Positive trends are abound in the most recent installment of our quarterly market report for Charlottesville.
As a quick overview, sales in Q3 were up 10.6%. While median prices continued to slide a bit in just about every segment of the market, sales numbers crept upwards. It’s amazing that – almost without fail – if median prices fall, sales go up…and if median prices go up, sales go down. Why? Today’s buyers recognize value. If a market segment (price, housing type, geographic location, etc) becomes overpriced or if sellers don’t budge on their list prices, then buyer either sit on the sidelines or purchase in a spot where there is value.
A few more highlights:
– Albemarle home sales were up 14.6%
– Charlottesville City home sales were up 4.9%
– 16% of all sales in Q3 were distressed properties (either short sales or bank owned properties)
– Inventory levels are down almost across the board. Inventory in the City of Charlottesville is at it’s lowest level since October 2005.
If you’re interested in learning more about the Charlottesville real estate market, take a look at the Q3 2012 Nest Report or reach out to your favorite Nest Associate.