I’ve been wondering for a long time what the new normal in the Charlottesville* real estate market is going to look like over the next few years. Today’s is a post posing a question rather…
Be patient, be smart, be informed … but if you find a house you love and you plan to stay for a while, why not consider buying? … And the doldrums are right around the corner: So where do we go from here? Schools in the Charlottesville area start around the third week of August … and we have about three months left before the annual doldrums set in. … Let me know and I’ll likely help in any way I can .
Where are the College Bubble Blogs? Why is the same amount of vitriol not conveyed upon higher education institutions? The Higher Education Bubble: It’s About to Burst
…Found via TaxProf Blog , via Instapundit .
If the fact that home sales are down, relative to previous months and years, comes as a surprise to you, you probably haven’t been paying attention. … And part of that “is” is that last month in Charlottesville and Albemarle, 85 single family homes closed and 22 attached homes closed. … Attached Home Home Closings in July for the past ten years : Single Family Home Closings in July for the past ten years : Now, looking back of June and July for the past ten years … The Spike in 2009 seems to be new construction attached properties in Abington Place , Brookwood and the Pavilions at Pantops (more on new construction’s impact on MLS data in a later post). Single Family home closings in Charlottesville and Albemarle for the past ten years:
Keep in mind that below we’re looking at the moving median price for the entire Charlottesville MLS – inclusive of the Charlottesville MSA (Charlottesville, Albemarle, Fluvanna, Greene, Nelson) as well as outlying areas such as Madison, Waynesboro, Rockbridge, etc. … But … it seems that the median price has been increasing after the expiration of the homebuyer tax credit . Looking at the moving median price for the past year … And for the past five years … I wish this chart allowed for more than five years, but stay tuned, we have some interesting things in the works at Nest . See all posts in the Friday Charts series . … Foreclosure charts courtesy of RealtyTrac : For Albemarle County: For the City of Charlottesville : For Palmyra in Fluvanna County , which includes Lake Monticello : (they have more foreclosures per capita than Charlottesville or Albemarle) Of course, God only knows what our government might do … all of our analysis would be for naught.
A slightly different Friday Chart , as election season is heating up. One of the questions I get from buyers moving to the area is, “What are the politics like around here?” … As of yet, political leaning is not yet a protected class, so I start with this analogy – The City of Charlottesville and the County of Albemarle are sort of like estranged parents who keep it together just enough so that the kids (in this case, residents) survive. … Luckily, we can do that – Find out who is giving how much and to whom at VPAP . … (I wonder how much good could be done with $2.3 million ) Top political donors in Albemarle County .
We’re still reeling from the effects of the homebuyer tax credit and relaxing in the traditional late-summer lull, but I think we may see a pickup this August and September. I also think we may be in the eye of the hurricane.
… the numbers don’t add up because three of the 192 were “proposed” – meaning new construction. They’re not supposed to count towards the numbers, but such are the vagaries of the MLS.