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:

Charlottesville Area Association of REALTORS® © 2013 LIST-IT-1.jpg

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.

Charlottesville Area Association of REALTORS® © 2013 LIST-IT-2.jpg

Q1_2013 Cville Nest Report – Jim Duncan

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2 Comments

  1. Shirley sonia April 20, 2013 at 19:53

    You have posted awesome for realtor and real estate info finder .I liked it very much .I wanna help and share more secret info about real estate .It’s easy just follow me @emacneille and get details.

    Reply
  2. Simon Campbell April 24, 2013 at 07:09

    I see this statement often. At times we try hard to understand the real estate market and to predict what is coming down the road. Because the real estate market is so fickle and driven by so many individual factors, this is almost an exercise in futility. Last year we were looking at an absolute buyers market but suddenly the economy has changed and demand is causing a strong seller’s market in many areas.

    Reply

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