When comparing 2004 and 2007, sales in Charlottesville/Albemarle are down about 30%.
Between 2004 and 2007, sales are down, days on market are up, and the absorption rate is apparently nearly 3.5 times higher than it was in 2004 (this seems to be such a jump that it may be a data error). Notably however, and this should not be overlooked – average sales price is UP about 13%.
2004 Sold – Charlottesville & Albemarle – Single Family homes, attached homes and condos
2007 Sold – Charlottesville & Albemarle – Single Family homes, attached homes and condos
Inventory levels seem to be following a similar trend line as to that of years past, although greatly exaggerated.
Condos are removed because their impact on the market has long been argued to have been “propping up the market.” While they are a significant part of the market, they do not comprise a large enough percentage to shore the market up artificially.
2004 Sold – Charlottesville & Albemarle – Single Family homes and attached homes (no condos)
2007 Sold – Charlottesville & Albemarle – Single Family homes and attached homes (no condos).
We’ll know whether we’ve hit bottom today in 18 months when we have the benefit of hindsight. Interest rates remain low. Sellers are motivated, and it really and truly is a great time to buy a house – so long as you do the appropriate due diligence, detach your emotions and negotiate well.
Below the fold are the numbers for the Central Virginia region. Regionally, sales volumes are down nearly 50% between 2004 and 2007. However – sales prices are up nearly 16%. Not a bad rate of return after three years. Buy smart.
These are the numbers for attached homes regionally – While sales volumes are down, sales prices are up regionally nearly 25%.