Brief Market Snapshot for Charlottesville Area – May 2013

Homes are selling fairly well in the Charlottesville area. For this post, I was looking less at house prices, where things are selling, etc. and more for a snapshot of the market’s speed.

Per the Charlottesville MLS (and acknowledging that the numbers will shift as end-of-the month-closings are entered into the system:

Some things are looking pretty good … Initially I was working with data from the Charlottesville MSA, but I had to pull the data apart and limit my query to Charlottesville and Albemarle, single family and attached homes. I wasn’t looking for hard numbers (yet) but more a sense of how fast things are selling, and hopefully what the list-to-sale ratio was in April.

In Charlottesville and Albemarle in April, for only single family and attached homes (not marked as “new construction”: (yeah, I know this would look super-cool as a snazzy info graphic, but we make decisions based on data and insight rather than pretty pictures, right? 🙂 )

– 112 122 homes sold in April in Charlottesville and Albemarle

– 8 had continuous days on market of 3 or less — average DOM was 2; homes sold for 99.3% of the asking price – Price per square foot: $151

– 32 had continuous days on market of 15 or less — average DOM was 7; homes sold for 98% of the asking price – Price per square foot: $145

– 43 had continuous days on market of 30 or less — average DOM was 10; homes sold for 97.8% of the asking price – Price per square foot: $143

On the other side of the days on market conversation:

– 43 had continuous days on market of 90 – 120 days — average DOM was 189; homes sold for 94.6% of the asking price – Price per square foot: $148

– 10 had continuous days on market of 120 – 180 days — average DOM was 140; homes sold for 95.5% of the asking price – Price per square foot: $143

– 25 had continuous days on market of > 180 days — average DOM was 240; homes sold for 93.9% of the asking price – Price per square foot: $154

Short story: YOUR MARKET will vary. But – price your home just right you’re going to be better positioned to sell your house faster for closer to the asking price. Here’s the thing – there’s an outside chance you might sell your home for a little bit more if you wait for that one buyer.