I’ve been wondering for a long time what the new normal in the Charlottesville* real estate market is going to look like over the next few years. Today’s is a post posing a question rather than positing an answer.
Prices aside, is this volume the “new normal” for the Charlottesville market?
What are the impacts on the market, the number of agents (answer: very little – the Charlottesville Area Realtor Association is poised to lose but a handful of Realtors next year, out of about 1,000, a relatively small percentage of whom are productive ), the number of productive Realtors, the number of brokerages. The number of Realtors nationwide may be forecast to drop, but I don’t see that happening.
Of course, the predictions that the number of Realtors will drop have been ongoing.
Another question – what will the net migration trend be? The Charlottesville MSA added about 13,467 people via net migration from April 1 2000 to July 1 2009. Source: Weldon Cooper Center.
I’m not through sorting out what the data means, but I’m still trying.
*Defined as Charlottesville, Albemarle, Fluvanna, Greene, Nelson. While Louisa County is now more a part of our market, it wasn’t in the reference year (2000)