I’ve said it before. Case Shillerâ€™s Perspective on the Charlottesville real estate market summed up in one phrase: it doesnâ€™t exist.
As I said this morning on Google+ –
So we’re getting ready to widely release Nest Realty’s 4th Quarter 2012 Nest Report … there’s some interesting data and analysis in there.
Combined with the reports I’m hearing from agents about the massive traffic at open houses, I’m thinking that *pockets* of the Charlottesville – Albemarle real estate markets are likely to see some stability & even price increases this year.
As far as Case-Shiller and the NAR? They don’t track our market. They’re good insofar as they give insight into other markets and their respective psychological impacts are interesting but not particularly relevant to our local market.
Here’s Nest’s 4th Quarter report – (Download your copy of the PDF here)
What we’re seeing is this:
– Buyer activity is up. Way up, over the past few months and years
– Multiple offers on desirable properties are becoming almost common place
– Foreclosures and short sales are going to be with us for a long time
– Buyers want to buy. They just don’t want to buy crap or overpriced homes.
– (some) Sellers are becoming more realistic.