The ranking “highly overpriced†indicates that the current market house price is more than two standard deviations above its historical relationship with the equilibrium price. I tried to leave a comment asking what is considered “Charlottesville” – (the City or the MSA) – but had to login to the blog to do so.
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Foreclosures in Charlottesville and Albemarle
Let’s see some localized context, courtesy a report titled ” Cumulative Foreclosure Actions In Virginia (April 2008)” sent to me by a local lender ( PDF ) – Albemarle County is #68 with .03% Augusta County is #76 with .02% Charlottesville is #78 with .02% Fluvanna County is #98 with .01% Greene County is #65 with .03% Nelson County is 103 with 0% Waynesboro City is #87 with .01% For context, look at Spotsylvania 1.69% and 1.9% Stafford, which equals 727 and 828 housing units respectively under foreclosure. Loudoun County has over 2,000 foreclosures equalling 2.14% of their housing stock.
The Solution to Sprawl
As I said on Inman’s blog yesterday : I firmly believe, to my core, that this (higher gas prices) is going to drive human settlement and development patterns toward properties that are close to “stuff that is within walking distance.” Buyers who buy today and are within a mile of grocery/coffee/gym – even if in the suburbs – will be grateful and thankful for their decision in three to four years.
Charlottesville Earthcraft Homes tour – and a brief riff on “is blogging advertising?”
EarthCraft standards and options are factored into every aspect of home building – site planning, building orientation, low-impact construction techniques and materials, energy efficiency – for a constant effort to lower the environmental impact of building an EarthCraft home and lower the energy costs and water usage for its future occupants. … … After a long conversation yesterday with an attorney, about real estate blogs and the perception by the Vir ginia Real Estate Board that any writing that could “induce business” is considered “advertising” … here is my disclosure .
“Official” Real estate Market report for Charlottesville area
This is my market report for the City of Waynesboro and Augusta County and this is the market report I wrote last Monday focused on the Central Virginia real estate market ; my market report is more focused on the Charlottesville market area – Charlottesville/Albemarle, Fluvanna, Greene and Nelson Counties – while the CAAR report encompasses the entire super-region. … For a graphical representation, check this out – for the first quarter 2008, sales of condos are down – way down – relative to the past few years. 
I’ll update this post on Monday when the Daily Progress releases their interpretation/report.
Real estate Market report for Waynesboro and Augusta
Keep in mind that these commuting numbers are from 2000 ; I predict that 2010 will show these numbers to have at least tripled: In 1970, 799 people were commuting from Waynesboro/Augusta/Staunton to Charlottesville/Albemarle. … However, their market now has about seventeen months of inventory ( PDF here ) versus about five months of inventory at this time in 2007 and almost four months of inventory in 2006.
Charlottesville area real estate market update – 1st Quarter 2008
Summary – We are going to continue to see a market adjustment (read: many Sellers still have yet to recognize that in many cases, we are back to 2006 price levels), but those who want to sell must realize the new market realities.
Now really and truly is a great time to buy a house – if you are buying for the right reasons (ask me for specific insight for your situation) and you intend to actually live there for a couple of years. I have heard anecdotal evidence that long-term investors are starting to snap up inventory. Multiple offers, while certainly not common, are in fact happening all over Charlottesville and Albemarle.