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The Charlottesville Real Estate Market Update – In 8 Minutes or Less

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Thanks to Coy Barefoot for having me on his excellent Charlottesville – Right Now! show this afternoon. I tried to provide clear, quick analysis of the good, bad and possibly ugly in the Charlottesville real estate market – positivity framed with market realities and some context.

Listen to the podcast below.

Describing “where we are” in the Charlottesville real estate market is extremely difficult to accomplish in a short period 0f time; luckily there’s the 1st Quarter Nest Report for more in depth insight.

I think this tweet best describes today’s real estate market:

18 homes closed in CharlAlbemarle last week; Days on Market ranged from 0 to 863. $/sq ft from $89 to $227.#ThereIsNoOneMarket

As always, questions welcomed.

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1st Quarter 2012 Charlottesville Area Real Estate Market Report

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As always, pay attention to the segment or segments that affect you. There is no “the market is up” or “the market is down.” Condos in the City of Charlottesville near the Downtown Mall are different than single family homes in Greene County – different trends, different factors affecting them, different economic engines and hubs, different schools, different property taxes … you get the picture.

I’ll be adding to this post this evening but wanted to get this out before my afternoon appointment. (priorities, you know?)

Nest Realty’s First Quarter 2012 market report (download the pdf)

Q1 2012 Charlottesville Real Estate Market Report

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There Is No Answer to “How’s the Real Estate Market in Charlottesville?”

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I’ve said it before:

– When Evaluating the Charlottesville Real Estate Market, IGNORE National Data

– When Assessing the Charlottesville Real Estate Market, Read More than the Headlines

and here’s a taste of how conflicted my news feed and streams are –

Making Sense of Headlines – My Conflicted Inbox

I’ve been saying this to clients for the past couple of days; in light of today’s Case Shiller report I thought I’d share what I’m seeing:

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Charlottesville Real Estate Market February Update

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Contracts are up in the Charlottesville area – significantly. Prices are down, inventory is down, sales are up. There is some positivity in the market; multiple offers, while not “the norm” are definitely common.

As I’ve said to clients: properties that are priced well*, in great condition, and in great locations tend to be selling well.

Nest Report – Feb 2012

I’m still trying to make time to run a few different numbers – breakdown of property type, etc. I’m doing these for my clients on property-specific instances frequently) but haven’t been able to do it for here …

* Priced well is part science, part art, part data analytics and part luck, sometimes not in equal proportions.

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Interesting New Market Report – Some Positivity in the (Macro & Micro) Market

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One of the best parts of this Housing Prospects 50 States Release March 12 2012

One of the things I said in the Newsplex story is that any market analysis that is broader than a street or neighborhood is too broad to make an informed and educated decision.

Excerpting from the report won’t do it justice; if you’re interested, download the pdf and read it.

The one quibble I would make is that depending on Zillow for local analysis with respect to the Charlottesville MSA is perhaps not the best idea; but from a macro perspective, they’re worthwhile.

Perhaps the best part of the report is this – William Lucy states the need for local analysis and local perspectives. The housing system may be broken, but the solution is not a one-size-fits-all

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Contracts in Charlottesville and Albemarle are up (February 2012)

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The NAR released their Pending Sales report this morning.

As we know, national data doesn’t matter so much.

So, I looked at the homes put under contract in Charlottesville and Albemarle for the past few months.

Pendings in Charlottesville and Albemarle 2010 - 2011 - 2012

But … keep in mind that things are so very mixed. I’ve been showing homes in the $550k – $800k range for the past few days. Of the past five properties we’ve seen:

– One is a short sale

– One is a foreclosure

– Three are regular sales

* Data from the Charlottesville MLS

** “Right Now” is 27 February around 10:30. From Open Space. I’ll update the chart after February.

Updated on 3 March. Contracts in February 2012 in Charlottesville and Albemarle are up just over 68%.

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