The number of sold properties in June rose slightly from May. There was 253 sold properties in May, compared to 264 in June. Our inventory remained virtually the same. These are both steps in a positive direction for our Charlottesville Real Estate Market. Higher sales and lower inventory reduces our months of inventory considerably to around 10 months of inventory. Its a good time to be a buyer right now.
Tuesday, July 15, 2008
Charlottesville Real Estate Market Update June 2008
The number of sold properties in June rose slightly from May. There was 253 sold properties in May, compared to 264 in June. Our inventory remained virtually the same. These are both steps in a positive direction for our Charlottesville Real Estate Market. Higher sales and lower inventory reduces our months of inventory considerably to around 10 months of inventory. Its a good time to be a buyer right now.
Charlottesville Real Estate Market Update June 2008
The number of sold properties in June rose slightly from May. There was 253 sold properties in May, compared to 264 in June. Our inventory remained virtually the same. These are both steps in a positive direction for our Charlottesville Real Estate Market. Higher sales and lower inventory reduces our months of inventory considerably to around 10 months of inventory. Its a good time to be a buyer right now.
Charlottesville Real Estate Market Update May 2008
The number of sold properties in May rose significantly from April. There was 190 sold properties in April, compared to 253 in May. Our inventory also dropped a little bit from 2513 to 2456. These are both steps in a positive direction for our Charlottesville Real Estate Market. Higher sales and lowe inventory reduces our months of inventory considerably to around 10 months of inventory. The buyers are out there for the correctly priced homes.
Charlottesville Real Estate Market Update May 2008
The number of sold properties in May rose significantly from April. There was 190 sold properties in April, compared to 253 in May. Our inventory also dropped a little bit from 2513 to 2456. These are both steps in a positive direction for our Charlottesville Real Estate Market. Higher sales and lowe inventory reduces our months of inventory considerably to around 10 months of inventory. The buyers are out there for the correctly priced homes.
Friday, May 2, 2008
Charlottesville Real Estate Market Update April 2008
Charlottesville Real Estate Market Update for April 2008
New Listings in April
Number of New Listings: 526
Median Price: $299,000
Average List Price: $458,705
Contingent Listings in April
Number of Contingent Properties: 252
Median Price: $275,000
Average List Price: $389,872
Average Days on Market:123
Pending Listings in April
Number of Pending Listings: 89
Median Price: $289,500
Average List Price: $403,414
Average Days on Market: 135
Sold Listings In April
Number of Sold Listings: 190
Total Sold Volume: $58,567,425
Median Price: $266,250
Average List Price: $322,273
Average Sold Price: $308,250
Percentage of Sold Price to List Price: 95.65%
Average Days on Market: 125
Currently Active Properties in our MLS: 2,513
Median Price: $324,000
Average List Price: $611,124
Average Days on Market: 143
Months of Inventory: 17.33
**All numbers reflect data from the CAAR MLS in the areas of Charlottesville, Albemarle, Greene, Fluvanna, Louisa and Orange
Our months of inventory dropped again. It's down to 17.33 from 18.90 in March. This means that Real Estate is picking up, which isn't a surprise since this area has always seen an increase in activity in the Spring. Just like in March, most people are selling their home about 5% less than their asking price. Keep that in mind while you are negotiating your offers.
Charlottesville Real Estate Market Update April 2008
Charlottesville Real Estate Market Update for April 2008
New Listings in April
Number of New Listings: 526
Median Price: $299,000
Average List Price: $458,705
Contingent Listings in April
Number of Contingent Properties: 252
Median Price: $275,000
Average List Price: $389,872
Average Days on Market:123
Pending Listings in April
Number of Pending Listings: 89
Median Price: $289,500
Average List Price: $403,414
Average Days on Market: 135
Sold Listings In April
Number of Sold Listings: 190
Total Sold Volume: $58,567,425
Median Price: $266,250
Average List Price: $322,273
Average Sold Price: $308,250
Percentage of Sold Price to List Price: 95.65%
Average Days on Market: 125
Currently Active Properties in our MLS: 2,513
Median Price: $324,000
Average List Price: $611,124
Average Days on Market: 143
Months of Inventory: 17.33
**All numbers reflect data from the CAAR MLS in the areas of Charlottesville, Albemarle, Greene, Fluvanna, Louisa and Orange
Our months of inventory dropped again. It's down to 17.33 from 18.90 in March. This means that Real Estate is picking up, which isn't a surprise since this area has always seen an increase in activity in the Spring. Just like in March, most people are selling their home about 5% less than their asking price. Keep that in mind while you are negotiating your offers.
Tuesday, April 22, 2008
The Real Estate Mexican Standoff
Here is a quote from the First Quarter Market Report written by Dave Phillips CEO of the Charlottesville Association of Realtors.
Play the game, there are a number of people out there trying to move their money out of Real Estate and just want anything they can get. Make an offer, if they reject, move to the next one. In the words of NIKE, Just Do It. You can find really good deals in a market such as this.
Read the entire 1st Quarter Market Report
"Simply put, there are too many homes on the market right now. This surplus of inventory should keep prices low as sellers are forced to offer “good deals” in a very competitive marketplace. There is a direct, inverse relationship between inventory and prices. The more homes we have on the market, the more pressure there is on sellers to keep prices down. For this reason, we do not expect home prices in the area to increase in the near future.This is a very accurate statement about the status of our market. It's almost as if buyers and sellers are in an old fashioned Mexican Standoff. Buyers continue to wait for prices to come down, while sellers are resisting the trend. I do have to take this opportunity to say THIS IS A GOOD TIME TO BUY REAL ESTATE.
Currently, we have 3,673 homes on the market, compared to 3,100 at this time last year. The median price of these homes for sale is $319,000. The average DOM (days on market) of these homes is 147 days. It is a great time for first-time buyers, because there are 663 homes for sale under $200,000 with an average DOM of 130. There are 576 homes currently on the market priced at a million dollars or more, with an average DOM of 200."
Play the game, there are a number of people out there trying to move their money out of Real Estate and just want anything they can get. Make an offer, if they reject, move to the next one. In the words of NIKE, Just Do It. You can find really good deals in a market such as this.
Read the entire 1st Quarter Market Report
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