For many, the Charlottesville – Albemarle real estate market is great.
For some, it’s fine. For buyers, it can be profoundly frustrating. For sellers whose houses aren’t selling, the headlines touting the strength of the market are confusing. There are still homeowners whose houses are underwater, for whom the broad headlines and talking points are infuriating and confounding. For a lot of sellers, now is a fantastic time to sell … but, if you’re moving locally, where would you buy?
Download the 1st Quarter 2017 Charlottesville Nest Report here! Download the full report, digest, process … and ask questions. (seriously. call me anytime – 434-242-7140) Your market will vary.
3 KEY TAKEAWAYS
1. Examining the numbers for the Charlottesville MSA (Albemarle, Charlottesville, Greene, Nelson, Fluvanna, Louisa) as a whole highlights the importance of evaluating micro markets in addition to the larger picture when making real estate decisions.
2. Broadly speaking, inventory is down moderately at 2%, but contract activity is up significantly along with an 11.5% year-over-year increase in average prices.
3. We experienced an upward tick in attached home sales as a percentage of the entire market, rising to more than 16% of the total market up from 14% in Q1 2016.
I started this blog in 2005, in the midst of the boom. I’m seeing commentary now that is, frankly, reminiscent of those times.