Inventory is up in CharlAlbemarle

The moderation continues – In January 2005 in Albemarle and Charlottesville, there were 228 active properties on the market. In January 2006, there are 275. Is the market softening? I am not sure yet to what extent. April and May will be more telling. Rates remain historically low; they rose very slightly this week. We’ll see. It’s a good time to be a buyer …

Under Contract in January 2006: 186
Under Contract in January 2005: 234

This indicates a real shift in the market, from the insane Sellers’ market of the past several years to a more reasonable market, one with a greater sense of equilibrium. Perhaps the greatest aspect of the market that will have to change is Sellers’ expectations.

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