Still working on the market statistics for the Central Virginia region. In the meantime, these are some quick numbers based on the recent availability of the “Continuous Days on Market” statistic provided by the Charlottesville area MLS:
There are currently 2494 properties currently on the market in the Charlottesville MSA*
1176 have been on the market for at least 120 days – nearly 50% of the properties currently for sale have been on the market for at least four months!
716 have been on the market for 180 days.
448 have been on the market for at least 240 days.
195 have been on for at least one year. 29 of these properties’ asking prices are more than one million dollars.
CDOM is a count of the total time an address or parcel ID has been on the market, as compared to DOM (Days on Market) which is a measure of how long a specific MLS number has been on the market.
By looking at the “CDOM” we are able to see the true time a property has been on the market, mitigating the impact of trying to “game the MLS” by withdrawing a property and re-listing it to make it appear “fresh.”
The impact of Days on market on a property’s market value has long been debated. Basically, the longer a property is on the market, the more motivated the seller is (usually) going to be.
I plan to post full market data later today.
*Charlottesville, Albemarle, Fluvanna, Greene, Nelson, and I am including Louisa for this story.