The market report for the first half of 2008 has been released today, and the full report can be downloaded here.
Two snapshots from the report are telling –
My analysis will be coming on Monday; while the CAAR market report is quite good and comprehensive, its goal is much more regional than the analysis provided here. For example:
Currently, we have 3,761 homes on the market, just a few more than we had at this time last year (see chart below) and considerably less than the 4050 on the market at the end of May 2008. The median price of these homes for sale is $309,900. The average DOM (days on market) of these homes is 151 days. It is a great time for first-time buyers, because there are 744 homes for sale under $200,000 with an average DOM of 134. There are only 256 homes currently on the market
But when one drills down to Albemarle, Charlottesville, Fluvanna, Greene, Louisa and Nelson, there are 433 active properties under $200,000 – 122 of which are condos, 54 are attached homes and 257 are single-family attached homes.
More on Monday … in the meantime I’m looking forward to Real Cville’s take.