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Weekly Charlottesville Real Estate Market Update – June 1 2010

in Charlottesville Market statistics on

Look back at the data from the first of the year … analysis of “where we are now” coming soon. It is too soon to pull the data on sold homes in the Charlottesville region via the Charlottesville MLS; usually it takes a few days for all the transactions to be entered.

…Briefly: 1 – If you’re a buyer, be patient and informed. … Number of single family homes put under contract in Charlottesville/Albemarle between 1 May and 31 May: Number of properties put under contract in the Charlottesville MSA between 1 May and 28 May: Real estate prices just for the City of Charlottesville, comparing median prices in the top and bottom quartiles: Real estate inventory just for the City of Charlottesville, comparing inventory levels in the top and bottom quartiles: I’m thinking the dip might have something to do with the homebuyer tax credit.

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What Kind of Economic Growth should Charlottesville Attract?

in General Real Estate on

important;line-height:22px;-moz-border-radius:5px;-webkit-border-radius:5px}p.bbpTweet span.metadata{display:block;width:100%;clear:both;margin-top:8px;padding-top:12px;height:40px;border-top:1px solid #fff;border-top:1px solid #e6e6e6}p.bbpTweet span.metadata span.author{line-height:19px}p.bbpTweet span.metadata span.author img{float:left;margin:0 7px 0 0px;width:38px;height:38px}p.bbpTweet a:hover{text-decoration:underline}p.bbpTweet span.timestamp{font-size:12px;display:block} #tjp (Thomas Jefferson Partnership for Economic Development): 30% of albemarle-charlottesville workforce commutes into the MSA less than a minute ago via txt Brad Ramsey bradramsey

…important;line-height:22px;-moz-border-radius:5px;-webkit-border-radius:5px}p.bbpTweet span.metadata{display:block;width:100%;clear:both;margin-top:8px;padding-top:12px;height:40px;border-top:1px solid #fff;border-top:1px solid #e6e6e6}p.bbpTweet span.metadata span.author{line-height:19px}p.bbpTweet span.metadata span.author img{float:left;margin:0 7px 0 0px;width:38px;height:38px}p.bbpTweet a:hover{text-decoration:underline}p.bbpTweet span.timestamp{font-size:12px;display:block} #tjp : “our local economy is forcing the middle class to get more education or drive elsewhere for work, is that the economy we want” less than a minute ago via txt Brad Ramsey bradramsey

…important;line-height:22px;-moz-border-radius:5px;-webkit-border-radius:5px}p.bbpTweet span.metadata{display:block;width:100%;clear:both;margin-top:8px;padding-top:12px;height:40px;border-top:1px solid #fff;border-top:1px solid #e6e6e6}p.bbpTweet span.metadata span.author{line-height:19px}p.bbpTweet span.metadata span.author img{float:left;margin:0 7px 0 0px;width:38px;height:38px}p.bbpTweet a:hover{text-decoration:underline}p.bbpTweet span.timestamp{font-size:12px;display:block} #tjp : “all of our job growth is coming from health, education, etc, government jobs that limit the number of people paying taxes” less than a minute ago via txt Brad Ramsey bradramsey .bbpBox{background:url(http://s.twimg.com/a/1272910395/images/themes/theme1/bg.png) #9ae4e8;padding:20px;}p.bbpTweet{background:#fff;padding:10px 12px 10px 12px;margin:0;min-height:48px;color:#000;font-size:18px ! important;line-height:22px;-moz-border-radius:5px;-webkit-border-radius:5px}p.bbpTweet span.metadata{display:block;width:100%;clear:both;margin-top:8px;padding-top:12px;height:40px;border-top:1px solid #fff;border-top:1px solid #e6e6e6}p.bbpTweet span.metadata span.author{line-height:19px}p.bbpTweet span.metadata span.author img{float:left;margin:0 7px 0 0px;width:38px;height:38px}p.bbpTweet a:hover{text-decoration:underline}p.bbpTweet span.timestamp{font-size:12px;display:block} #tjp : we need to “strategically grow & attract capital intensive, private sector employers that provide career ladder ops for our residents” less than a minute ago via txt Brad Ramsey bradramsey .bbpBox{background:url(http://s.twimg.com/a/1272910395/images/themes/theme1/bg.png) #9ae4e8;padding:20px;}p.bbpTweet{background:#fff;padding:10px 12px 10px 12px;margin:0;min-height:48px;color:#000;font-size:18px !

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If you Own (Or Are Thinking about Owning) a Home in Charlottesville Built Before 1978

in General Real Estate on

Starting on Earth Day, April 22, contractors working on almost all homes built before 1978 must prove they have the Environmental Protection Agency’s stamp of approval to do the work — or face fines of up to $37,500 a day.

FAQ on the RRP from the EPA.GOV Take a look at some of the homes that are active on the market in the Charlottesville and Albemarle built before 1978 . (sorted by those with the most recent price reduction) It’s going to be interesting.

… From a Charlotte dBusinessNews press release : Most people are aware of the dangers that exposure to lead-based paint can pose – it effects ( sic ) children’s brains and developing nervous systems, causing reduced IQ, learning disabilities and behavioral problems, and it can also lead to hypertension and high blood pressure in adults, according to the U.S. … The EPA’s new Lead Renovation, Repair, and Painting rule takes effect April 22, 2010, and requires that all contractors (plumbers, painters, HVAC technicians, remodelers, etc.) working in a residence or facility built before 1978 where children are present must be an EPA Certified Renovator.

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Housing Costs & and Affordability – Where Does Charlottesville Rank?

in Charlottesville Politics Transportation on

The newer website also allows users to break all of the data down into owners costs and renters costs, different income classes, greenhouse gas emissions, and a variety of other factors.

…EIA forecasts that the annual average regular grade retail gasoline price will increase from $2.35 per gallon in 2009 to $2.84 in 2010 and to $2.96 in 2011 because of the projected rising crude oil prices. … Projected annual average retail diesel fuel prices are $2.96 and $3.14 per gallon, respectively, in 2010 and 2011.

Related reading from RealCentralVA.com over the years : 2006 – Gas prices and real estate 2008 – Proof that Gas Prices are Affecting Homebuyers in Charlottesville 2008 – If you don’t think gas prices are affecting buyers

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Friday Charts – March 2010 Home Sales

in General Real Estate on

I suspect that the number of home sales in the Charlottesville MSA will show a slight increase as Charlottesville Realtors update their closings over the next couple days. In the meantime, it seems that sales may be on track with last year. Maybe. The First Quarter Charlottesville area market report is going to be very interesting. [altos_flash_chart st=”VA” cid=”1978951″ zid=”2878485″ rt=”sf” ra=”a,c” q=”t,b” right=”median_inventory” left=”mean_dom” mini=”mean_age” width=”450″ height=”500″ /]

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So … the Homebuyer Tax Credit Costs (way) More than $8k per House

in Friday on

From Calculated Risk : (bolding mine) This is no surprise and suggests that the extension and expansion of the home buyer tax credit will probably cost taxpayers over $100,000 for each additional home sold. … Buyers – are you waiting until after the tax credit expires ? Congress – will you pander some more with tax dollars and attempt to extend the tax credit for a fourth time ? Since 1 January 2010*: 373 residential properties have gone under contract in the Charlottesville MSA. 108 – 29% – are under $200k 168 – 45%- are under $250k 218 – 58% of homes that went under contract since the first of the year are under $300k. 70 – 19% – are between $300k and $400k 35 – 9% – are between $400k and $500k 40 – between $500k and $999k 12 – over $1 million * “Now” is 7 am on 5 March 2010 * I’ll turn this into an “official” Friday chart this evening.

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