Wednesday, July 8, 2009

Charlottesville Real Estate Market Trends - Sold Statistics

I posted a earlier today about the market trend for Months Supply of Inventory and here is the graph for the same two years to show the Charlottesville Real Estate Market Trend of Price of sold properties.Here again, we see a steady decrease in the price of sold properties over the last two years. Please take notice that the Charlottesville Real Estate Market of Sold Properties is DECLINING in price. This data includes all sold properties in the Charlottesville MLS. We can see that in May of 2007 the average sold price for a home was roughly a little more than $285,000. In May of 2009, the average sold price for a home was just under $255,000. By doing a little math, that's almost an 11% drop in the average sold price in 2 years. Again, the same kind of trend seen in Northern Virginia in the year before. We are heading very quickly in the direction of an REO and Short Sale Market. We are seeing this every day. Charlottesville Realtors are even adjusting their listing presentations to include finding out exactly how much the homeowner still owes on the property before taking the listing.
Posted by Rob Alley at 11:21 AM
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