Numbers matter. Today is the new normal when evaluating the Charlottesville real estate market. Last year’s market matters (as do the previous years) but what truly matters to buyers and sellers is what today’s market is.
Some context – the number of homes (single family, attached, condo) sold – in the first quarter – in Charlottesville and Albemarle since 1999:
For this story, I’m not looking at Fluvanna, Greene, Nelson, Louisa as their growth seems to have started a bit after Charlottesville’s and Albemarle’s did, respectively. Right now, I’m seeking consistent volume in the real estate market.
Single family homes are the traditional marker of the market, for the sake of consistency. Attached homes have exploded in popularity (we’ll be looking at new construction numbers next week) in the past 5-7 years.
For anyone looking to buy a home in the Charlottesville-Albemarle markets right now, five key points to be aware of are:
- Quality inventory is in high demand, low supply. Of the 550 homes (all types) in the MSA that went under contract in 1st Quarter 2013, 276 had days on market of less than 30, 214 had days on market of less than 14, 129 had days on market of less than 3! (57 had days on market of at least 300)
- Overall inventory is up (surprised, right? Me too)
- Quality, well-priced homes are selling – fast. Often with multiple offers (I’ve written several escalation clauses in the past few weeks, if you can believe it)
- Being prepared – both as a buyer and seller – is crucial. Know the market; hire a quality real estate agent, prepare your house effectively.
- Be patient. If you’re a buyer looking in particular segments, you might have to lose at least one house in the process. I know it sucks. But there will be another house.
If you’re interested in the actual numbers, click through to see the rest of the story.