In short –
– Days on Market are up, year over year
– Inventory in Charlottesville/Albemarle is slightly up, year over year. This may be a signal that we’re moving in the right direction.
– Absorption Rate (the time it takes for the existing inventory to be churned) is up – anything over 5-6 months is considered to be a Buyer’s Market. 14 months of inventory in Charlottesville/Albemarle certainly fits that definition.
– Buyer clients of mine made an offer on a very well-priced house in the City last week – and were one of four offers.
– Properties are still selling, average sale price is still up.
Buyers are buying and sellers are selling – the price and the property have to be right.
Market data for the Charlottesville Metropolitan Statistical Area (MSA) – Charlottesville/Albemarle/Fluvanna/Greene/Louisa/Nelson after the jump.
* Data is pulled from the Charlottesville Area Association of Realtors‘ MLS – data is the best that is available, and is (by my ballpark estimations) about 85% accurate – both for inventory collected and data entry by the Realtors.