Posts tagged Market

City of Charlottesville Real Estate Market Update – First Ten Months of 2011

in Charlottesville Market statistics on

One big notation: I’m no longer comparing today’s real estate market; what happened in 2005 – 2007 and before is interesting, curious, anomalous and ultimately irrelevant to today’s real estate market. EVERYTHING is different now – interest rates, economic outlook, international economic events, gas prices, employment trends – making comparisons between this market and that market is a distraction.

The City of Charlottesville’s real estate market is unique – its mix of homes – single family, condo, townhouse, the fact that is has a relatively smaller percentage of newer construction and its more dense and urban location make it quite distinctive from the surrounding markets.

First, the bullet points:

– Active Listings – Fewer than last year, but still too high.

– New Listings – Fewer than the past two years and trending down; this is a very good thing. As fewer houses come on the market, more houses will sell and we’l be able to find our way through the current spate of houses on the market. *

– All Pendings (Under Contracts) – Higher than the last two years; this is a very good thing. People are buying real estate.

– New Pendings (Better reflecting current market activity) –

– Sold Listings – Slightly higher than last year.

I’d love to include the numbers and charts for Days on Market and the List Price to Sales Price ratio, but I have found that the only, only, only way to run these numbers with any degree of accuracy is to do it manually. For specific properties and neighborhoods.

Note also that these numbers and charts are for everything – single family, attached and condos – your market will vary.

* I’m not totally convinced that the houses that are coming on the market in the Charlottesville and Albemarle real estate market are the ones that buyers want to buy – whether size or energy efficiencies, I think that the inventory we’ve seen over the past 18 months has not quite matched to what buyers want, and this is a reason that we’ve seen the new construction market in the Charlottesville area do so well.

iMPORTANCE OF HOME’S ENviRONMENTALLy FRiENDLy FEATuRES

SiZE OF HOME PuRCHASED, FiRST-TiME AND REPEAT BuyERS, AND BuyERS OF NEw AND PREviOuSLy OwNED HOMES

Now, the charts and graphs …

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Charlottesville Area Association of Realtors’ 3rd Quarter Market Report (2011)

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More to come. In the meantime, have a look at the market report.

CAAR 3rd Quarter Real Estate Market Report – 2011

This post will be updated throughout the day as I get opportunities to look at the data. …

Notes:

– The above report is for the entire Charlottesville MLS area, not Charlottesvill and Albemarle or even the Charlottesville MSA (Charlottesville, Albemarle, Fluvanna, Greene, Nelson) or even the Charlottesville MSA + Louisa. So take it for what it’s worth – a very broad overview of the entire Central Virginia region. Example: in Amherst, Augusta, Buckingham, Goochland, Rockbridge and Lexington, there are 156 closed transactions in our MLS … which isn’t particularly relevant to real estate consumers in the Charlottesville area.

– Days on Market is not statistically accurate, as it does not reflect relistings of properties.

– The Charlottesville market is still declining.

– Detailed market report from Nest coming soon, as is county by county break down.

– Townhouse/Attached median sold price is down in the Charlottesville/Albemarle area, in no small part due to Ryan Homes’ driving prices through the floor market-wide.

– Median sales prices are down, but inventory is down as well; the latter qualifying as a good data point.

– What questions do you have about the market data?

Interactive Charts are after the jump; I choose to use the static charts rather than the interactive reports as I don’t like to be locked into a service; I pay $30 a month for access to the deeper data and if I choose to not pay for the service, the interactive charts go away … not a good option.

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Greene County Real Estate Market Update – August 30 2011

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What does this mean? It means simply that the Greene County real estate market – and Greene County itself – is becoming more self-sufficient and independent of Charlottesville-Albemarle (CharlAlbemarle). People are choosing to buy and live in Greene County and don’t have to commute into the City of Charlottesville or Albemarle to work. I’d *love* to see updated commuting data from the US Census.

This is just a reasonably high-level overview of the Greene County real estate market. If you’re curious about what’s happening in your location in Greene, or are currently searching for homes for sale in Greene, please feel free to contact me anytime with questions.

Sold listing volume is down just a bit in Greene County year over year:

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Charlottesville MSA Homes Listed, Sold and Put Under Contract

Charlottesville Real Estate Market Update: Transaction Volume for 2000 – 2011

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Part Two of … See Part One – Charlottesville MSA – Single Family & Attached Homes Placed Under Contract – First Five Months

Looking at the Charlottesville MSA for transactional volume history … what we need is stability and consistency. Once we can reach a relatively stable number of transactions, I think we’l be able to start to see normalcy, whatever that is … maybe ~ 1000 transactions per year?

For the first five months of the year, what we’re looking at here is everything – single family detached homes, attached homes, new construction, resale, condos …

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What's Selling in Charlottesville/Albemarle? Single Family homes, attached homes, condos?

What’s Selling in Charlottesville? Single Family, Attached homes or Condos?

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Part Three of …

One of the most common questions I get is – what is selling in Charlottesville and Albemarle? Condos? Attached homes? Single Family? A look at the data gives a look at some answers …

NB:

– I’m keeping this focused on only the City of Charlottesville and the County of Albemarle as that is where the bulk of the attached homes and condos are located.

– Single family homes have come to be more affordable, leading to a decline in transactional volume within the condo and attached home segments of the market.

– 2005 was very good for condo conversions; now the condo conversions have been decimated in value.

– Attached homes can be very attractive – newer ones in good condition price right, especially so.

– Homeowners Associations’ fiscal health is likely to be more and more of an issue as this market correction continues to correct.

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