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March 2017.
Discussed: Charlottesville Market, Pepperoni (and community), Nest Presents, lessons and bicycling.
Market Update
I’m not looking at prices this month. Not that they don’t matter, but I cannot see anyone making a decision to buy or sell based on last month’s median price or average price per square foot. What matters now, for better or worse, is volume and speed. I want to dispel the notion/belief that *everything* is going under contract immediately. A lot of properties do move quickly, but not everything.
In February
- 231 properties went under contract in the MLS in Charlottesville & Albemarle.
- 75 of these were new construction (32%!)
- 57 had days on market of 0
- 45 of these were new construction
- 119 had days on market of 7 days or fewer
- 50 of these were new construction
- 48 had days on market of 90 days or more
In the City of Charlottesville
- 44 resale properties went under contract
- 22 of those went under in 7 days or less.
- Meaning, if you like a house, be ready to move. Quickly.
- Meaning, you’d best have done your legwork and homework about the market well before the house you think you might love comes on the market.
- 22 of those went under in 7 days or less.
In Albemarle County
- 112 resale properties went under contract
- 47 of those went under in 7 days or less.
- 25 went under in 3 days or less, 63 in 14 or less, 76 in 30 days or less. 27 went under in 90 days or more.
- 47 of those went under in 7 days or less.
In February 2016, 203 properties went under contract in the MLS in Charlottesville & Albemarle. 18% – 37 were new. That’s a big shift.
What does this mean? It means that a lot of properties are going under contract … fast. And a lot aren’t. Because I was curious:
In February
- 25 properties went under contract within a mile of downtown Charlottesville. 5 were new. Median days on market was 11.
- 50 properties went under contract within the 250 bypass area. 10 were new. Median DOM was 8.
Messages I’ve received from other, good, trusted agents recently:
- “crazy market right now… reminds me of 2007…bubble i feel”
- “i hate this market. i think people forget 2005-20009”
I’m not the only one with concerns … I advise caution to my buyer clients.
Small one’s thought
Anyone who is friends with me knows that I refer to my younger (now not so small) daughter as “small one.” Sometimes she provides remarkable insight. I picked her up from school, as I do most days, and proceeded to talk to a client on the phone. She motioned to stop at Greenwood Gourmet, so that she could get a snack. Usually she gets a pepperoni and a water. That day, she changed it up and got a grape soda (tastes like Nehi!).
She came out, I finished my call, and she said, “You know what, Daddy? I’m thankful for where I live and how I’ve grown up. I love Crozet. I love where we live. But you know what I really love? They know me. When I got my soda, she asked me, ‘What, no pepperoni?’ I love that.”
What’s that have to do with real estate? Everything. A house is not just built on a foundation (hopefully), it is a literal foundation. The stability we have been privileged to provide to her – living in the same house for all but 3 months of her life – is something that a lot of my clients seek. Living in a community, being part of something, is something that is, for many people, valuable and desirable.
Knowing when you don’t get a pepperoni. That’s valuable.
Nest Presents
Tickets to Beauty and the Beast went fast – faster than Star Wars or Harry Potter!
As always, I’m inclined to remark on the phenomenal work of our Nest Marketing Team. We’ve started doing a series of events that helps keep the Nest (client) Family in the … Nest? Periodically, our agents have the opportunity to invite clients – past and present – to a movie for an invite-only showing at the Violet Crown (they have beer!) theater in Downtown Charlottesville.
If I’m good at what I do, a lot of my buyer clients won’t need my services for a long time, so it’s crucial to stay top of mind when they have friends who are looking for representation!
From a non-client who I helped get acclimated to the Charlottesville market*
We read everything you write and appreciate your efforts. You are one of a kind.We never properly thanked you for showing us Crozet properties as well as several down town properties over a year ago. So please accept our tardy appreciation. We ended up with two new … houses. One (here) and one (here) We used the … person you mentioned to us … (to help facilitate)
… Thanks again for helping us stay informed.
I shared the email with a friend, and he wrote to me:
They love your sharing of knowledge.
They appreciate all you taught them.
They don’t respect your role or the value you brought.
*This is part 1 of 2, with part 2 coming next month, when I’m going to write about buyer broker agreements. Not sexy, but vital. Part 2 will touch on a message I received from a Zillow lead, “I have a realtor but says this house is not on MLS. … He already said he couldn’t show it as it wasn’t on MLS.”
Riding a Bicycle is Good for You
That’s one way to put it. Another way is, “It’s Not Just a Bike—It’s a Happiness Machine Friends. Sunshine. Sanity. Mud. Wheeee! A bike is so much more than a frame and some parts—it’s the key to a lifetime of pure, unadulterated joy.”
Or … riding a bicycle is good for you, and fun. If you’re in the Charlottesville or Crozet area, and interested in meeting others who ride bicycles, the Crozet Cycling Club is having a Cycling Social on Sunday, 19 March.
Things I’m Reading
- Coastal Cities Could Flood Three Times a Week by 2045
- The Evolution of Home Equity Ownership
- What does neighborhood mean to you?
- The longer homes stay on the market, the lower the odds of selling for list.
- Nest Adds a Security Feature It Should Have Had All Along
- All-Cash Sales: 23 Percent of Residential Sales in January 2017
- Man buys new home; land owner blocks him from entering
And the blogs
RealCentralVA
- A home is a series of marks, part 2
- Economic Development in Albemarle County
- Charlottesville & Albemarle real estate assessments are up. Again.
- A new home is more than a hole in the ground
RealCrozetVA
- Be nice to your neighbors, please. A post about a friend & his family being harassed on bicycles.
- Robot cars in Crozet!
- Quick Crozet Real Estate Data
- CCAC Meeting recap – lots of transportation talk
- Cool old house torn down to make room for new apartments
434-242-7140
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Jim Duncan, Nest Realty, 126 Garrett Street Suite D, Charlottesville, VA 22902. Licensed real estate agent in Commonwealth of VA.