The #1 Question buyers and sellers ask – whether in the conference room, the coffee shop, beers or dinner, is “how’s the market?” The underlying question tends to be a variation of, “can I sell?” or “should I sell” or “can I buy a home” or “should I buy a home”?
Update: NBC29 had a nice report last night and I’ve immensely glad they used what I’ve been saying for years –
“Get advice on what this report means to them because the report gives them good guidance but every market truly is extremely localized. The Charlottesville and Albemarle areas can vary neighborhood by neighborhood, street by street,” Duncan said.
For example –
I was pulling some data this afternoon on condos in the City of Charlottesville. Comparing 3rd Quarter 2014 with the 3rd Quarter 2013, condo prices in the City were up about 15%. But. Looking at the data a bit more granularly:
In 3rd Quarter 2013, 32 condos sold in the City versus 22 in the 3rd Quarter 2014 … and one sold in this 3rd quarter for $1.1 million, with the next highest sold price being $485k. Compare that with the 3rd Q 2013 where the highest sold price was $450k.
The data matters, but the context – and relevance to your particular situation – matters more.
The below reports will provide some top-level insight, but be cautioned … top level analyses provide just that – insight into what others are able (or unable) to accomplish.
More digging to be done, but for now here is CAAR’s 3rd Quarter Market report.
The Nest Report will be released a bit later today has just been released – Download the 2014 Q3 Charlottesville Market Nest Report.