20, the Multiple Listing Service [a database of properties for sale by participating real estate agents] indicated that there is approximately $125 million worth of residential homes for sale in Charlottesville and Albemarle County.This number doesn’t include big farms and estates, properties for sale by owner or other properties not listed in the MLS by discount brokers.Another interesting statistic the MLS revealed is that approximately 350 homes for sale in our area are vacant….  What is a definition of “sufficient housing” upon which government can base their regulations?In Charlottesville/Albemarle – There are currently 190 active properties on the market under $200k….  Between $200k and $250k, 95 homes for sale – 25 of which are condos.Between $250k and $450k, there are 488 properties on the market, only 67 of which are condos….  Yes, a lot of these are vacant (see my stories in October and July) But should we allow some outside force – I assume that your intent is to have the government step in and further regulate the market – to control the nuances of the real estate (or any, for that matter) market?

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The market in the Charlottesville/Albemarle region is, shall we say, different than it was last year.”It’s a great time to buy” – the new media blitz from the National Association of Realtors.  I have said it before and will say it again – housing is not, nor has it ever been, an immediately liquid investment.Condos -From the first of the year to 1 November:2006: 498 Condos were sold in CharlAlbemarle895 Condos were listed2005: 379 Condos were sold in ChalAlbemarle544 Condos were listedSo, yes, condos have been supporting the local market quite well….  
–Mark Twain (attributed to)Taking a cue from Ardell, here are a few different angles:1BR condos: far more one bedroom condos were sold in 2006 compared to 2005, due primarily to the continued trend of condo conversions….  However, the average price in 2005 was $169k versus $159k in 2006.2BR condos: Average price per square foot in 2006 – $195/foot.

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This report from Moody’s is going to get a lot of mileage in the blogosphere and in the main media, in no small part due to the fact that it predicts negative housing prices. I have uploaded the pdf below for your perusal.The closest-referenced MSA to us is Richmond. A brief state-wide analysis is at the Rebellion.In short, properties in our market will most likely continue to appreciate, but at a more reasonable rate. There will be pockets of pain, which I will write about this weekend, but as a whole, our market remains good – different, but good.The Charlottesville market is different and somewhat insulated, primarily thanks to the University and (for better or worse) much of the good press that our community receives. We are not that different from all other markets, but we seem to be much better off than Northern Virginia, from where we can usually draw significant correlations.David Lereah, Chief Economist of the NAR, might have the most challenging job in the USA right now. How can you tell whether we have hit bottom unless we can definitively tell that we are on our way back up?Pending home sales rise. The Pending home sales index reflects contracts written, not houses sold (by “sold,” I mean “closed”), so it is supposed to be a more up-to-date number.Homeownership is up. And it costs a lot more than it used to.Put simply, in my humble opinion, no one knows what the market is going to bring next year.

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