• Home
  • Buying?
  • Selling?
  • Archives
  • Contact Jim
  • About Jim

RealCentralVA.com

Charlottesville's Real Estate Blog. Buyer &/or Seller Representation, Real Estate News

You are here: Home / Market statistics / Reader question – five hundred thousand to one million dollar properties?

Reader question – five hundred thousand to one million dollar properties?

I love reader questions. The meebo widget on the side allows for private messaging, so please take advantage of it!


Regarding the stats you posted on the $1+ million homes — do you have any such data on the $500-$1 million market? Thank you!


Thank you for reading and for the question. A picture says a thousand words –
Statistical-inventory-history-for-500k-1-million-dollar-homes-in-Charlottesville-Area

Now, the data.

For the Central Virginia region* –

2005-500k-1-million-dollar-homes-in-Charlottesville-Virginia-region.png

2006
2006-500k-1-million-dollar-homes-in-Charlottesville-Virginia-region.png

2007
2007-500k-1-million-dollar-homes-in-Charlottesville-Virginia-region.png

2008
2008-500k-1-million-dollar-homes-in-Charlottesville-Virginia-region.png

I have no explanation for the apparent dramatic rise in inventory in the first part of the past two years. My speculation is two-fold. Many sellers may have taken their homes off the market in the fall/winter only to re-list during the first part of the year. Second, I’m thinking that many of these are new construction, which is notoriously unreliable data.

Looking at the raw data, the number of sales has held relatively consistent over the years until April of this year, when the number of sales dropped in half, year-over-year. I’m hoping the proverbial hindsight that three to six months will provide will shed some light/insight into these numbers.

To provide some context, here are all price ranges for the Central Virginia region –

Context-for-inventory-ranges.png

The last data point is this – New Construction properties in the Central Virginia region, priced between $500k and $1.2 million** –

Recently-sold-New-Construction-500k-1200k

I hope this helps answer your question.

* Charlottesville, Albemarle, Fluvanna, Greene, Nelson
** Seriously – it’s notoriously unreliable data, but worth looking at nonetheless.

Share this:

  • Email
  • Facebook
  • Twitter
  • Pocket
  • Pinterest
  • Print

May 5, 2008 2 Comments

Comments

  1. Jay says

    May 9, 2008 at 19:25

    Jim
    I recently stumbled across this data http://www.housingbubblebust.com/OFHEO/Other/South.html and it seem to indicate that C’ville way out of line with other communities and this could be the beginning of a dramatic 20-30% correction. Do you think this market drop that far before it stabalizes?
    -Jay

    Reply
  2. Jim Duncan says

    May 12, 2008 at 07:17

    Jay –

    I don’t like predictions, but I don’t think the Charlottesville market will drop 20-30% from where we are right now before stabilization occurs.

    All of the bubble bloggers were right to some degree, because they kept saying the same thing for so long. Even those who say real estate is always a great investment will look credible in 10 years.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

CommentLuv badgeShow more posts

Learn the market, Read Great Stories

Daily updates too much? One email a month? Yes please!

(I'll never spam you)

About Jim Duncan

I am a Realtor/Broker/Partner with Nest Realty in Charlottesville, Virginia. The goal of this site/blog remains unchanged in the nearly 10 years since its founding – to provide clear, coherent and unbiased analysis of the Charlottesville area real estate market.

Learn More

My goal

I help my clients make the best possible real estate decisions.

Looking for something? Find it!

Load More...Follow on Instagram

Resources

  • Ask Jim
  • Buying a Home
  • Selling a Home

Email Updates in Your Inbox

We respect your email privacy

This work by Jim Duncan is licensed under a Creative Commons Attribution-Noncommercial-Share Alike 3.0 United States License.

Top Posts & Pages

  • Checking Internet Connectivity before you Buy a Home
  • Dominion Power's Water Line Replacement Program - What is It?
  • Goodbye, Charlottesville Ice Park
  • Who Are the Major Employers in Charlottesville?
  • Homebuyers - Caution on Radon, Builders' Reps and No Representation
  • 3 Reasons I Like Radon
  • Dr. Seuss and Charlottesville - What’s the Connection?
  • OpenSpace Co-Working in Charlottesville
  • Disclosures versus Disclaimers - caveat emptor to a lesser degree

Copyright © 2019 · RealCentralVA

loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.