I am going to be delving more into the numbers in my June 2024 Monthly Note. For now, I thought this was an interesting anecdote. A client asked me how the Charlottesville real estate market was moving, if there were still multiple offers, over asking, etc. This is part of what I told them:
179 non-new construction homes were listed in Charlottesville + Albemarle from 5/1/24 – 5/27/24. 84 went under contract in that timeframe — about 47% have gone under contract. 67 of the 84 went under contract in 6 days or less.
163 non-new homes were listed in Charlottesville + Albemarle in March. 115 – or 70.5% – of those went under contract in March. 93 of the 115 went under contract in 6 days or less.
As always, I’ll tell you in 15-18 months what happens tomorrow, but right now, practicing real estate and talking to fellow professionals, we’re either in the typical seasonal slowdown, and we’ll pick up in a few weeks as we traditionally do, or we’re in longer slow down.
As I noted in part in my May Note:
I think and feel like the Charlottesville real estate market is slowing. I know I’ve written this story before. Is the slowdown seasonal? End of the school year. Buyers who wanted to buy, have bought, and are closing soon or have closed. Buyers who wanted to buy and couldn’t have renewed leases. This is the typical slowdown, right? Interest rates settling around/above 7% have something to do with it, but how much?