“Is it a sellers’ market?”
A potential client asked that question recently, specifically after we toured three neighborhoods in the immediate urban ring of Charlottesville. Each of the neighborhoods is in the County of Albemarle (meaning, County schools, police, fire, taxes, etc), but they are considered to be “Charlottesville” (22901, 22903 zip codes)
As I instinctively answered the question, I thought the answers were interesting, and worth sharing.
Neighborhood One
Seller’s market. Great location, high demand, short but consistent supply, lower (sub-$425K) price point, low days on market.
Neighborhood Two
Balanced to sellers‘ market – reasonably high demand ($450K – $550K) lowish days on market, mature (by Charlottesville standards: ~15 years old) neighborhood, indirect competition with new construction.
Neighborhood Three
Buyers‘ market – high days on market, high supply, ($400K – $500) tough topography, direct competition with new construction.
NB: Your market may vary; be aware of market reports, and be more aware of their limitations.
Jim, I enjoy reading your blog but it is frustrating that you are always sooo vague with your blog posts. Whos privacy are you protecting here by leaving out specific neighborhoods? As someone who lives in Charlottesville who will likely be moving in the next few years, these details matter to me.
Thanks, Amy. Sorry for the delay in responding … my spam filter caught you.
I am protecting that of the neighborhoods, and of current and potential sellers in those neighborhoods. If I were to say something negative about a particular neighborhood, I know that that can have an impact.
I tend to not call out specific houses (and run privacy filters on some photos I put on Instagram).
Also, I save specific advice for clients. I’d be happy to chat about the neighborhoods with you any time … 434-242-7140 or jim@realcentralva.com