Tag Archives: Market
Given yesterday to the Charlottesville Area Association of Realtors:Barry Merchant has annually provided some of the best, most realistic market insight to the state, regional and Charlottesville area real estate markets. Barry Merchant's presentation to CAAR - 10-26-2011 More after the jump â€¦
Download, read it, print it, mark it with your questions and let me know what you think. There are some bright spots (Charlottesville Single Family home sales up nearly 30%) and some bizarre data points that highlight how every market is local (Nelson's sales are off 48%).
More to come.
More to come. In the meantime, have a look at the market report.
This post will be updated throughout the day as I get opportunities to look at the data. â€¦
- The above report is for the entire Charlottesville MLS area, not Charlottesvill and Albemarle or even the Charlottesville MSA (Charlottesville, Albemarle, Fluvanna, Greene, Nelson) or even the Charlottesville MSA + Louisa. So take it for what it's worth - a very broad overview of the entire Central Virginia region. Example: in Amherst, Augusta, Buckingham, Goochland, Rockbridge and Lexington, there are 156 closed transactions in our MLS â€¦ which isn't particularly relevant to real estate consumers in the Charlottesville area.
- Days on Market is not statistically accurate, as it does not reflect relistings of properties.
- Detailed market report from Nest coming soon, as is county by county break down.
- Townhouse/Attached median sold price is down in the Charlottesville/Albemarle area, in no small part due to Ryan Homes' driving prices through the floor market-wide.
- Median sales prices are down, but inventory is down as well; the latter qualifying as a good data point.
- What questions do you have about the market data?Interactive Charts are after the jump; I choose to use the static charts rather than the interactive reports as I don't like to be locked into a service; I pay $30 a month for access to the deeper data and if I choose to not pay for the service, the interactive charts go away â€¦ not a good option.
Sold listing volume is down just a bit in Greene County year over year:.
Looking at the Charlottesville MSA for transactional volume history ... what we need is stability and consistency. Once we can reach a relatively stable number of transactions, I think we'l be able to start to see normalcy, whatever that is ... maybe ~ 1000 transactions per year?For the first five months of the year, what we're looking at here is everything - single family detached homes, attached homes, new construction, resale, condos ...
Part Three of ...One of the most common questions I get is - what is selling in Charlottesville and Albemarle? Condos? Attached homes? Single Family? A look at the data gives a look at some answers ...
- I'm keeping this focused on only the City of Charlottesville and the County of Albemarle as that is where the bulk of the attached homes and condos are located.
- Single family homes have come to be more affordable, leading to a decline in transactional volume within the condo and attached home segments of the market.
- 2005 was very good for condo conversions; now the condo conversions have been decimated in value.
- Attached homes can be very attractive - newer ones in good condition price right, especially so.
- Homeowners Associations' fiscal health is likely to be more and more of an issue as this market correction continues to correct.