Looking at Numbers in the Charlottesville Real Estate Market

Some segments are moving, some are slowing, some are stagnant in the Charlottesville area real estate market. Start with this caveat – these are broad numbers that should be taken broadly. I’m going to write about this in more depth in this month’s note.

Looking at:

– Charlottesville + Albemarle

– Single family, attached, condos

– Not specifically looking at new construction data, as these contracts are not necessarily entered

– 1 January – 24 March, 2014 vs 2015

  • In the $200k – $400k segment: 30% more contracts this year than last
  • In the $400k – $600k segment: 12% fewer contracts
  • In the $600k – $800k segment: 8% more contracts
  • In the $800k – $1 million segment – 57% fewer contracts*
  • In the $1 million – $2 million segment – 44% fewer contract*

Note also that this doesn’t reflect canceled contracts – whether for new construction or resale transactions.

* My perception is that the $800k + range has more pocket listings, but this year, the Charlottesville MLS has removed one of the greatest incentives to enter data into the MLS. I’ve written before; I trust the MLS data less this year.

Questions about the market or data? Ask me anytime.

 

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3 Comments

  1. concerned user of MLS March 25, 2015 at 12:59

    Mr Duncan, please tell us what that incentive is that is now missing from MLS?

    Reply
  2. concerned user of MLS March 25, 2015 at 13:00

    hi Jim, what is it that has changed about MLS that makes it much less likely? Like a good lawyer I think I know the answer to the question but I’d like to see you say it.

    Reply
    1. Jim Duncan April 1, 2015 at 05:36

      Simply, the MLS no longer offers the ability to compare how agents are doing. We’re a competitive bunch and the removal of this report has removed an incentive to enter information into the MLS. In my opinion. I could be wrong, but I think there’s something there.

      Reply

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