Looking at the market numbers since July of this year to date, the market shows clear signs of shifting towards a buyers’ market. There are no indicators of a “bursting” of the market, but the market is telling us that the “froth” may be blowing away.
Data description –
Using only Charlottesville and Albemarle for the market sample and data from the MLS, which includes by my estimation between 90%-93% of the market, and data from 1 July to 1 October 2004 versus 2005.
Simply put, there are more homes on the market and staying on the market longer than this time last year. Prices have increased significantly, and while inclusive only of the CharlAlbemarle market, is representative of the entire Central Virginia region.
The biggest questions are – what will the market look like in six to 12 months? Three years? Sellers have enjoyed an extraordinary ride. A healthier, more sustainable market may very well be upon us. Rates are rising ever-so-slightly and multiple offer, bidding wars are less frequent. That said, any nice property under $250k that is well-marketed should sell very quickly. Call me at 434-242-7140 or email me if you would like more information on our market.