“Official” Real estate Market report for Charlottesville area

Thanks to the Charlottesville Area Association of Realtors, this is the official market report for the first quarter of 2008 (PDF).

This is my market report for the City of Waynesboro and Augusta County and this is the market report I wrote last Monday focused on the Central Virginia real estate market; my market report is more focused on the Charlottesville market area – Charlottesville/Albemarle, Fluvanna, Greene and Nelson Counties – while the CAAR report encompasses the entire super-region. For the afore-mentioned counties there are 2,382 residential properties currently on the market; for the entire MLS there are 3,711. In turn, 441 properties have sold in the Charlottesville MSA and 598 in the entire MLS. *

The only additional information I will offer is this – the condo conversion boom is over. For a graphical representation, check this out – for the first quarter 2008, sales of condos are down – way down – relative to the past few years. In July of 2007, I said there was a glut of condos.


condo-sales-in-Charlottesville-market.png

I’ll update this post on Monday when the Daily Progress releases their interpretation/report.

Further reading on condos –

– Why some Charlottesville condos are risky

– Condo Conversions in the Charlottesville area

– Are condos a good investment?

– Even more on Condo Conversions from RealCentralVA

*If you want local real estate information you know where to come! 🙂

Update 14 April 2008: This is the Daily Progress’ article on the market report. Do note that the photo is a stock photo from Oregon. That said, here’s my quote:

“There is such a glut of inventory that I’ve advised those who don’t have to sell not to,” said Jim Duncan, a Realtor at Century 21 Manley Associates and a real-estate blogger.

In Albemarle, condo sales have been hit the hardest, dropping by 66 percent compared with this time last year. The reason, real-estate experts say, is that the wave of condo conversions has crested and many people no longer see condos as a good investment.

The takeaway is this – if you’re buying, don’t be fearful, be knowledgeable. Do due diligence. Hire a competent Realtor. Buy a house as a place to live, not as an ATM.

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2 Comments

  1. Dave Phillips April 14, 2008 at 15:47

    Jim, there is one other factor slowing down the condo market – financing. According to a respected mortgage professional I spoke with today, without the 100% loans to help the modest income buyers, it is hard to find financing for selling the low end condos.

    Reply
  2. Jim Duncan April 15, 2008 at 05:49

    Dave –

    Amen. With nearly (if not all) all of the conventional 100% financing programs gone and many of the 5% programs on the chopping block, financing is nearly impossible for many transactions.

    Reply

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