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.
Interested in Learning More?
Jim Duncan has been helping buyers and sellers in Charlottesville’s neighborhoods for 25 years. Get local insight born of experience.
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