Brian McNeill with the DP has an insightful summary of where we are right now. One point of clarification regarding this –
The number of homes listed for sale has dropped from 3,530 last month to 3,427 on Thursday. The average number of days on market fell from 128 in October to 113 last week, according to CAAR.
Two points –
1 – the data in the Daily Progress is for all of the homes in the MLS. The data above is for all of the homes in Charlottesville, Albemarle, Fluvanna, Fluvanna, Greene and Nelson Counties.
2 – I’m really, really hoping that there is some sort of statistical or data entry anomaly that accounts for the jump from nearly fourteen to nearly eighteen months of inventory. (chart after the break) We’re following normal trend lines, but this is a bit extreme.
I think that sales are down nearly 50% in Albemarle County and 25% in the City of Charlottesville … but median sales price is up $75k? Really? This is why I have advocated for so long for good data in the MLS – whether it be the Charlottesville area, Waynesboro area or elsewhere. Without good data, we cannot draw sound and accurate conclusions.
With the data in the first chart, this –
â€œWe’ve had a decline of inventory of housing for the last four months straight,â€ Gaffney said. â€œIt’s still certainly a buyer’s market, but it’s headed toward balance. Maybe we’re turning a corner.â€
(excepting a flat June) Is proven accurate by the data; and that’s great news.
* I had this post scheduled for this afternoon, but then the Bubble Blog went and posted an in-depth analysis and response. Also, I’m not the only Realtor who finds great value in Bubble Blogs.