I am currently marketing a condo in Turtle Creek*, have been for a couple of months and through a couple of price reductions (the most recent of which was a $10k reduction yesterday)…. I continue to think that Turtle Creek remains a wise purchase, primarily from a quality of life perspective – it is well-located, generally well-run and perhaps most importantly, well-built (and it’s not a condo-conversion).This year, 26 condos have come on the market…. 7 went under contract in that timeframe.In 2005, 9 condos came on the market between 1 January and 1 June and 6 went under contract. In 2004, 11 condos came on the market between 1 January and 1 June and 10 went under contract.Notice a trend?* I generally do not discuss properties I am marketing, but this one fits in line with the greater real estate market in Charlottesville, and the condo market specifically.
Browsing Category Market statistics
Charlottesville MSA real estate still appreciating
Albeit slowly.
Nearly mid-year market data for Charlottesville and Albemarle
Not that she needs it, but she deserves credit for presenting an accurate, non-threatening/non-emotional picture of the current real estate market in the Charlottesville/Albemarle region…. That’s about 600 more than at the same time in the hot market of 2005.Making the picture even darker for sellers: average days on market in April was 120, up from just 66 days in April 2005, when sales were blazing…. Taking the list date out of the equation, 1088 residential properties have gone under contract so far this year (just in Charlottesville/Albemarle)There is more accumulated inventory in the market right now. Properties are selling, but at a slower rate that we are used to.* NB: for the month of May, I went only to the 30th rather than 31st for consistency’s sake.* NB: all residential properties are included, including condos.** big note: In this PDF showing inventory history, “Current Inventory” is apparently defined as Active and Contingent properties.
Albemarle’s growth so far this year
Brian Wheeler’s excellent analysis continues. Two things surprise me – 1) Building permits don’t seem to have dropped off in light of the market shift. 2) This year, far more permits have been issued in the development area versus the rural area – a very good thing. Gratuitous endorsement: Brian is running for re-election to the School Board and has done more for transparency in local government than anyone else I can think of.
Buy now in the Charlottesville market or wait?
I am glad to continue renting if sellers are unwilling to lower their prices to account for the fact that the market has changed and real estate prices are unlikely to appreciate much in the near future (see, for example, the recent New York Times aricle entitled “A Word of Advice During a Housing Slump: Rent”)…. I realize that most sellers are probably not going to accept an offer well below their asking price all at once; rather, they are probably going to reduce their asking prices gradually until someone makes an offer reasonably close to what they are asking…. More on assessments at cvillenews.A brief analysis of homes sold in the MLS between $$500k and $600k since the first of the year comparing their sold price to their asking price and the assessed value found, unfortunately, very little consistentcorrelation.Right now, when searching for buyers, I tend to search prices 15%-25% higher than their “comfortable” price range (not the maximum they are pre-approved for, but comfortable) because often, price is not the greatest determinant when sellers are considering offers.The decision of whether to buy now is one that should be made with (far) more consideration than was necessary in the past five to seven years…. With input from our parents, the state of the market right now, the small time frame that we’ll be here in Charlottesville, etc, we just don’t think it’s the best move for us right now.I feel bad because I know that you put in a lot of time and effort for us and we appreciate it very much.
1st Quarter Market Report released for Charlottesville area
The word of the day is “transitional.”My initial analysis from last week is here. When the final report is released by the Charlottesville Area Association of Realtors later today I will link to it. Update 04-17-2007: Here it is.Make no mistake, there are an awful lot of buyers out there – they are taking their time, educating themselves and buying smart. Nevertheless, many properties that are well-priced are seeing multiple offers.
1st Quarter Market Report for the Charlottesville area
In this quarter for the CharlAlbemarle Market:From 1 Janurary 2006 to 5 April 2006 in Charlottesville/Albemarle, there were 259 price changes and there were 451 price changes in 2007. There is no way to discern whether these were all price reductions, but a reasonable assumption is that the vast majority of the changes were downward.476 properties (single family, attached and condos) sold in 2006 and 342 sold in 2007.665 went under contract in 2006 and 635 went under contract in 2007.1555 were listed in 2006 and 1216 were listed in 2007.For the entire MSA**:2148 were listed in 2006 and 1850 were listed in 2007.943 went under contract in 2006 and 888 in 2007.715 were sold in 2006 and 532 were sold in 2007.* Source: Charlottesville Area Association of Realtors MLS, whose data is “good enough for now”** Charlottesville MSA = Charlottesville, Albemarle.