As always, if you have any questions or would like more information, please leave a comment or contact me. Looking back at the First Quarter Market report: And the surrounding regions â€¦ 2411. The number…
Days on Market : Of the 1927 residential properties on the market in Central Virginia: – 584 have continuous days on market (CDOM) of less than 30 days. – 890 have CDOM of less than 60 – 1126 have CDOM of less than 90 – 1143 have CDOM of at least 180 days – 458 have CDOM of at least 365 days – 78 have CDOM of at least 730 days (I’m posting this just because I was curious, so I thought you might be, too) Answering Joe’s question from my request for “what do you want to know ” (thanks to the CAAR report):- Regarding price reductions – I’m working on a way to display the sold data, but in the meantime, know this – properties that have significant (meaning at least 10%) seem to be going to contract fairly quickly.
… In Cville all categories: 1st QTR 2008 145 Contracts (54% under $300k) 1st QTR 2009 87 Contracts (71% under $300k) In ALB/CVILLE/FLU/GRN 1st QTR 2008 554 Contracts (54% under $300k) 1st QTR 2009 452 Contracts (71% under $300k) I’m no rocket scientist but I think this means when we come back and look at the CAAR report again end of 2nd QTR, median prices are going to move some more.
I see little nuggets like this – someone from Houston searched Google for – want to move to Charlottesville – and it seems that I have some work to do if I want to come up further on the first page of Google. If you want to move to Charlottesville, what are the questions you’d like to have answered?
My definition of Shadow Inventory, specific to the Charlottesville market – Homes that are still for sale but have been withdrawn from the market for any number of reasons – to make the home appear less “stale,” to take a break for the holidays, or most likely – because the seller was unable to sell the home and was able to rent it, even though that rent may or may not pay the monthly mortgage … … I’m working on finding how many housing units we have in the Charlottesville area … as I noted earlier this year , Albemarle County and the City of Charlottesville had .03% and .02% respectively of housing inventory as being in foreclosure … if that were to triple (and I suspect this might be likely), we’d have a real shadow inventory issue to deal with.