August Sales Slowest in 10 Years in Charlottesville

August Sales Slowest in 10 Years
This probably will not shock most of you, but sales in August took a significant dip. The 304 sales reported to the MLS in August were the fewest since 1998. Until August, the local market was soft, but doing well by historic measures. We had been tracking along with the 2004 numbers which were the third highest in local history. For the year, we are 620 sales behind last year (down 19.2%). As bad as that sounds, we are still on course to have the 4th highest sales year ever.
The main concern in the market seems to be the negative press about the mortgage crisis. While our area is not part of the crisis, we are feeling the effects of this national problem. CAAR is working hard to help get the “it’s a great time to buy” message out in the media. Recent coverage on NBC 29 (Link) was pretty good, and we will be putting more stories in the CAAR Real Estate Weekly about the favorable buying conditions. Unfortunately, the Daily Progress picked up a wire story out of Richmond that was not so nice.
Speaking of NBC 29, check out their new HomePlace section of the web site. CAAR Real Estate Weekly has recently entered into a partnership with NBC 29 to link our two powerful websites together and share content.

Rob Alley, Realtor
Roy Wheeler Realty Co.
The Avery Group
http://robsellscharlottesville.com/
http://www.forestlakesliving.com/
http://www.theaverygroup.com/