A lot of homes in the Charlottesville area are going under contract quickly. A lot aren’t. Your market will vary.
In the County of Albemarle: there are (if the new MLS’ data is trustworthy) 794 active homes for sale – 394 homes marked as under contract; a whopping 188 of those have days on market of 7 days or less. 216 have days on market of 15 or less. 102 have days of more than 90.
In the City of Charlottesville: there are 168 active homes for sale – 94 homes marked as under contract; 34 of those have days on market of 7 days or less. 44 have days on market of 15 or less. 28 have days of more than 90.
Now, a snippet from this month’s note (a note to which I’m getting some truly great responses):
Albemarle County
New listings:
Single family homes: 258 vs. 241
Attached homes: 74 vs. 86
Condos: 28 vs. 26
Total: 360 vs. 353
# of Contracts:
Single family homes: 135 vs. 138
Attached homes: 335 vs. 338
Condos: 30 vs. 24
Total: 500 vs. 500
City of Charlottesville
Single family homes: 81 vs. 61
Attached homes: 9 vs. 13
Condos: 17 vs. 29 (5 of these are in the Waterhouse)
Total: 107 vs. 103
# of Contracts:
Single family homes: 109 vs. 94
Attached homes: 20 vs. 20
Condos: 27 vs. 26
Total: 360 vs. 353
For my clients, I pull data for the neighborhood, elementary school, street, property history, and more.
This is one such data pull – for this market band in the City of Charlottesville – at least 3 bedrooms, at least 2 bathrooms, between $300K and $600K, between 1 January and 10 March:
42 new listings last year versus 31 this year. 30 went under contract last year versus 20 this year. A key difference – a lot of homes are moving without hitting the MLS.
Your market – your market band – will vary. While a lot of homes are moving quickly, not everything is selling super-crazy fast. Don’t be pulled in by media and reports, no matter how enticing. In the MSA last year to this time, 50 of the closings in the MLS were foreclosures; this year that number is 33. Not everybody is being foreclosed on either.
Interested in Learning More?
I have been been representing buyers and sellers in Charlottesville, Albemarle, and Central Virginia since 2001. Get local insight born of experience.
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