A clarification on their stats: There are 2595 properties on the market in the Charlottesville area, and 239 sold in July 2008, when defined as Albemarle, Charlottesville, Fluvanna, Greene, Louisa and Nelson. … I’ll be posting my own updated analysis in the next few days … it typically takes several days for all the data to be updated in the MLS.
Posts tagged Market statistics
2nd Quarter Market Update for Charlottesville Region
I’m not saying that we haven’t hit the bottom, but that calling it as such with so many unknowns and new variables in the equation would be the wrong thing to do right now, despite Lawrence Yun’s statement – ” Without Forecasts, we don’t look credible .” The Realtor update (1): 1st half 2005 : 115 had more than ten sides, 296 had more than five sides, 679 had at least one, with about five hundred or so not having a single transaction 1st half 2006 : 107 had more than ten sides, 285 had more than five sides, 740 had at least one, about four hundred fifty not having one. 1st half 2007 : 73 had more than ten sides, 232 had more than five, 687 had at least one, about four hundred with zero 1st half 2008 : 44 had more than ten sides, 169 had more than five, 619 had had least one, leaving about seven hundred with zero transactions so far this year. (out of 1201 sold residential properties) From the DP on Saturday : Many real estate agents may not manage to weather the moribund market before it solidly rebounds, Savage said.
Friday Links – 06-27-2008
“Basically what we all do now is go home, get out of our cars, close the garage door, and most people, if they’re lucky, know who’s beside them, but they don’t know who’s two houses up. … An automatically-generated analysis (via the Charlottesville MLS) of six representative properties in Albemarle County looks only at the difference between the Final Listing Price and the selling price, not the difference between the Original Listing Price and the selling price:
Charlottesville and Albemarle Sold properties by price range
As promised last week and with apologies for the delay, this is the breakdown by price range of sold properties in Charlottesville and Albemarle for the first quarters of 2004-2008.
… This is just for sold properties; I do analyses of inventory levels, absorption rates and number and percentage of under contract and withdrawn (likely due to rental) properties for my clients or for “paid-for” deeper analyses .
Charlottesville Area Market Update – June 2008
——————————- The Agent Update In 2007: From January through the end of May, 158 Realtors had more than 5 sides 45 had more than 10, and about 700 had not had one transaction In 2008: From January through the end of May, 74 have had more than 5 sides 24 have had more than 10, about 900 have not had one transaction Any Realtor who is not at least a little bit concerned about survival either isn’t paying attention or isn’t a full-time Realtor. … I didn’t know how long we’ve been in this cycle until I referred to this story – Sold Comps now matter less – from February 2007; and was a bit shocked that it had been so long since I had written it. 2005 
2006 
2007 
2008 
——————————- Median Prices of sold properties* – May 2008 – $274,000 May 2007 – $287,000 May 2006 – $264,000 May 2005 – $255,000 May 2004 – $227,998 ——————————- Outlook/projections : I have been saying that the recovery is nine to eighteen months away for nine to eighteen months.
One line market observation
When telling buyer clients how long a property has been on the market, saying “February” is not sufficient; I have to specify which February. 312 properties in the Charlottesville market have been on the market for more than one year (that’s about 13% of the inventory).
Charlottesville market report coming Monday
While I had planned to release the market report for the Charlottesville market today, I have noticed that even properties that closed ten days ago have not yet been closed in the MLS. In an attempt to provide the most accurate data, I’m going to wait until Sunday afternoon to write the report. (and I still need to find the best report to present the median price) Thanks for your patience.