Some are good, some notsomuch.
The HooK had a nice story on the state of the local condo market and Calculated Risk points out a story from the Washington Post.
If you’re researching the condo market in Charlottesville/Albemarle, start here for some of the backstory. Search for condos here.
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Median prices up? Yes.
Many more $$ houses on the market. Surprised to drive down the 1300 block of Rugby Rd extended the other day to see at least 5 houses for sale.
And if you do a CAAR search w/no $ parameters for Albemarle county, there’s what seems to be a ‘fire sale’ in Keswick. Thousands of acres and many homes offered for millions of dollars.
So isn’t this only part of the story?
“Oddly enough, first-quarter median house prices have risen, from $249,500 in 2007 to $279,500 this year in Charlottesville, and from (take a deep breath, County residents) $289,000 to $340,600 in Albemarle County for the same period. According to Philips’ report, the County’s $51,600 price jump has a lot to do with the decrease in condo sales…. “
The increase in Charlottesville is due mainly to new construction: Cherry Hill, Village Place, Huntley, etc. If the stats excluded all new construction, the numbers would be very different. I too got $279K as a median price for the 1st quarter, but once I removed all “new construction sales” including the new condominium project “the randolph” – the median price dropped to $228,500. Resale properties are struggling a bit in this market and having a hard time competing with new. Prices have to adjust accordingly.