If the fact that home sales are down, relative to previous months and years, comes as a surprise to you, you probably haven’t been paying attention.
Contracts were down in June and July in the aftermath of the government’s homebuyer tax credit. Thus, closings were down in July and will probably be down in August as well.
I’m coming to the conclusion that the Charlottesville real estate market is neither good nor bad … it just is. And part of that “is” is that last month in Charlottesville and Albemarle, 85 single family homes closed and 22 attached homes closed. The market’s slow, but it’s not dead.
Attached Home Home Closings in July for the past ten years:
Single Family Home Closings in July for the past ten years: I’m actually surprised that there were so many closed transactions last July.
Now, looking back of June and July for the past ten years … The Spike in 2009 seems to be new construction attached properties in Abington Place, Brookwood and the Pavilions at Pantops (more on new construction’s impact on MLS data in a later post).
Single Family home closings in Charlottesville and Albemarle for the past ten years: