City of Charlottesville Real Estate Market Update – August 2011

The City of Charlottesville Real Estate market continues to be slow. Download the City of Charlottesville Detailed Real Estate Market Report A balanced market is still a ways off.

As I noted in 2006 (Good Lord, it’s been that long that we’ve been searching for a bottom?!)

How do we know that the housing “bust/correction/adjustment” (how about “change”) is over? My answer – when we are able to look back from a perspective of nine to eighteen months and say, “see, here are the data, this is the trend of where we were, and here is where we are.” Until then, speculation about every move – a move of any kind –  of the market is just that – speculation, even if it’s educated speculation.

But … In this market, a slowing decline of home prices is a good thing. Seriously.

This is just a reasonably high-level overview of the City of Charlottesville’s real estate market. If you’re curious about what’s happening in your location in Charlottesville, or are currently searching for homes for sale in Greene, please feel free to contact me anytime with questions.

Sold listings are up ever so slightly in the City of Charlottesville year over year:

See also:

Charlottesville MSA Real Estate Market Update – 30 August 2011 – How this matters to You

Median Sold Price for Single Family homes in the City of Charlottesville is down, and looking at the numbers below, we can see the the median price peak was only a couple years ago, rather than four or five as is seen in other segments. I opted for embedding the data rather in lieu of the pretty chart – figure most of my readers prefer numbers rather than flash.

Active inventory is down – and this is a good thing.

New listings coming on the market is good as well – eventually, fewer homes coming on the market combined with (really, we’ll get there eventually) will lead to a balanced market. When will we achieve balance? No one knows.

* Of the options available in the new real estate data package, the ones that I cannot use are the Days on Market and the Ratio of Original List Price to Final Sold Price – both of which are far too easily manipulated.