For the Charlottesville area* – There are currently 2191 properties on the market.235 have been on the market for more than one year.507 have been on the market for more than nine months.921 have been on the market for more than six months.1432 have been on the market for more than three months.1769 have been on the market for more than one month.While Days on Market is notoriously manipulated by Realtors it does provide a good guide to the market.
Browsing Category Market statistics
Delaying posting market data
Until the first week of March. It will be more useful to wait until the first quarter is in full swing before posting any further analysis, other than anecdotal evidence.Today’s release of national real estate data shows that home sales are down nationally, and the Calculated Risk has typically insightful analysis…. this data gives more insight into the psychology of today’s buyers and sellers and not so much into the Central Virginia real estate market. In the meantime, check here for all stories I’ve written about the local market.
Charlottesville real estate market update for January
Surprise.There is significant, almost palpable fear in the market right now – from Realtors to home inspectors to builders and subcontractors to buyers and sellers (and not all will survive)…. Fear is not a fundamental.In a nutshell -If you are considering buying in the Charlottesville area and living in the house for four to five years (and perhaps a shorter timeframe, depending on various factors) – interest rates are historically low and sellers are negotiating more than they ever have before…. What the house across the street sold for is likely as irrelevant to determining market value as your new assessment.For both buyers and sellers – look beyond the headlines…. (for some, not all)”Residential homes that went under contract in January in the Charlottesville region*:2008 – 1522007 – 2302006 – 2372005 – 2182004 – 2692003 – 262Under Contract and Sold in Charlottesville/Albemarle:2008 – 105/662007 – 158/1022006 – 160/1262005 – 146/1282004 – 168/97Or, by a graphical measure to show the amount of inventory:*Albemarle, Charlottesville, Fluvanna, Greene, Nelson – including single family, attached homes and condos.
Quick housing inventory update for Charlottesville real estate market
In light of the national new-home sales numbers showing their largest drop in 12 years, here is some local context. These are for all inventory, re-sale and new homes; I don’t trust the MLS data sufficiently regarding new homes sales.December 2003 -215 residential properties sold.December 2004 – 249 residential properties sold…. 1922 active units on the market = 10.01 months of inventoryDecember 2007 – 138 residential properties sold. 2169 active units on the market = 15.72 months of inventory*The MLS now only allows statistical analysis reports back only three years, so I am unable to pull inventory data for anything earlier than January 2005.** These numbers are for Albemarle, Charlottesville, Fluvanna, Greene & Nelson Counties.
Vacant House update for Charlottesville area
For Albemarle, Charlottesville, Fluvanna, Greene, Louisa and Nelson, there are currently 2,012 active residential properties on the market – 36% of these are vacant.In the Waynesboro MLS, there are 1107 properties on the market – 46% of these are vacant.What does this mean? Buyers are in the drivers’ seat, and showing houses is much easier.
Lawrence Yun in a fit of candor
I don’t mean to pick on the guy, I really don’t; I am honestly grateful that he is quoted as saying something blunt and candid.The National Association of Realtors reported Thursday that sales of single-family homes fell by 13 percent last year, the biggest decline since a 17.7 percent drop in 1982. The median price of a single-family home fell to $217,800 in 2007, down 1.8 percent from 2006.It marked the first annual price decline on records that the Realtors have going back to 1968. Lawrence Yun, the Realtor’s chief economist, said it was likely the country has not experienced a decline in home prices for an entire year since the Great Depression.People want honest, clear analysis of the local real estate market.For those who read them, who do you trust more – the NAR, Calculated Risk or The Big Picture (or yours truly for local) for cogent, thorough real estate analysis?{democracy:9}Take a look at the aggregate data from the Charlottesville area for the past 5 years – what are your predictions?
Quick market update for Charlottesville MSA
I have argued that we in the real estate world track the real estate market too closely, parsing short-term data and drawing immediate conclusions in a world that demands long-term analysis. With that caveat, this is some interesting data:From 1 January 2003 to 17 January 2003:120 properties went under contract and195 were listed *From 1 January 2004 to 17 January 2004:133 properties went under contract in and193 were listedFrom 1 January 2005 to 17 January 2005105 properties went under contract in and202 were listedFrom 1 January 2006 to 17 January 2006129 properties went under contract in and389 were listedFrom 1 January 2007 to 17 January 2007109 properties went under contract and351 were listedA quick look shows that supply is up, and demand is about the same. The first quarter market report is going to be interesting.*Albemarle, Charlottesville, Fluvanna, Greene, Nelson**I intend to include Louisa, Augusta and Waynesboro in the data this year, but … for historical data I need to exclude them, as they have only recently become part of our market and MLS.