Now â€¦ if Crozet had a hotel, visiting apple pickers could stay overnight. 🙂
The news and trends in the Charlottesville market are mostly good.
– Distressed sales are down (but they’re still out there)
– Well-priced homes that are turnkey are typically going under contract in under 60 days. Quality inventory remains a challenge.
– Prices seem to be up across the board.
– Note that these are broad overall trends. Long-time readers know my caveats that “single family homes in Charlottesville City” means all single family homes in the City of Charlottesville â€¦ those that are priced below $200k and those that are priced above $600k â€¦ and everything above, below and in between. See the chart below for a reasonable justification for questioning all data.
Download the full 3rd Quarter Market report here or click through to read an embedded version.
I have long told my daughters to question everything and never accept at face value what they’re told. Same goes for real estate data.
What’s the list to sales price ratio for homes in Charlottesville?
It’s a good question.
The list to sale ratio is a great number to know – whether you’re buying a home, selling a home (or advising buyers or sellers). This ratio is a solid indicator the movement of the market, whether sellers are pricing well and correctly and whether buyers are paying close to asking price. Unfortunately, at its aggregate, it’s a garbage number. If you’re trying to use this data point as you try to figure out the market – ask questions. Always.
I randomly picked 10 sold homes from the Charlottesville MSA across the price ranges from $100k to one million. (I did this last in 2010 in which I chose 6 homes â€¦ the results were the same.
– No foreclosures or short sales
– Sold in September 2013
– No new construction
– Determining Days on Market was a challenge as well. Some of the homes I selected were on the market for less than 30 days while I made an editorial
Take the below for example. The “Original List Price” for this listing was $439,000. The actual original listing price was $510,000 – when the home was listed previously with another firm.
– Taking the top level analysis from the MLS yields: the list to sales price ratio was 94.9% of asking price.
– Running the numbers manually puts the ratio more in the 88% range. (if you were to include the listing prices from the original list date ~ 4 years ago â€¦)
– The real, actual list to sales price ratio for the randomly-selected homes – just over 80%.
This story is neither scientific or necessarily representative of what the market-wide list to sale price ratio may be. This is merely a reminder to question. Everything.
Shenandoah National Park may be closed, (how ’bout re-opening them, Virginia?) but the leaves are still changing colors. If you’re looking for some of the better colors, the Virginia Department of Forestry has put together some driving tours in Central Virginia.
Heck, made a day of it and make some stops on the Brew Ridge Trail (Devils Backbone has The Festy this weekend) or the Monticello Wine Trail. We don’t need the federal government to provide natural beauty for us.
Charlottesville Tomorrow reports that the Albemarle County planning commission recommended approval for the Costco gas station. In a completely non-snarky way, I’m wondering how what input the Albemarle County Architectural Review Board will have as to how to integrate Costco and its gas station so that it is compatible with surrounding “historic sites“. Some googling reveals some fairly generic designs â€¦ Low expectations may be in order.
Also, will this Costco have solar panels?
My once-a-month note is 99% ready and I’ll be sending it out today. If you’re interested in stuff I don’t publish elsewhere or if the posting schedule of my blog is too frequent, this could be just the read you’re looking for (and don’t know you’re missing!)
The only consistent feature is a quick market roundup; everything else is varied – some real estate, some not.
If you’re interested, you can subscribe here. (remember – it’s a two-step process)
Update: It’s done. If you’re interested, sign up and I’ll send it to you asap.