Without a way to determine whether these were changes upwards or down, this is honestly a bit of a shot in the dark; my very educated guess is that these price changes in 2007 were more down than up.Witness this new construction property in Crozet that came on the market last June – it started at one million three hundred forty nine thousand and was just reduced to $899,000!—NB: Contrast what follows with what was released in yesterday’s End of 2006 market report:One factor that affects the DOM statistic is inventory…. Including only our MSA (Albemarle, Charlottesville, Greene, Fluvanna and Nelson), there are as of 10 January 2006, 1672 properties actively on the market…. For example, there are 184 properties on the market in Madison and Orange Counties – at least 35-45 minutes north and north east of Charlottesville. There are 14 on the market in Rockbridge County (home of my alma mater) – at least an hour and fifteen minutes away (realistically 90 minutes).Less inventory is a good thing, at least in this transitional market.* Albemarle, Charlottesville, Greene, Fluvanna, Nelson* This post was inspired by Rob’s continuous tracking of his market.
Browsing Category Greene
Central Virginia development moves on
The traffic study work session next month should be interesting.As always, Cvilletomorrow has much more information as well as a podcast of the planning commission’s meeting.Wal-mart is finally coming to Greene County!… There has been much discussion locally about the merits of Wal-mart, but I do know that my clients in Greene will welcome this addition to their community. Soon they won’t have to go to Culpeper or CharlAlbemarle, Yesterday at an open house for a new development, I was interested to see that their solution, as approved by the County, to the affordable housing situation is to provide affordable “accessory apartments…. More at the County’s website.Fluvanna’s clustering is moving forward and Daniel has his thoughts on the newest Fluvanna development.Housing inventory is up, but development plugs on, and for many, that’s a good thing.
Housing numbers are down
And inventory is up. Rates are low. Home price appreciation is slowing. Inventory is up. Significantly. note: as soon as I figure out how to upload an image via coding, rather than depending on my…
K Hovnavian slashing development
I moved this to its own story, from today’s “Links” post, because they represent the second builder (Ryan was first) to announce major changes. Interestingly, while local builders have seemingly made some significant changes to their pricing and development strategies, it is the national builders who seem most affected. Perhaps the smaller builders are more nimble and able to alter their course?… Hovnavian’s only development (of which I am aware) in the Central Virginia region. Ryan is everywhere in Central Virginia.Read the memo here.These new market conditions have affected us in many ways and will continue to affect us in the months ahead. In the area of land acquisition we have been re-evaluating our current land positions and the contracts for new land in the light of these new conditions. Many of those contracts no longer make good financial sense when you factor in lower prices and a slower sales pace. Time will tell …Inman has the story as well.
Following the Charlottesville area market trends
*Active in August 2006: 432Active in August 2006: 441% change: 2.08%Contingent: -28.74%Pending: -34.36%Sold: -21.95%Very, very interesting data. What do the data tell us about the Charlottesville and Central Virginia area’s real estate market?… The market is very good for buyers right now – good Buyer’s Agents are advising their clients that there is sometimes significant flexibility in asking and selling price. From a general market overview, properties are still selling for 97% of their asking price – not bad. In short, don’t believe all the doom and gloom reporting. The market is different. There are more houses on the market now than there have been in many years…. Not in my humble opinion – market “normalization/cooling/equilibrium” – whatever you want to call it – qualifies as a “good thing.”Daniel has the County-by-County breakdown.*Only for those properties in CharlAlbemarle, Fluvanna, Greene.
Market Data for July 2006
The past few months have seen some significant changes in our market. It’s not just the interest rates, though – they’ve actually gone down a bit of late…. *Active in July 2005: 456Active in July 2006: 418% change: -8.33%Contingent: -16.74%Pending: -29.31%Sold: -20.02%In short – the market has slowed…. Surprisingly, there were fewer properties on the market in July 2006 versus July 2005, but fewer of those are going under contract. The greatest jump in new-to-the-market inventory was in the second quarter of this year…. From an aggregate point of view, May, June and July – There were nearly 4% more properties on the market for this time period in 2006 when contrasted with 2005, yet not nearly as many going under contract. March/June/JulyActive: 3.82%Contingent: -2.32%Pending: -13.48%Sold: -5.62%Bottom line (except for the *): Real estate remains a wise investment. Everybody’s expectations need to be re-evaluated: buyers have time to decide, sellers need patience and agents need educating.*these are only for those properties in CharlAlbemarle, Fluvanna and Greene.
Morning links 04-10-2006
Hat tip to Outskirts.Low-tech productivity gains a following…. Whenever someone asks me what the best gadget is for x task, my answer has always been “whatever works for you.” It just might not be the new Palm with all the bells and whistles…. In one way, blogging is much like real estate – mutual collaboration is a major factor in one’s success. Despite my disdain for anything labeled a “buzzword” I think I like co-opetition. Locally, the cvilleblogs aggregator has contributed significantly to the local community.Growing traffic touches everyone.I changed the name…. I would love to know more about the goings-on of Walker Square. This marks two very negative stories I have heard (both first-hand) about Walker Square.