I’m going to be running numbers next week – give some time for realtors to enter the closings in the Charlottesville MLS and for the delayed (there are so many*) closings to finally close.
This is just a primer for what is likely to be a long and comprehensive post next week.
Contracts written 5/1/11 – 6/28/11:
Single Family Homes in Charlottesville and Albemarle : 213
Attached homes in Charlottesville and Albemarle: 70
Condos in Charlottesville and Albemarle: 51
Contracts written 5/1/12 – 6/28/12:
Single Family Homes in Charlottesville and Albemarle : 255 (up 16%)
Attached homes in Charlottesville and Albemarle: 70
Condos in Charlottesville and Albemarle: 32 (down 37%)
Looking at the above data, a quick conclusion could be reached that more buyers are shifting towards purchasing single family homes as home prices have dropped. Next week, I’ll separate the City from the County, product mixes, and the rest of the Charlottesville MSA.
These numbers are likely representative, but not an entirely accurate picture of the Charlottesville real estate market because most closings tend to happen at the end of the month … come back next week.
Closed sales 5/1/11 – 6/28/11:
Single Family Homes in Charlottesville and Albemarle : 230
Attached homes in Charlottesville and Albemarle: 74
Condos in Charlottesville and Albemarle: 41
Closed sales 5/1/12 – 6/28/12:
Single Family Homes in Charlottesville and Albemarle : 229
Attached homes in Charlottesville and Albemarle: 60
Condos in Charlottesville and Albemarle: 36
Quick agent update:
Last year at this point, 123 agents had closed at least 5 transactions, 48 had closed at least 10 and 23 had closed at least 15.
This year so far: 155 agents have closed at least 5 transactions, 47 have closed at least 10 and 27 have closed at least 15.
I look at and write about agent productivity occasionally – 2008 and 2009 for example.
If you’re interested, this a spreadsheet I did in 2010 looking at residential real estate closings from 1999 to 2010. I look at this and lament how I’ve stopped doing this kind of analysis … I’m working to get back on track.
* I said on Twitter: Every single delay that my clients have experienced this year has been due to lenders & others outside my typical trusted network … Assembling an “A Team” is more crucial than ever.