Charlottesville first-half market update to be released today

As soon as it’s released, I’ll post it here. Stay tuned. In the meantime, you may read all of the market updates I’ve written here.

Update: Here it is (PDF).

One note referencing this report:

Currently we have just over 3,400 homes on the market and the median price of these homes is $330,000.  The average days on the market of these homes is 116 days.  There are 513 homes for sale under $200,000 with an average DOM of 105.  There are 247 homes currently on the market priced at a million dollars or more with an average DOM of 146. 

In the entire MLS, there are over 3,400 homes on the market. In our market area (Charlottesville, Albemarle, Fluvanna, Greene Louisa and Nelson) there are about 2,500 homes on the market.

And, referencing this –

There were 1,882 homes sold in the first six months of 2007, which was down 385 (- 17%) from last year.

True. In the entire MLS. In our immediate market area, 1,547 homes were sold in the first six months of this year, versus 1,971 in the same time period last year. Down 21%, Year over Year.
I mentioned this clarification in a detailed analysis in January and again last month.

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5 Comments

  1. JR Jackson July 16, 2007 at 12:21

    The market is “clearly … on the upswing.” Did he actually look at the numbers before coming up with that conclusion?

  2. Jim Duncan July 16, 2007 at 12:44

    What can I say? Typically, as with NAR, the job is to put a positive spin on the numbers.

  3. Dave Phillips July 16, 2007 at 16:51

    While I can understand your comments and your questioning of my “on the upswing” comment, allow me a brief defense. If you read the report from the first quarter, I said we had bottomed out in late 2006 and were showing signs that the market was coming back. While compared to last year the number of sales stink, prices have stop plumetting and sales are picking up from the depressing numbers of November thru January.

    The market is better today from a long-term perspective than it was in 2006. Out of control price advances are NOT good in the long run.

  4. Jim Duncan July 16, 2007 at 16:56

    Dave –

    Thanks for stopping by. I think that in the short-term, we run a risk of tracking the market too closely and we won’t know where we are today and if we’ve hit bottom until we have the benefit of hindsight six, twelve or eighteen months from now.

  5. Dave Phillips July 16, 2007 at 17:11

    The real test will be in the 2nd half of the year. Watch to see if we close the gap in sales. In 2006, the first 6 months were very good, but then the market tanked. this year, I think we are starting off slow (still hungover from the drunken debauchery of the past few years, but will end the year strong. We were 15% behing after the first quarter and 17% behind in sales in the second. I think we will close the gap to 10 or 12% by the end of the year.