Charlottesville's Real Estate Blog. Buyer &/or Seller Representation, Real Estate News
Given yesterday to the Charlottesville Area Association of Realtors:
Barry Merchant has annually provided some of the best, most realistic market insight to the state, regional and Charlottesville area real estate markets.
Barry Merchant’s presentation to CAAR – 10-26-2011
More after the jump …
Nest Realty’s 3rd Quarter Market Report (PDF)
Download, read it, print it, mark it with your questions and let me know what you think. There are some bright spots (Charlottesville Single Family home sales up nearly 30%) and some bizarre data points that highlight how every market is local (Nelson’s sales are off 48%).
More to come.
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.
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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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 …
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.
I’d say this is a bit more in-depth and in line with my readers’ expectations. Download the PDF: Nest Realty Group’s 1st Quarter 2011 Market Report