Charlottesville's Real Estate Blog. Buyer &/or Seller Representation, Real Estate News
Put simply – buyers want to buy. And a lot of them are tired of waiting.
Categorizing the Charlottesville real estate market:
– 20% distressed
– 20-30% is overpriced
– 20-25% is stuff that no one wants to buy
– 20% is in great condition, priced really well and is selling in under 60 days. *
Right now* there are 2122 homes on the market. 410 are currently under contract; 177 (43%!) have continuous days on market of under 30 days and 219 (53%) have CDOM of under 60 days.
I’ve written a lot, looked at a lot, and analyzed a lot. Over the past two days, I have looked at real estate market data specific to the Charlottesville MSA for nearly six hours (and I still have quite a bit yet to come, including updated median sales price numbers).* I’ve written thousands of words, and thought that a summary post may be useful.
Part One: Charlottesville MSA – Single Family & Attached Homes Placed Under Contract – First Five Months
Part Two: Charlottesville Real Estate Market Update: Transaction Volume for 2000 – 2011
Part Three: What’s Selling in Charlottesville? Single Family, Attached homes or Condos?
Even this real estate analysis is too broad; to really know what’s happening, you (and I) need to study the market segment relevant to you. Every segment is different and unique.
Broadly:
– Single family homes in Charlottesville MSA: sales up 1.5%, median sales price down 4%
– Attached homes in Charlottesville MSA: sales down 16%, median sales price down 3%
– Condos in Charlottesville MSA: sales down 17%, median sales price down 3.5%
What doesn’t Google know? Notes: – The foreclosures here may or may not be accurate. – The foreclosures here may not be timely. – We’re not as bad off as the other , extreme areas of the United States. … View Larger Map As seen originally on the Big Picture . These are all of the foreclosure homes listed in the Charlottesville MLS
Looking at the number of transactions so far this year* in the Charlottesville MSA – Charlottesville, Albemarle, Fluvanna, Greene, Nelson – for all kinds of property – condo, attached, single family, farms … in this dataset there are going to be outliers and anomalies, but with a set this large, we’re really looking for trending analysis. … Maybe we are witnessing the “new normal” for the Charlottesville real estate market, and it’s something that we’re just going to have to get used to.
…While dramatic increases in productivity could theoretically take up the slack, that may be too much to ask of a generation whose education, for the first time in American history, ranked in the bottom third of developed nations. … “The trend is most visible,†they write, “in the transition from a G-7 to a Group of 20 model of international decision making which includes influential and deep-pocketed developing countries like Brazil, China, India, Saudi Arabia and the United Arab Emirates.
Zillow hasn’t been in the three townhomes in another neighborhood in Charlottesville , one of which needs to be gutted, one with a moist basement and mold coming on a piece of ceiling hanging from the bathroom and another one that absolutely needs to be taken to the studs.
…The product of an automated valuation technology analysis, public record data, and computer decision logic combined to provide a logical calculated estimate of a probable selling price of a residential property. … An AVM typically includes: â–ª An indicative market value for many residential properties nationwide. â–ª The Tax assessor’s indication of value, if available. â–ª Information on a subject property and recent sales history. â–ª Comparable Sales analysis of like properties.
…Cyberhomes puts it at $184,842 , the price range is $166,357 – $212,568: Realtor.com – You have to agree to have a Realtor contact you to provide the report.
Slightly longer answer – I’d also wager that of those 47 homes that went under contract in the first 30 days, their selling price is probably closer to the original asking price than those homes that were put on the market 120 days ago.
… Think about it – while you might put your home on the market for $400k and it’s really worth $370k, the buyers know this . You likely won’t sell your home in the timeframe you need or want to; when you reduce your price to $380k in three months, you’ve (probably) been making mortgage payments and delaying the move to the next phase of your life that is dependent on selling your house.
…Schools in the Charlottesville area start around the third week of August (Albemarle – PDF), and we have about three months left before the annual doldrums set in.