Brief Market Snapshot for Charlottesville Area – May 2013

Homes are selling fairly well in the Charlottesville area. For this post, I was looking less at house prices, where things are selling, etc. and more for a snapshot of the market’s speed.

Per the Charlottesville MLS (and acknowledging that the numbers will shift as end-of-the month-closings are entered into the system:

Some things are looking pretty good … Initially I was working with data from the Charlottesville MSA, but I had to pull the data apart and limit my query to Charlottesville and Albemarle, single family and attached homes. I wasn’t looking for hard numbers (yet) but more a sense of how fast things are selling, and hopefully what the list-to-sale ratio was in April.

In Charlottesville and Albemarle in April, for only single family and attached homes (not marked as “new construction”: (yeah, I know this would look super-cool as a snazzy info graphic, but we make decisions based on data and insight rather than pretty pictures, right? :) )

- 112 122 homes sold in April in Charlottesville and Albemarle

- 8 had continuous days on market of 3 or less — average DOM was 2; homes sold for 99.3% of the asking price – Price per square foot: $151

- 32 had continuous days on market of 15 or less — average DOM was 7; homes sold for 98% of the asking price – Price per square foot: $145

- 43 had continuous days on market of 30 or less — average DOM was 10; homes sold for 97.8% of the asking price – Price per square foot: $143

On the other side of the days on market conversation:

- 43 had continuous days on market of 90 – 120 days — average DOM was 189; homes sold for 94.6% of the asking price – Price per square foot: $148

- 10 had continuous days on market of 120 – 180 days — average DOM was 140; homes sold for 95.5% of the asking price – Price per square foot: $143

- 25 had continuous days on market of > 180 days — average DOM was 240; homes sold for 93.9% of the asking price – Price per square foot: $154

Ok … I couldn’t stop … I was curious about how many non-new construction homes sold this April versus last.
From 4/1/12 – 5/1/12 in Charlottesville and Albemarle:
– 155 homes sold last year versus 122 this year – a 21% drop. (holy cow)
– Breaking out new construction – 24 sold last year versus 20 this year.
There’s always more data to look at …

Short story: YOUR MARKET will vary. But – price your home just right you’re going to be better positioned to sell your house faster for closer to the asking price. Here’s the thing – there’s an outside chance you might sell your home for a little bit more if you wait for that one buyer.

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About Jim Duncan

Father, husband, Charlottesville real estate agent, bicycle rider & soccer coach. And more. Lots more.
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  • Mark D

    Jim- this doesn’t add up to 112. Nor 122. What am I missing?

    • http://www.realcentralva.com/ Jim Duncan

      Mark –

      Thanks for pointing that out.

      I changed it to 122; I think that 112 was from an earlier draft that didn’t get changed.

      I just pulled the numbers again and the number is now 125, showing that sales tend to trickle in a few days after the end of the month.

  • http://www.bankforeclosuressale.com/ Simon Campbell

    With properties selling for 95%+ of the listing price is a good statistic which can be shared with buyers when preparing offers. If the buyer really wants that particular house, they will need to realize that low ball offers will not work any longer. The closer to the listing price, the better.