Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: SATURDAY, May 5, 1990                   TAG: 9005080155
SECTION: AMERICAN HOME WEEK                    PAGE: AH7   EDITION: METRO 
SOURCE: SARAH COX
DATELINE:                                 LENGTH: Medium

MARKET STAYS STRONG DESPITE SLIGHT SALES DIP

"Spring is usually the best time to sell a house. People are coming out of the winter; they're looking for a change."

While the market may be down a bit, there are pockets of real estate that are selling well so far in 1990. "We've had a lot of appreciation in a short period of time, and people are now feeling that they should get more than the market is saying," said Donna Hamner of Boone & Co.

She cited the glut of certain houses on the market and the present lack of incoming, relocating businesses as other reasons for a slight dip. "I keep hearing about how bad the market is, but I'm not experiencing that."

Hamner, who deals mostly with Southwest Roanoke city and county real estate, said that the $70,000 to $95,000 price range in residential homes is active. "That's where homes are affordable; people with first homes can buy up within that price range. The business is there, if the seller will prepare his sale properly and accurately." She said pricing your home aggressively is very important.

A 1990 forecast of Builder magazine (January 1990) looks at a positive national market for new home construction this year. "All in all, the consensus for 1990 isn't bad: A slower economy but no recession, a gentle rise in housing starts, and a mild drop in interest rates, at least through the second quarter. On average, the nation's economists are forecasting up to 100,000 extra single-family starts compared with last year."

Based on the Roanoke Valley Association of REALTORS' residential-pending multiple listing figures for March, the $200,000 to $300,000 range homes have stayed on the market the fewest average days - 46 - and hit just about in the middle for average cost - $255,000 - while the upper-end market is moving slower. On the average, homes are staying on the market anywhere from 46 to under 200 days.

In the $300,000-$400,000 range, homes stayed on the market an average of 159 days and sold for an average of $337,000.

In the $200,000-$300,000 range, homes stayed on the market an average of 46 days and sold for an average of $255,000.

In the $100,000 to $200,000 range, homes stayed on the market an average of 78 days and sold for an average of $142,000.

In the less than $100,000 range, homes stayed on the market 54 days and sold for an average of $63,000.

Overall, figures point to 1990 sales being slightly higher than last year. Frances Bridge of Mastin Kirkland Bolling and a member of the Board of REALTORS, said that January's sales of 334 were above last year's of 266; February showed a slight increase, also - 380 as compared with 333 in 1989; March was only down a fraction - 345 this year, 354 last year.

Bridge said that the sales of lower-priced homes, which seem to be doing well, may indicates that there are more first-time home buyers coming into the marketplace. "The market is reasonably strong for this time of year. It seems to me that the under-$100,000 range is, right now, the fastest-paced market."