Here is the report produced by the Charlottesville Area Association of Realtors.(pdf) More commentary and analysis to come …

This is what I said on NBC Channel 29 this afternoon:

Home sales also got a boost from the first-time homebuyer tax credit, but some fear all that tax has provided is false hope.

“I think that buyers that are choosing to buy strictly because they’re going to get a tax credit are probably buying for the wrong reasons,” stated Jim Duncan of Nest Realty.

Though things are looking up, Duncan says this market still is not great for sellers.

“For some sellers, they’re pricing their homes based on what they need to make,” he explained. “But the market does not care what the sellers need to make. The market is what it is.”

Even with the first quarter improvements, realtors are still not sure how the future will shake out.

“I think we’re in for a tough ride in 2010, maybe into 2011,” said Sloan. “But I think we’ve returned back to somewhat normal. We got a little crazy there in ‘05, ‘06.”

“There’s a lot of fear, and there’s a lot of uncertainty in the market,” said Duncan. “We don’t know what’s gonna happen with new construction or interest rates or the greater macroeconomic levels.”

Both realtors are giving advice; they say well-priced homes are selling, so sellers need to remain realistic about what they ask for and expect to get. They added that buyers are in the driver’s seat to be able to offer what they think is a fair value.

Charlottesville Area Association of Realtors 1st Quarter 2010 Real Estate Market Report