Download the Nest Report here, dig in, ask questions, and remember – this is a snapshot of the total market. Your market will vary, whether that’s a condo in the heart of downtown Charlottesville or the outskirts…
Download the Charlottesville Mid-Year Report; ask questions, get educated. In this report, we cover the City of Charlottesville (sales are up, days on market down), Albemarle County (same), Greene, Nelson, Louisa and Fluvanna. We’re seeing mostly positive trends…
If you look solely at the numbers, it looks like housing inventory is up. Not so.
Iâ€™ve been thinking for months that weâ€™d be seeing more housing inventory on the market by now. Itâ€™s not yet here.
Comparing the first 9 days of February of this year versus last – 116 new listings came on last 1-9 February versus 50 this 1-9 February.
For the MSA (Charlottesville, Albemarle, Fluvanna, Greene, Louisa, Nelson) – 84 this 1-9 February and 210 last 1-9 February.
I’m confused. I know this: I have buyers who are looking for homes to to, and we canâ€™t find them. I get emails frequently from buyersâ€™ agents who are looking for homes for their buyers, and they canâ€™t find them.
If youâ€™re interested, hereâ€™s a bit more data:
Update 18 February 2014: this is not merely a Charlottesville – Albemarle MSA trend. Redfinâ€™s post today is outstanding.
Redfin agents say the downturn in demand is uneven. â€œThe picture-perfect homes are selling just as fast as last year, often drawing a dozen or more offers,â€ according to Redfin Washington, D.C. agent Philip Gvinter. â€œBut now the undesirable properties that would have sold in a few months last year arenâ€™t selling at all. The biggest change is in between, with the sort-of-desirable homes. Last year, these homes got multiple offers and sold quickly. Now, they are getting only one offer during the first week, sometimes having to reduce their price, and the home is taking three to six weeks to sell.â€
1 – Inventory is low – (good for sellers, not so good for buyers)
2 – Interest rates remain low
3 – Prices (in many market segments) have stopped dropping, and are largely increasing.
4 – Sales volume is up across the board
5 – As always, do your own, supporting due diligence; your market will vary.
Click through to read the full Nest Report.
– Days on Market (an inherently flawed data point) are down in Charlottesville, Albemarle and Fluvanna.
– Average Sales prices are down (not surprising)
– Total sales across the MSA are down (not surprising)
– More buyers are looking to be closer in/closer to stuff
– Good properties are selling and selling quickly
– Interest rates remain low – a good thing for buyers.
– I think we may have pulled the spring market forward a bit; the early spring may have pulled transactions into the earlier months of the year.
Dead simple Takeaways:
– Buyers: do your due diligence, don’t let emotion enter the equation and make sound, rationale decisions with the intent of holding the property for at least five to seven years
– Sellers: do your due diligence and realize that buyers most often don’t have to buy, but want to buy – it’s your job to make them want to buy your house. This means: price, presentation, perfection â€¦ and a great location and setting.