Comments on: Charlottesville Area Market Update – June 2008

By: First Quarter Market Report for Charlottesville and Albemarle | Real Central VA

Mon, 13 Apr 2009 11:47:10 +0000

[...] – As I have said before, “Every real estate market is decidedly local – town by town, neighborhood by neighborhood [...]

By: Foreclosures in Charlottesville Greater than Previously Known/Acknowledged | Real Central VA

Tue, 02 Dec 2008 16:31:29 +0000

[...] As noted in June 2008- [...]

By: Third Quarter Market Report for Charlottesville Region | Real Central VA

Third Quarter Market Report for Charlottesville Region | Real Central VA — Thu, 04 Sep 2008 20:16:34 +0000

[...] – Why not Louisa? As I noted in June – I don’t think (my opinion) that Louisa was as significant a part of our market four years ago [...]

By: 2nd Quarter Market Update for Charlottesville Region | Real Central VA

2nd Quarter Market Update for Charlottesville Region | Real Central VA — Mon, 14 Jul 2008 04:39:15 +0000

[...] little has changed since last month’s comprehensive market analysis, published just over a month [...]

By: Are Homebuyers and Sellers the Only Ones Who Need Transportation? Or Mass Transit? | VARbuzz

Thu, 26 Jun 2008 13:01:32 +0000

[...] and bolts – currently the median price in the Charlottesville area is about $275,000. Thus, the grantor’s tax paid by the seller on that particular transaction [...]

By: Are homebuyers and sellers the only ones who need transportation? | Real Central VA

Mon, 23 Jun 2008 19:00:55 +0000

[...] and bolts – currently the median price in the Charlottesville area is about $275,000. Thus, the grantor’s tax paid by the seller on that particular transaction [...]

By: Ugly House Photos » Blog Archive » Real Estate In Virginia & Southern California

Sun, 22 Jun 2008 15:15:25 +0000

[...] who spent a lot of time compiling Virginia’s MLS data, here’s Jim’s recent post of how they’re performing. Sellers in central Virginia in May 2008 were able to keep [...]

By: Coming up this week on RealCentralVa - market update for Charlottesville area, homeowner's insurance, real estate blogs' duplicate content | Real Central VA

Mon, 16 Jun 2008 12:31:50 +0000

[...] state of the Central Virginia (including Charlottesville, Albemarle, Fluvanna, Greene, Nelson – not Louisa) real estate market by price [...]

By: Dave Phillips

Dave Phillips — Tue, 10 Jun 2008 19:22:49 +0000

Jim, thanks for the explanation on Louisa. Makes sense. The hardest thing about doing my quarterly market report is to make sure I am comparing apples and apples. The MLS system changes over time and we are getting ready to change the way we look at Days on Market and we are also going to be adding lots of data from MRIS and other sources. It is going to be really hard to compare stats from year to year probably starting next year.

By: Jim Duncan

Jim Duncan — Mon, 09 Jun 2008 22:54:34 +0000

I know – but I don’t think (my opinion) that Louisa was as significant a part of our market four years ago as it is today. As I don’t break down the data by locality, I didn’t want to unnecessarily skew the data.

By: Dave Phillips

Dave Phillips — Mon, 09 Jun 2008 21:43:18 +0000

Curious…why don’t you include Louisa in your stats since it is part of CAAR’s territory and the MSA?

By: Julie Emery

Julie Emery — Mon, 09 Jun 2008 20:13:02 +0000

Jim,
The last line of your comment captures what needs to happen in this market. If prices fall enough, enough new buyers will be attracted to turn the market around.

Unfortunately, most sellers aren’t yet willing to absorb that kind of pain. (Sometimes even when the seller is a bank owner of a foreclosed property!)

By: Jim Duncan

Jim Duncan — Mon, 09 Jun 2008 13:35:15 +0000

Daniel -

Thanks for the comment. I’ll respond in detail later, but for now I’ll provide an anecdote.

Here is the history of a property I have been marketing since October of 2007.

Came on the market (with another Realtor) at $1,300,000 in December of 2006.
When I took over in October of ‘07, the price set by the relo company (owner) was $1,189,000.

The price was reduced to $999,900 in January of 2008. Reduced again to $924,900 in May of this year. It’s under contract as of Friday, and two other parties were expressing interest Friday afternoon. Had it been priced well to start, it would not have languished for so long. I believe this is true for most if not all properties currently on the market.

By: Daniel

Daniel — Mon, 09 Jun 2008 12:38:08 +0000

Thanks Jim.

You said: “properties that are priced well are selling”. Could you unpack that? Isn’t “priced well” a function of whether or not a property sells?

By: Charleston real estate blog

Charleston real estate blog — Mon, 09 Jun 2008 12:10:39 +0000

Simply great stuff Jim. Great statistics and analysis.