Home Sales in Charlottesville Down, Contracts Up, Market Turning?

YOUR market will vary.

Even though this is what we believe to be an extremely accurate market report, it’s still a broad-brush report.

Mill Creek will have different inventory levels and absorption rates than will Old Trail, or the Gleason condos. As will different price points. i.e. – low absorption rate at $1 million + , high absorption rate in the $300k – $400k price point.

Dig in, get educated, ask questions, either in the comments below or email or call me anytime.

This is an example of how saying “sales are up” or “sales are down” doesn’t tell the whole picture.

For all residential sales year to date in the Charlottesville MSA:

Very broad takeaways –

– Inventory levels across the MSA are up, sales are down.

– Quality inventory is anecdotally way down

– In some market segments, multiple offers are common place.

– New construction is going to be a huge market segment – for better or worse.

– Being prepared to act fast – whether as a buyer or seller – is crucial.

The full report is embedded below, or download it here.

Looking at some numbers a different way – (for Charlottesville, Albemarle, Fluvanna, Greene, Nelson):

Summary of this image – Inventory is down, sales are down, but Contracts are way up. Contracts are a much better indicator that closed sales as to what the market is doing right now.

Q1_2013 Cville Nest Report – Jim Duncan