At a lunch with yesterday, I was asked, “what’s the most popular price point in Albemarle?” My professional instinct said “between $350k and $450k” but as always, I wanted to back that up with actual data.

Looking solely at single family homes in Albemarle County, about 40% of the active inventory is between $300k and $650k.

And the single family homes in Albemarle that have sold since the first of 2013, a greater percentage of the inventory has sold in the $300k – $650k price point than is active.

(if you’re curious to search the Charlottesville MLS for single family homes for sale in Albemarle)

Great. That’s what’s for Sale and Sold in Albemarle County; let’s look at the home price distribution in the City of Charlottesville – nearly 60% of the active inventory is priced between $220k and $500k.

Looking at the single family homes that have sold since the first of 2013 in the City of Charlottesville, I was a bit surprised to see the relatively lower price point distribution, but not that about 60% of the inventory had sold in that price point.

Look for yourself …

(if you’re curious to search the MLS for single family homes for sale in Charlottesville)

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Homes are selling fairly well in the Charlottesville area. For this post, I was looking less at house prices, where things are selling, etc. and more for a snapshot of the market’s speed.

Per the Charlottesville MLS (and acknowledging that the numbers will shift as end-of-the month-closings are entered into the system:

Some things are looking pretty good … Initially I was working with data from the Charlottesville MSA, but I had to pull the data apart and limit my query to Charlottesville and Albemarle, single family and attached homes. I wasn’t looking for hard numbers (yet) but more a sense of how fast things are selling, and hopefully what the list-to-sale ratio was in April.

In Charlottesville and Albemarle in April, for only single family and attached homes (not marked as “new construction”: (yeah, I know this would look super-cool as a snazzy info graphic, but we make decisions based on data and insight rather than pretty pictures, right? 🙂 )

– 112 122 homes sold in April in Charlottesville and Albemarle

– 8 had continuous days on market of 3 or less — average DOM was 2; homes sold for 99.3% of the asking price – Price per square foot: $151

– 32 had continuous days on market of 15 or less — average DOM was 7; homes sold for 98% of the asking price – Price per square foot: $145

– 43 had continuous days on market of 30 or less — average DOM was 10; homes sold for 97.8% of the asking price – Price per square foot: $143

On the other side of the days on market conversation:

– 43 had continuous days on market of 90 – 120 days — average DOM was 189; homes sold for 94.6% of the asking price – Price per square foot: $148

– 10 had continuous days on market of 120 – 180 days — average DOM was 140; homes sold for 95.5% of the asking price – Price per square foot: $143

– 25 had continuous days on market of > 180 days — average DOM was 240; homes sold for 93.9% of the asking price – Price per square foot: $154

Short story: YOUR MARKET will vary. But – price your home just right you’re going to be better positioned to sell your house faster for closer to the asking price. Here’s the thing – there’s an outside chance you might sell your home for a little bit more if you wait for that one buyer.

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Note: this was published yesterday on C-Ville.

The past few years in real estate have been brutal, fascinating, and educational. 2012 is behind us and the 2013 market is picking up in Charlottesville. There are a few things to pay attention to when you’re looking at the real estate market in Central Virginia this year. (“So whats” are at the end):

– Inventory remains a key conversation point – quality inventory that people actually want to buy – has been consistently lower in Charlottesville and Albemarle than we’ve seen in years. “Quality inventory” defined as a home that is well-priced, in great condition, desirable locations.

• Home Prices* – Broadly speaking, if there is a glut of inventory fed by new construction and sellers who have been sitting on the sidelines for years, home prices will likely waver between stability and increasing. If good quality inventory comes and goes at a reasonable pace, home prices may rise, particularly as the market is fueled by ridiculously low interest rates.

• Fewer distressed sales – As the market has continued to correct, banks have seemingly done a better job of selling off their inventory and facilitating short sales. Fewer distressed sales may lead to a more stable market. (Although, more homeowners may be distressed but unable to short sell and therefore unwilling to let their homes go to foreclosure).

• More confidence in the market as unemployment stabilizes (underemployment is a different conversation). More stability is likely to mean more buyers

• Frustration felt by buyers who are seeing prices rise (again). If prices do indeed start to rise again, many buyers will be kicking themselves for waiting. Some are predicting national home prices to rise by nearly 10% this year; if this happens (and I hope it doesn’t), expect to see more discussion about another bubble. But … if you’re confident you’re going to be in the Charlottesville area for the next 5-7 years, it might be worthwhile to have a conversation about buying a home.

• Apartments – there are going to be a lot more available in 2013 and 2014. A few of the new complexes: Arden Place (Rio Road), The Pavilion at North Grounds (Millmont/UVA), Stonefield Commons (Hydraulic & 29), The Reserve at Belvedere (Rio), the Plaza on West Main (UVA), City Walk (Downtown – more on the Coal Tower). As I said, a lot more apartments will be coming on the market soon.

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