The Charlottesville bubble blog, in inimitable style, posts their first-half 2008 Market Retort. Their prediction to a recovery? 2010.
A clarification on their stats:
There are 2595 properties on the market in the Charlottesville area, and 239 sold in July 2008, when defined as Albemarle, Charlottesville, Fluvanna, Greene, Louisa and Nelson. It’s not much, but it does push to 10% the percentage of properties sold via the MLS in July 2008.
I’ll be posting my own updated analysis in the next few days … it typically takes several days for all the data to be updated in the MLS.
Hong concludes with some sound advice: Don’t buy expecting appreciation, and don’t buy if you are planning on moving soon. The question “buy now or wait?” depends on the circumstances and desires of the potential buyer – so there is no general answer.