CAAR released the 3rd quarter Market Report earlier this week (archived: 2006). I posted my own analysis a bit earlier this month. Bear in mind that the MLS does not contain 100% of the properties on the market, but certainly enough to gain significant insight into the market.
A couple of interesting paragraphs that summarize our market follow –
Inventory:
As of mid-October, 2005, our database has 1,681 homes actively listed for sale. That is an increase of 313 more homes on the market than the previous quarter and nearly 500 more than the beginning of the year. We can expect around 300 homes to be purchased in October. That means that there are roughly 5.6 homes available for every buyer in the entire market area. That is the highest number we have seen in several years. While this higher inventory will cause a minor slow down the pace of price increases, we are still 20-30% down in inventory compared to the mid-1990’s. It will take a few more quarters of major increases before we will see a significant effect on the market. (bolding mine)
Transactions:
Third Quarter 2005
Area Total Sales Compared to 2004 % Increase/Decrease
Albemarle 542 -12 -2.2%
Charlottesville 156 +2 +1.3%
Fluvanna 183 -8 -4.2%
Greene 85 -6 -6.6%
Louisa 54 +3 +5.9%
Nelson 106 -19 -15.2%
The market is shifting to a healthier market. A return to a more sustainable market is a good thing.
Update 30 October 2005: The Daily Progress has a front-page article (no longer available)about the affordability crisis our region (and nation) face. There is a good discussion at cvillenews about affordability as well. The front page of the Business section has a article focusing on the slowdown our market is seeing. If they post a link to the article, I will note it (in part because I am quoted a couple of times).
Interested in Learning More?
I have been been representing buyers and sellers in Charlottesville, Albemarle, and Central Virginia since 2001. Get local insight born of experience.
Dig Deeper
Always Read Covenants and Restrictions
You never know what you're going to find when you dig into Covenants and Restrictions. "1. No shop, store, trailer, temporary living structure, factory, hospital, asylum, institution, tourist home or business house of any kind, and no apartment house shall be erected or maintained on…
Revisiting the “0 to 5 Buyer is Gone” Post – 15 years later
Revisiting the “0-5 Buyer Is Gone” Theory We’re in a different market now. Some of the people who bought between 2021 and 2024 are trying to sell — and the ones who bought new construction, now competing against new construction, are having a hard time.…
A Charlottesville e-bike Success Story
I have an e-bike. I love my e-bike. I ride it to meetings all over the City of Charlottesville instead of driving my car. e-bikes are great. A friend got an e-bike. He loves his e-bike. He has a different perspective, and I asked him…
Flipping the Switch, Part 3: ADUs, Zoning, and the Practical Guide
Flipping the Switch, Part 3: ADUs, Zoning, and the Practical Guide Part 1 covered the data. Part 2 covered the design. This week: the regulatory landscape, the ADU reality check, and the practical checklist. The ADU Conversation Has Changed When I wrote about this in…