The Market

Case Shiller’s Perspective on the Charlottesville Real Estate Market

Case Shiller doesn't track the Charlottesville real estate market. Nor Albemarle, Greene, Fluvanna, Nelson, Waynesboro, Augusta … Case Schiller doesn't track Charlottesville.

I wrote in early 2008 that The Charlottesville/Central Virginia/Shenandoah Valley markets are not covered by the Case-Shiller index. Real estate is local; while trends may be drawn from this type of research, and while the proverbial turned-corner may still be just over the horizon, it’s important to put his study in the appropriate context.

Crap. That "horizon" to which I referred is still a ways off. But … what I said remains true. Case Schiller doesn't track our market.


Posted in Albemarle, Charlottesville, Fluvanna, Greene, Market statistics, Nelson | Tagged , , , | 1 Comment

Nest’s 1st Quarter 2011 Real Estate Market Report

I'd say this is a bit more in-depth and in line with my readers' expectations. Download the PDF: Nest Realty Group's 1st Quarter 2011 Market Report
Posted in Market statistics | Tagged , , | 2 Comments

There Is NO “National” Housing Market

I haven’t done a Friday Chart in a while, but this struck me:

This is a chart showing the inventory for Scripps Ranch in San Diego, courtesy of one of the best writers I know, Kris Berg.
Less than 3 months inventory in Scripps Ranch, San Diego

Contrast the above chart with the one for the Charlottesville MSA, where we have about 16 months of inventory (across all market segments, property types, location, price, etc. … this number is good for showing broad trends, but is NOT an actionable data point).

Active Housing Inventory - Charlottesville, Virginia MSA

If you’re looking for Charlottesville real estate information and analysis, look for Charlottesville real estate information and analysis.

Continue reading...
Posted in Friday, Market statistics | Tagged | Leave a comment

Quick Real Estate Market Snapshot – What’s Happening Right Now

I'm working on some more charts and data to put the recent CAAR Market Report into the appropriate context. Writing a story/analysis that will speak to the broadest section of the Charlottesville real estate market is a nearly-impossible task as every buyer and seller has different situations, goals and life circumstances. When I consult with clients and potential clients, I provide more than financial and real estate guidance, but I try to offer life guidance as well, laying out different scenarios that they may not have considered. ... Date range: Comparing 1 March 2010 - 11 April 2010 and 1 March 2011 - 11 April 2011 Single family homes: - far fewer homes have come on the market (163) - 11 fewer homes have gone under contract - 9 fewer have sold Single Family Homes in Charlottesville MSA - 2011 vs 2010 Attached homes: - 9 fewer have come on the market - 24 fewer have gone under contract - 6 more have sold in this timeframe Attached Homes in Charlottesville MSA - 2011 vs 2010 Condos : - 1/3 fewer have come on the market - 8 fewer have gone under contract - 8 fewer have sold Condos in Charlottesville MSA - 2011 vs 2010
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Housing Market “Recovery” is Aiming for the Wrong Thing

"Recovery" is the wrong term for what the housing market/economy needs. What the housing market was is likely to never exist or happen again. This is more than semantics. We need to define what is needed because "recovery" isn't going to happen. Everything has changed. Listen to a podcast of what I think was a really good conversation on Michael Guthrie's radio show with Greg Slater and me.
Posted in General Real Estate | 1 Comment

Do Real Estate Assessments Matter?

The answer to virtually everything in my world: it depends. Chiara Canzi at C-Ville wrote an informative article last week in which yours truly was quoted ; it is worth a read if you're curious about real estate assessments' impacts on market value.
Posted in Albemarle, Charlottesville, Market statistics | Tagged , , | 1 Comment