%) and attached (-34.69%) contracts
written were down from Q1 2011.




                                                       Christiansburg (In Town Limits) Percent of Sales by Price Range



Q1 ’12 0%   7%                                                     71%                                                                      18%     4%




Q4 ’11 0%        13%                                                     64%                                                                20%      4%




Q3 ’11 0%        12%                                               59%                                                               22%           7%




Q2 ’11 0%   7%                                               66%                                                                           27%           1%


      0%                               25%                                          50%                                      75%                        100%

                                     0-100K         100K-200K               200K-300K                  300K-500K         Over 500k



Like Blacksburg, Christiansburg has seen the most growth over the past year in the $100k-$200k price category. Total market share for this price
segment increased from 66% in Q2 2011 to 71% in Q1 2012. Sub-$100k sales saw a spike in Q3 and Q4 2011, but have settled back to similar
levels in Q1 2012 that they were in Q2 2011. $200k-$300k sales have steadily decreased over the last 12 months. Interestingly enough, $300k-
$500k sales have not fallen off much. Over $500,000 sales in Christiansburg are virtually non-existent.




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                                                                                                                                   7 of 9
Montgomery County



                                                    Total                    Average                Median                  Total
                                                Sales Volume                Sale Price             Sale Price              Sales #

                      Q1 2012                    $6,934,950                 $203,969               $191,500                  34
  Overall




                       Change                      -19.0%                    -19.0%                 -11.5%                  0.0%

                      Q1 2011                    $8,559,597                 $251,752               $216,379                  34

                       Change                      50.7%                     -2.5%                  -11.3%                 54.5%

                      Q1 2010                    $5,679,317                 $258,150               $244,000                  22




After a 54% increase from 2010 to 2011, Montgomery County sales were flat in Q1 2012.            Pending Contracts

However, most other indicators in this New River Vally sub-market were negative. Total volume
(-19%), average sales price (-19%) and median sales price (-11.5%) were all down double digits     Q1 2011       Q1 2012           Change

from Q1 2011. Pending real estate sales contracts were relatively flat with the number
dropping from 21 to 20 this past quarter. Expect sales in Montgomery County to stay flat or            21            20            -4.8%
increase very slightly in Q2 2012.




Pulaski County


                                                    Total                    Average                Median                  Total
                                                Sales Volume                Sale Price             Sale Price              Sales #

                      Q1 2012                    $6,493,808                 $124,880               $111,500                  52
 Overall




                       Change                      56.9%                     -6.5%                  -4.6%                  67.7%

                      Q1 2011                    $4,138,975                 $133,515               $116,900                  31

                       Change                      17.6%                     25.2%                  11.9%                  -6.1%

                      Q1 2010                    $3,519,323                 $106,646               $104,500                  33




Pulaski has seen a nice increase in sales and activity as compared to previous Q1s. Q1 2012      Pending Contracts
total sales were up from 31 o 52 (an increase in over 67%). Total sales volume jumped an
almost equal amount with a 56.9% increase from Q1 2011. Average sales price(-6.5%) and             Q1 2011       Q1 2012          Change
median sales price (-4.6%) were down in Pulaski. However, we anticipate sales increases to
continue in the short term as pending contracts in Pulaski were up 61.9%.
                                                                                                       21            34            61.9%




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                                                                                                                      8 of 9
City of Radford

                                                                       Total                               Average                              Median                        Total
                                                                   Sales Volume                           Sale Price                           Sale Price                    Sales #

                              Q1 2012                               $1,921,400                            $128,093                            $110,900                         15
  Overall




                               Change                                  -22.7%                               -7.2%                                -4.4%                       -16.7%

                              Q1 2011                               $2,485,675                            $138,093                            $116,012                         18

                               Change                                   -2.0%                                3.4%                                -1.7%                       -5.3%

                              Q1 2010                               $2,536,450                            $133,497                            $118,000                         19




                                                                                                                                           Pending Contracts
The City of Radford struggled through a tough Q1 2012. Total sales were down again from 18
to 15, which represents a 16.7% drop in sales. This comes off the heels of a slight drop from
                                                                                                                                                Q1 2011            Q1 2012          Change
2010 to 2011. Total volume (-22.7%), average sales price (-7.2%) and median price (-4.4%) all
saw year-over-year declines in Radford. Along similar lines, pending contracts in Radford fell
also in Q1: from 13 to 9 (-30.8%). All signs are pointing to slower sales in Radford. However,                                                      13               9              -30.8%

with prices continuing to drop, buyers may see opportunity and start to purchase in Radford if
they see value.




Giles County


                                                                       Total                               Average                              Median                        Total
                                                                   Sales Volume                           Sale Price                           Sale Price                    Sales #

                              Q1 2012                               $2,810,887                            $122,212                            $107,000                         23
  Overall




                               Change                                   11.3%                               -8.1%                               -26.2%                       21.1%

                              Q1 2011                               $2,525,900                            $132,942                            $145,000                         19

                               Change                                   18.1%                               49.2%                                77.9%                       -20.8%

                              Q1 2010                               $2,138,950                             $89,122                             $81,500                         24




Giles County sales have held relatively steady over the past three Q1s. However, Q1 2012 saw                                               Pending Contracts
a 21.1% increase from 19 to 23 sales. While median price (-26.2%) and average price (-8.1%)
did drop, total sales volume increased thanks to the small pop in total sales. Pending contracts                                                Q1 2011            Q1 2012          Change
in Giles increased ever-so-slightly from Q1 2011. The jump from 12 to 14 contracts (+16.7%)
bodes well for Giles. Expect Giles numbers to hold relatively steady in Q2.
                                                                                                                                                    12               14              16.7%




*Some statistics in this report come courtesy of the New River Valley Area MLS as of 4/20/12. This report covers the entire New River Valley real estate market.


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The Nest Report Q1 2012

  • 1. New River Valley Q1 2012 NestRealty.com 1 of 9
  • 2. Still Some Work To Do. As news starts to trickle out from other parts of the country that some local real estate markets are shifting from Buyer’s Markets to Seller’s Markets, there’s definitely reason for some excitement. After dealing with extremely difficult market conditions over the last several years, you can’t blame anyone for waiting in anticipation that our local real estate market has finally turned. Unfortunately, the New River Valley isn’t quite there, yet. That being said, there are some positive signs starting to trickle out of the core New River Valley sub-market (Blacksburg) and the overall NRV region. Q1 2012 sales for the overall New River Valley were at their highest point since 2007. And while median prices for single family homes were down slightly (about 4%), single family inventory levels fell from 1924 to 1792 homes for sale. This represents a decrease of 6.9%. In addition, total Months of Inventory for single family homes on the market was also reduced by 12.1%. Attached home sales for the overall NRV didn’t bode quite as well, but didn’t perform poorly either. While sales were off slightly from Q1 2011, inventory levels were also down significantly. Total inventory fell 33.5% and Months of Inventory dropped 31%. That large reduction in year-over-year inventory is a great sign. Real estate recoveries start at the core of markets and New River Valley’s core is Blacksburg. Blacksburg’s numbers in Q1 were steady. Sales were down ever-so-slightly, but were in line with the past several Q1s. There’s something to be said for consistency. Other indicators of the Blacksburg real estate market were good. Median prices for single family and condominiums were up (attached median prices were off slightly). Single family home sales in Blacksburg were flat, but condominiums seem to be geared for a comeback. The real recovery in the New River Valley will happen, but we’re not quite there yet. The biggest roadblock to any real estate market recovery is inventory levels (supply). Until inventory and months of inventory reach lower levels in the marketplace, the market truly can’t bounce back. There was a drop in total inventory and months of inventory in just about every category throughout the New River Valley in Q1. That is definitely a step in the right direction. We also keep a close eye on contracts written and pending sales. These are great indicators for the upcoming months and are the best way to forecast the future of the market. Looking at the Blacksburg core market, contracts written were up in Q1 - once again, a good sign. Numbers aside, we’re hearing stories from our team and other local real estate professionals that make us feel as though we are starting to turn a corner. Q1 2012 saw the return of multiple offers, realistic sellers, and an increase in investor activity. It can easily be argued that these stories from the ‘trenches’ are even more valuable than raw numbers in determining the future of the market. Overall, the expected job growth, construction starts, and the continued impact that Virginia Tech and the Research Park have on the New River Valley will ultimately lead to more sales activity. However, don’t expect the New River Valley real estate market to turn around overnight. Considering the high inventory levels in many of the market sub-categories, this will be a slow recovery. NestRealty.com 2 of 9
  • 3. New River Valley MSA Market Snapshot While the overall five year trend for the MSA trends downward, year-over-year sales are on the rise. Total Q1 sales for the New River Valley totaled the highest Q1 levels since 2007. This marks the third straight quarter where year-over-year sales have been up. Single family home sales jumped from 214 in Q1 2011 to 227 in Q1 2012 - a 6.1% increase. This comes off a 4.4% increase from Q1 2010 to Q1 2011. Attached home sales, however, were off 3.6% (from 28 to 27). Five Year Trend of Sales Activity (Number of Sales) 5 YEAR TREND 800 600 400 200 0 Q2 ’07 Q3 ’07 Q4 ’07 Q1 ’08 Q2 ’08 Q3 ’08 Q4 ’08 Q1 ’09 Q2 ’09 Q3 ’09 Q4 ’09 Q1 ’10 Q2 ’10 Q3 ’10 Q4 ’10 Q1 ’11 Q2 ’11 Q3 ’11 Q4 ’11 Q1 ’12 Median prices in Q1 were down for both the single family and attached categories. Single family home median prices in the MSA were down 4.9%, while attached median prices were off 9.4% from Q1 2011. The total volume of real estate transactions in the New River Valley was up in Q1: single family home total sales volume increased 7.1%, which represents an increase of over $2,500,000 from Q1 2011. Attached home sales volume fell from approximately $4.7m to $4.3m (down 8.2%). Inventory levels remain high, however. There are some positive signs with both total inventory and Months of Inventory numbers coming down significantly from last Q1. Months of Inventory for single family homes across the NRV fell 12.2%, while attached fell 31%. These lower inventory levels must continue to come down for a recovery to take place. MSA (Entire New River Valley MSA) Total Sold Average Median Total Total Months of Volume Sale Price Sale Price Sales Inventory Inventory Single Family Q1 2012 $38,572,456 $169,923 $141,000 227 1792 23.68 Change 7.1% 0.9% -4.9% 6.1% -6.9% -12.2% Q1 2011 $36,030,843 $168,368 $148,250 214 1924 26.97 Change 7.6% 3.1% 6.7% 4.4% 1.2% -3.0% Q1 2010 $33,487,901 $163,356 $139,000 205 1901 27.82 Average Average Median Total Total Months of List Price Sale Price Sale Price Sales Inventory Inventory Q1 2012 $4,332,350 $160,457 $151,500 27 133 14.78 Attached Change -8.2% -4.8% -9.4% -3.6% -33.5% -31.0% Q1 2011 $4,717,210 $168,472 $167,250 28 200 21.43 Change 17.6% 5.0% 11.9% 12.0% -24.2% -32.4% Q1 2010 $4,010,200 $160,408 $149,500 25 264 31.68 NestRealty.com 3 of 9
  • 4. Blacksburg (In Town Limits) Market Snapshot Overall, the Blacksburg real estate market is showing some healthy signs. Q1 2012 sales were down slightly over Q1 2011: from 50 to 46. However, the 46 total sales represents a significant increase over Q1 levels in both 2010 and 2009. Single family year-over-year home sales were flat, condo sales were up (from 6 to 10) and attached sales were down fairly significantly (from 16 to 8). Total sales volume for both single family and condos were up, while attached home sales volume dropped over 55%. Median prices for attached (-1.2%) and single family (+2.6%) stayed relatively flat. However, median prices for Blacksburg condos increased 19.8%. Five Year Trend of Sales Activity (Total Number of Sales) 5 YEAR TREND 175 150 125 100 75 50 25 0 Q2 ’07 Q3 ’07 Q4 ’07 Q1 ’08 Q2 ’08 Q3 ’08 Q4 ’08 Q1 ’09 Q2 ’09 Q3 ’09 Q4 ’09 Q1 ’10 Q2 ’10 Q3 ’10 Q4 ’10 Q1 ’11 Q2 ’11 Q3 ’11 Q4 ’11 Q1 ’12 Contracts Written in Q1 - typically an indicator of future sales - were up up for single family homes (+43.2%) and condominiums (+209.1%). However, contracts written for attached homes were off 42.9% from Q1 2011. Clearly, condominiums in Blacksburg are starting to make a comeback. Even though condo sales and median prices are up, the most significant number is the contracts written: up from 11 in Q1 2011 to 34 in Q1 2012. Expect Blacksburg condo sales to continue on an upward trend in Q2. Total Average Median Total Total Average Median Total Sales Volume Sale Price Sale Price Sales # Sales Volume Sale Price Sale Price Sales # Q1 2012 7,602,600 271,521 237,475 28 Q1 2012 1,298,500 162,312 165,250 8 Single Family Attached Change 32.5% 13.6% 2.6% 16.7% Change 21.3% -9.0% -1.2% 33.3% Q4 2011 5,737,630 239,068 231,365 24 Q4 2011 1,070,150 178,358 167,325 6 Q1 2012 7,602,600 271,521 237,475 28 Q1 2012 1,298,500 162,312 165,250 8 Change 4.9% 4.9% 2.7% 0.0% Change -55.3% -10.6% -4.5% -50.0% Q1 2011 7,245,260 258,759 231,280 28 Q1 2011 2,904,660 181,541 173,000 16 Total Average Median Total Contracts Written Sales Volume Sale Price Sale Price Sales # Q1 2012 1,346,900 134,690 122,500 10 Q1 2011 Q1 2012 Change Change 204.7% 21.9% 19.8% 150.0% Condos Single Family 37 53 43.2% Q4 2011 442,000 110,500 102,250 4 Q1 2012 1,346,900 134,690 122,500 10 Attached 28 16 -42.9% Change 111.0% 26.6% 12.4% 66.7% Condos 11 34 209.1% Q1 2011 638,200 106,367 109,000 6 NestRealty.com 4 of 9
  • 5. Blacksburg (In Town Limits) Market Snapshot (Part 2) Blacksburg (In Town Limits) Sales by Type 22% 17% 61% Single Family Attached Condos Single family homes continue to make up the largest percentage of sales within Blacksburg Town Limits. Approximately 6 out of every 10 sales is a single family home. Once again, the biggest change is the increase in the condominium market. Condos made up 22% of total sales in Blacksburg, as compared to 17% for attached homes. Based on the contracts written in Q1, we anticipate that this gap will continue in the near future. Buyers are clearly seeing values in the condo market and as financing for condominiums continues to loosen (albeit only slightly), the lower price points of Blacksburg condos are proving to be attractive. Blacksburg In Town Limits Percent of Sales by Price Range Q1 ’12 7% 46% 28% 17% 2% Q4 ’11 0% 6% 41% 44% 9% Q3 ’11 7% 33% 34% 22% 4% Q2 ’11 3% 31% 39% 26% 2% 0% 25% 50% 75% 100% 0-100K 100K-200K 200K-300K 300k-500k Over 500K Home sale price distribution gives a good indication on several market trends, including where the buyer demand lies. Over the last four quarters, the $100k-$200k Blacksburg sub-market has seen steady growth - increasing from 31% in Q2 2011 to 46% in Q1 2012. That represents a significant increase of over 50%. The below $100k market has also seen a fairly large increase. Subsequently, other price categories have dropped. The relative percentage of home sales above $200,000 has dropped. $200k-$300k has fallen from almost 40% of the market to 28%, while the $300k-$500k range has decreased from 26% to 17%. NestRealty.com 5 of 9
  • 6. Christiansburg (In Town Limits) Market Snapshot The Christiansburg real estate market lagged slightly in Q1 2012. Total sales in Q1 were down ever-so-slightly: from 47 to 45. However, this marked the fourth straight decline in Q1 sales within Christiansburg. Single family home sales in Christiansburg dropped from 37 to 34 (-8.1%) and condo sales were flat. Unlike Blacksburg, which saw a fairly significant decrease in Q1 attached home sales, attached home sales in Christiansburg held relatively steady (8 sales in Q1 2011 vs. 9 sales in Q1 2012). Five Year Trend of Sales Activity (Total Number of Sales) 5 YEAR TREND 175 150 125 100 75 50 25 0 Q2 ’07 Q3 ’07 Q4 ’07 Q1 ’08 Q2 ’08 Q3 ’08 Q4 ’08 Q1 ’09 Q2 ’09 Q3 ’09 Q4 ’09 Q1 ’10 Q2 ’10 Q3 ’10 Q4 ’10 Q1 ’11 Q2 ’11 Q3 ’11 Q4 ’11 Q1 ’12 Median prices were off across the board in Christiansburg: single family (-5.3%), attached (-5.3%), and condos (-35.7%) each showed declines. Total sales volume for single family and condominiums in Christiansburg fell slightly. However, attached total volume showed a 12.8% increase. More surprising than a year-over-year drop in sales and volume, Christiansburg Q1 2012 sales were also lower than Q4 2011 sales. Single family homes were down 15% from Q4 and attached sales were 35.7% lower. Total Average Median Total Total Average Median Total Sales Volume Sale Price Sale Price Sales # Sales Volume Sale Price Sale Price Sales # Q1 2012 6,099,900 179,409 162,000 34 Q1 2012 1,222,350 135,817 125,500 9 Single Family Attached Change -13.1% 2.2% -6.6% -15.0% Change -36.9% -1.8% -9.5% -35.7% Q4 2011 7,022,450 175,561 173,500 40 Q4 2011 1,936,553 138,325 138,750 14 Q1 2012 6,099,900 179,409 162,000 34 Q1 2012 1,222,350 135,817 125,500 9 Change -3.1% 5.4% -5.3% -8.1% Change 12.8% 0.2% -5.3% 12.5% Q1 2011 6,296,986 170,189 171,000 37 Q1 2011 1,083,950 135,494 132,500 8 Total Average Median Total Contracts Written Sales Volume Sale Price Sale Price Sales # Q1 2012 357,000 178,500 178,500 2 Q1 2011 Q1 2012 Change Change 55.2% -22.4% -22.4% 100.0% Condos Single Family 55 46 -16.36% Q4 2011 230,000 230,000 230,000 1 Q1 2012 357,000 178,500 178,500 2 Attached 49 32 -34.69% Change -35.7% -35.7% -35.7% 0.0% Condos 0 3 NA Q1 2011 555,316 277,658 277,658 2 NestRealty.com 6 of 9
  • 7. Christiansburg (In Town Limits) Market Snapshot (Part 2) Christiansburg (In Town Limits) Sales by Type 4% 20% 76% Single Family Attached Condos The vast majority of home sales in Christiansburg continues to be single family homes. More than 3 out of every 4 sales are single family homes. This percentage is representative of the overall market inventory in Christiansburg. Contracts written in Q1 were off fairly significantly in Christiansburg also. While condo sales were up (from 0 last Q1 to 3 this past quarter), single family (-16.36%) and attached (-34.69%) contracts written were down from Q1 2011. Christiansburg (In Town Limits) Percent of Sales by Price Range Q1 ’12 0% 7% 71% 18% 4% Q4 ’11 0% 13% 64% 20% 4% Q3 ’11 0% 12% 59% 22% 7% Q2 ’11 0% 7% 66% 27% 1% 0% 25% 50% 75% 100% 0-100K 100K-200K 200K-300K 300K-500K Over 500k Like Blacksburg, Christiansburg has seen the most growth over the past year in the $100k-$200k price category. Total market share for this price segment increased from 66% in Q2 2011 to 71% in Q1 2012. Sub-$100k sales saw a spike in Q3 and Q4 2011, but have settled back to similar levels in Q1 2012 that they were in Q2 2011. $200k-$300k sales have steadily decreased over the last 12 months. Interestingly enough, $300k- $500k sales have not fallen off much. Over $500,000 sales in Christiansburg are virtually non-existent. NestRealty.com 7 of 9
  • 8. Montgomery County Total Average Median Total Sales Volume Sale Price Sale Price Sales # Q1 2012 $6,934,950 $203,969 $191,500 34 Overall Change -19.0% -19.0% -11.5% 0.0% Q1 2011 $8,559,597 $251,752 $216,379 34 Change 50.7% -2.5% -11.3% 54.5% Q1 2010 $5,679,317 $258,150 $244,000 22 After a 54% increase from 2010 to 2011, Montgomery County sales were flat in Q1 2012. Pending Contracts However, most other indicators in this New River Vally sub-market were negative. Total volume (-19%), average sales price (-19%) and median sales price (-11.5%) were all down double digits Q1 2011 Q1 2012 Change from Q1 2011. Pending real estate sales contracts were relatively flat with the number dropping from 21 to 20 this past quarter. Expect sales in Montgomery County to stay flat or 21 20 -4.8% increase very slightly in Q2 2012. Pulaski County Total Average Median Total Sales Volume Sale Price Sale Price Sales # Q1 2012 $6,493,808 $124,880 $111,500 52 Overall Change 56.9% -6.5% -4.6% 67.7% Q1 2011 $4,138,975 $133,515 $116,900 31 Change 17.6% 25.2% 11.9% -6.1% Q1 2010 $3,519,323 $106,646 $104,500 33 Pulaski has seen a nice increase in sales and activity as compared to previous Q1s. Q1 2012 Pending Contracts total sales were up from 31 o 52 (an increase in over 67%). Total sales volume jumped an almost equal amount with a 56.9% increase from Q1 2011. Average sales price(-6.5%) and Q1 2011 Q1 2012 Change median sales price (-4.6%) were down in Pulaski. However, we anticipate sales increases to continue in the short term as pending contracts in Pulaski were up 61.9%. 21 34 61.9% NestRealty.com 8 of 9
  • 9. City of Radford Total Average Median Total Sales Volume Sale Price Sale Price Sales # Q1 2012 $1,921,400 $128,093 $110,900 15 Overall Change -22.7% -7.2% -4.4% -16.7% Q1 2011 $2,485,675 $138,093 $116,012 18 Change -2.0% 3.4% -1.7% -5.3% Q1 2010 $2,536,450 $133,497 $118,000 19 Pending Contracts The City of Radford struggled through a tough Q1 2012. Total sales were down again from 18 to 15, which represents a 16.7% drop in sales. This comes off the heels of a slight drop from Q1 2011 Q1 2012 Change 2010 to 2011. Total volume (-22.7%), average sales price (-7.2%) and median price (-4.4%) all saw year-over-year declines in Radford. Along similar lines, pending contracts in Radford fell also in Q1: from 13 to 9 (-30.8%). All signs are pointing to slower sales in Radford. However, 13 9 -30.8% with prices continuing to drop, buyers may see opportunity and start to purchase in Radford if they see value. Giles County Total Average Median Total Sales Volume Sale Price Sale Price Sales # Q1 2012 $2,810,887 $122,212 $107,000 23 Overall Change 11.3% -8.1% -26.2% 21.1% Q1 2011 $2,525,900 $132,942 $145,000 19 Change 18.1% 49.2% 77.9% -20.8% Q1 2010 $2,138,950 $89,122 $81,500 24 Giles County sales have held relatively steady over the past three Q1s. However, Q1 2012 saw Pending Contracts a 21.1% increase from 19 to 23 sales. While median price (-26.2%) and average price (-8.1%) did drop, total sales volume increased thanks to the small pop in total sales. Pending contracts Q1 2011 Q1 2012 Change in Giles increased ever-so-slightly from Q1 2011. The jump from 12 to 14 contracts (+16.7%) bodes well for Giles. Expect Giles numbers to hold relatively steady in Q2. 12 14 16.7% *Some statistics in this report come courtesy of the New River Valley Area MLS as of 4/20/12. This report covers the entire New River Valley real estate market. NestRealty.com 9 of 9