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