Posts tagged charlalbemarle

Real Estate Round Up – Charlottesville Real Estate Market Update – May 2011

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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%

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What Does “Livability” Mean in Charlottesville/Albemarle/UVA?

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What do they hope to produce that will allow people of the Central Virginia region to move from here to there more efficiently, whether on foot, bike or automobile? … These include: • A performance measurement system, • a common land-use and transportation map, • identification of specific “livability strategies,” • recommendations for changes to local regulations, and • a plan for voluntary changes by the public and organizations to improve livability in the community.

…“It’s an opportunity to get in and learn a little bit about what we have been doing in past plans that gets us where we are right now,” said Cilimberg. “Part of this is a little bit of history and how we have evolved to where we are as a community in our planning processes.”

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Four Positive Signs about the Charlottesville Real Estate Market

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1 – Stabilizing real estate assessments – some are legitimately up, some are legitimately down; while they are irrelevant to market value – they do affect consumer sentiment & perspective . 2 – Unemployment has declined to a two year low . ( more ) 3 – I am hearing this more and more from buyers with whom I am working: “She is in no immediate rush but she is aware that this is probably the bottom of the market so would like to capitalize on that.” … I just returned from FiberLight’s ribbon cutting ceremony at the Omni Hotel in Charlottesville, and I am very excited about what they are doing, what they plan to do and what this may mean for the Charlottesville region. More to come on how this will affect businesses, consumers and most importantly (to me at least), the Charlottesville real estate market.

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Charlottesville Real Estate Market Update – October 2010

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October 2010 marked the 4th straight month that our sales in the Charlottesville MSA were  down.   The 9 straight months of month-over-month sales increases is in danger of being completely wiped out.   And sales in Oct 10 weren’t a little off as compared to Oct 09, they were WAY off.  … After 2 straight months of being just a few sales short, October proved to be the second worst month in the last year (July sales were off a whopping 36%).

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Making Sense of it All – Where Is the Charlottesville Real Estate Market Going?

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At the very least, I would venture to say that with housing starts and homebuilders’ stocks failing to reach new lows after hitting bottom well over a year ago, one can say with some degree of confidence that we have seen the worst of the housing recession.

…This trend — increased “outflow” and slightly reduced “inflow” foreclosure activity — means that lenders and loan servicers are 1) giving up on modifying mortgages when the borrower can’t pay, and instead repossessing homes and auctioning them off, but also 2) trying to manage the foreclosure pipeline to minimize the downward pressure on home prices. … For starters, a multiyear tidal wave of foreclosure sales has been inevitable ever since the housing bubble burst: Too many people had mortgages they couldn’t afford to pay, mortgages with a face value higher than the home’s new market price. … And then I’m hearing that: – There are 7 million foreclosures in the pipeline – what might those do to housing prices? – Some banks are seeking to vacate the lending business altogether. (from a conversation, no link) – Banks are delaying short sales in anticipation of Here’s the problem with politics – while I appreciate the necessity to achieve a “balancing act” it’s time to make a decision.

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