Posts tagged charlottesville new construction

When Evaluating the Charlottesville Real Estate Market, IGNORE National Data

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Take your lede : – Home sales up 14% in Charlottesville and Albemarle year over year. – Home sales up 19% in Charlottesville MSA year over year. – Foreclosures continue to climb in Charlottesville and Albemarle. – Questions abound regarding second half of 2010; where will we find the bottom of the market? – If you have questions about or would like more detailed analysis, please contact me.

…Simple (though notsoumuch in reality) What I’m reading: – Harvard’s State of the Nation’s Housing Market (PDF) and listening to an excellent podcast with Nicholas Retsinas , Director, Harvard University’s Joint Center for Housing Studies . (did you know that there was an exhibit at the Smithsonian on McMansions ?) – Core Logic’s Home Price Index Report for April 2010 – Virginia’s Housing Price Index, for single family homes year-over-year, is up 6.5%; for single family homes excluding distressed properties, is up 3.6%. Virginia is one of the five best states for year-over-year price appreciation excluding distressed sales .. but mostly that’s irrelevant in my opinion as the bulk of those sales are most likely comprised of Northern Virginia sales. – The Federal Housing Finance Agency’s House Price Index for First Quarter 2010 The FHFA (formerly OFHEO) say that in the Charlottesville MSA house prices have dropped 6.98% year over year, 1.86& in the 1st Quarter 2010, and have appreciated 12.68% over the past 5 years .

… Home Sales are Up 19% year over year in the Charlottesville MSA: Sales are up in Charlottesville MSA Year over year.jpg Homes sales are UP 14% in Charlottesville and Albemarle : Home Sales UP in Charlottesville and Albemarle - 2010 versus 2009.jpg One point: Charlottesville’s Unemployment is lower than the national average. Charlottesville's Unemployment is lower than the national average. Prime example of the irrelevance of national, aggregate housing data, which is good only for political talking points and respective agendas: Foreclosure starts for the nation and Charlottesville and Albemarle: National foreclosure data, courtesy of the HUD Scorecard, using RealtyTrac data: National Foreclosure data - Mildly irrelevant For Charlottesville, using RealtyTrac : Charlottesville Foreclosure Rate and Foreclosure Activity Information - may 2010 For Albemarle County, using RealtyTrac: Albemarle County Foreclosure Rate and Foreclosure Activity Information - Trends Albemarle County Foreclosure Rate and Foreclosure Activity Information - May 2010 What have median home prices done in Charlottesville over the past five years?

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My Clients’ New Home in Charlottesville

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Thanks to Latitude 38, this is their new home in the City of Charlottesville : I’m always astounded when builders manage to actually fix the bajillion pieces together. I’m grateful to have wonderful clients who worked with a great builder to make this happen. Located on Mulberry Avenue near Cherry Avenue, another young family is moving in today and have plans to soon add a chicken coop and vegetable garden out back. … Note that there is a stream running through the front yard, so we built a bridge to access the house from the driveway.

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