Between the first of January 2006 to the 8th of January 2006, 225 properties were listed. For that same timeframe for this year, 132 residential properties have been listed.*
There were 23 price changes in this timeframe in 2006 versus 60 price changes in 2007. Without a way to determine whether these were changes upwards or down, this is honestly a bit of a shot in the dark; my very educated guess is that these price changes in 2007 were more down than up.
Witness this new construction property in Crozet that came on the market last June – it started at one million three hundred forty nine thousand and was just reduced to $899,000!
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NB: Contrast what follows with what was released in yesterday’s End of 2006 market report:
One factor that affects the DOM statistic is inventory. If inventory is low, then there are fewer properties for buyers to consider and properties sell more quickly. CAAR tracks the number of new listings that come on the market each quarter to help us monitor the inventory of available homes. As of early January 2007, our database has 2,504 homes actively listed for sale.
What that 2504 number includes is every county that is in our database! Including only our MSA (Albemarle, Charlottesville, Greene, Fluvanna and Nelson), there are as of 10 January 2006, 1672 properties actively on the market. See what a little digging into the numbers reveals?
For example, there are 184 properties on the market in Madison and Orange Counties – at least 35-45 minutes north and north east of Charlottesville. There are 14 on the market in Rockbridge County (home of my alma mater) – at least an hour and fifteen minutes away (realistically 90 minutes).
Less inventory is a good thing, at least in this transitional market.
* Albemarle, Charlottesville, Greene, Fluvanna, Nelson
* This post was inspired by Rob’s continuous tracking of his market. All real estate is local.
* I have not seen an analysis such as this anywhere else.
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What you have noted is that there is a lot more downside in high priced properties.
Typically, properties in urbanized or developed areas have higher prices AND higher taxes.
Which would you rather buy: a $500,000 dollar townhouse in Annandale or ten acres in Crozet with a modular home? There would seem to be al ot more upside in the latter.
That is one reason why we have what we call sprawl. We should recognize these facts for what they are, and capitalize on them. There is no reason why what we now call sprawl has to be ugly or ineffective. There is a reason why it is economical.
What we need to do is find a happy medium.