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Our Nest Report Blog is a platform to educate the public about the changing real estate markets in Charlottesville, New River Valley, and Hampton Roads. Our team of agents contributes timely market updates and statistics, as well as hyper-local news and information for each community.

2011 Annual Nest Report: The Charlottesville Real Estate Review

February 21, 2012 – 12:47 pm

So, we’ve had a lot of great feedback from our market reports over the past few years.  We started with a very simple report a few years back and have been improving it ever since.  About a year ago, we began posting monthly market report charts on our web site.  But a few months ago, we decided to add one more tool to our market report arsenal: an annual report.

Today, we’re proud to release our 2011 Annual Nest Report.  It’s a great snapshot of the Charlottesville real estate market’s year in review.  We drill down and look at each of the major areas in the Charlottesville MSA and compare the sales and trends to year’s past.  By no means will this replace our ongoing monthly and quarterly reports – we’re definitely going to continue those.

If you would like a hard copy of this Annual Report, please drop by our office at 126 Garrett Suite, Suite E in Charlottesville or send us a note – we’d be glad to get one to you.

This is also part of our continued effort to educate our clients on the local real estate market.  In our opinion, it’s vital that our buyer and seller clients are up-to-speed on market conditions so that we can work with them to help them make educated real estate decisions.

Thanks again for your continued support and we hope you find this tool useful.

By Jonathan Kauffmann | Posted in 29 North, Albemarle County, Barracks, Charlottesville, Charlottesville, Crozet, Earlysville, Fluvanna County, Greene County, Ivy, Keswick/East, Louisa County, Market Reports, Nelson County, Nest Belief System, News, Real Estate Brokerage, Rio, Southside | Tagged , , | Comments (0)

Charlottesville Real Estate Market Recap: January 2012

February 20, 2012 – 8:33 pm

Regional sales in January were down ever-so-slightly: from 139 in 2011 to 132 in 2012. This is still a bit of a hangover from a relatively slow late Fall selling season. However, as you will see by the three-year trend line, total sales are still trending downward just a tad. Our consensus at Nest over the past few weeks is that we are cautiously optimistic for 2012 and this year we could finally see some stabilization in the marketplace. You’ll notice that median sales prices for single family homes in the Charlottesville MSA were up 1% over January 2011 and median prices for attached/condos were down 3%. Sometimes the monthly reports do not tell the whole story since just a few sales can skew data one direction or another. While we’d argue that values are down over the last year, seeing only minor median price changes on a monthly basis reflects well on the state of the market.

The most positive trend that we see is the reduction in total inventory and months of inventory. Inventory levels are downacross the board. This is a partly due to sellers finally getting realistic. However, the biggest positive trend is the increase in contracts written in our region. We are up over 15% in total contracts written as compared to 2011 (230 vs 199) and 4 of the 6 market segments are up over last year. There is definitely a vibe in the market place and good properties are selling…sometimes quickly and sometimes with multiple offers.

See also: home showings in Charlottesville are up.
Nest Report Charlottesville: January 2012

By Jonathan Kauffmann | Posted in 29 North, Albemarle County, Barracks, Charlottesville, Crozet, Earlysville, Ivy, Louisa County, Market Reports, Rio, Southside | Comments (1)

3125 Turnberry Circle in Forest Lakes on NBC’s Today Show

February 20, 2012 – 3:11 pm

Nest Associates Amy Webb and Deborah Rutter had their listing at 3125 Turnberry Circle featured by Barbara Corcoran on The Today Show this morning.  In fact, Barbara Corcoran called the kitchen ‘delicious’!  Gotta love it!

Visit msnbc.com for breaking news, world news, and news about the economy

Fore more listings in Forest Lakes or around the Charlottesville area, you can search on the Nest web site.

By Jonathan Kauffmann | Posted in 29 North, Charlottesville, Forest Lakes, Nest Agents | Comments (0)

Charlottesville Home Showings and Contracts Written Are Up

February 15, 2012 – 8:28 pm

Some positive news continues for the Charlottesville and Albemarle real estate market.

The January Nest Report is coming out and there are continued signs that buyer activity is on the rise.

The Nest Realty lockbox report – basically telling us how many times area lockboxes were opened – shows that lockbox openings year-to-date are up 17.5% over the same period in 2011.  So what does this mean?  More lockbox openings means there are more buyers looking for homes.  More buyers = more demand.  And more demand = a chance that we may start to see some stabilization in our local market.

We’ve been tracking lockbox openings for a few years and it’s consistently allowed us to forecast the  sales contract numbers for the upcoming 30-60 day period.  So, with this data, we’d expect to have contracts rise somewhere in the range of the lockbox showing increase.

Let’s take a look at contracts written in January 2012 vs. January 2011 in the Charlottesville MSA:

Albemarle:                112 (2012) vs. 94 (2011)

Charlottesville:        35 (2012) vs. 24 (2011)

Fluvanna:                  22 (2012) vs. 19 (2011)

Greene:                       15 (2012) vs. 18 (2011)

Louisa:                        34 (2012) vs. 29 (2011)

Nelson:                       12 (2012) vs. 15 (2011)

TOTAL:                     230 (2012) vs. 199 (2011)

Overall, 4 of the 6 areas in the Charlottesville MSA had more contracts written in January 2012 as compared to January 2011.

And remember how we said that lockbox activity directly correlates to contracts?  Well, lockbox activity is up 17.5% and contracts in January were up 15.6%.  (That’s not just coincidence.)

One more note: lockbox openings per listed home in January 2012 was up 24.1% (2.65 per) from January 2011 (2.13 per).  In fact, 2.65 lockbox openings per listing is almost to the level of 2009 (2.75 per) when there was a flood of buyer activity because of the tax credit.

We’ll definitely keep an eye on this trend and see if the lockbox and sales activity continues to outpace last year.

 

By Jonathan Kauffmann | Posted in 29 North, Albemarle County, Barracks, Buying a Home, Charlottesville, Charlottesville, Crozet, Earlysville, Fluvanna County, Greene County, Ivy, Keswick/East, Louisa County, Market Reports, Nelson County, Real Estate Brokerage, Rio, Southside | Comments (1)

More Discussion on Charlottesville’s Avon Center

February 10, 2012 – 1:21 pm

NBC29 news did a piece on Thursday on Charlottesville’s Avon Center retail development.  You can check it out here.

No one has made an official announcement yet on the specifics or the timeframe of development.  The big unknown is the expansion/construction of the Bent Creek Parkway, which will connect 5th Street to Avon Street and will serve as the linchpin for the entire Avon Center development.

Avon Center will have a big impact on residents living in Downtown Charlottesville and Southside, including neighborhoods like Belmont, Mill Creek, Redfields, Mosby Mountain and Whittington.

 

By Jonathan Kauffmann | Posted in Belmont, Charlottesville, Charlottesville, Foxcroft, Mill Creek, Mosby Mountain, Mountain Valley Farm, Real Estate Brokerage, Redfields, Southside | Comments (0)

Fry’s Spring Charmer

February 10, 2012 – 11:57 am

 

The Hook did recap of Deborah Rutter and Amy Webb‘s listing at 100 Troost Court in Charlottesville’s Fry’s Spring neighborhood.

Check it out here.

And a quick quote:

With both the sunroom and a greenhouse situated along the front elevation, the house is noticeably short on curb appeal. However, prospective buyers might remember the adage about not judging a book by its cover, for the lackluster exterior belies the upscale finishes found within. Replacing the sliders that ring the sunroom with more modern (and energy-efficient) doors and relocating the greenhouse could go a long way toward sprucing up the facade and providing an external appearance more in keeping with the fine quality of the interior.

Contact Amy Webb or Deborah Rutter for more information.

By Jonathan Kauffmann | Posted in Charlottesville, Fry's Spring, Real Estate Brokerage | Comments (0)

Live Where You Love: Virginia’s Booming Wine and Beer Industry

February 8, 2012 – 2:31 pm

 

The growth of the beer and wine industry in Charlottesville, Albemarle, and Nelson County over the last few years has been amazing. Local vineyards and breweries are flourishing and this region is becoming known for not only its variety, but its quality. And these businesses are not only reaching out to and appealing to area residents, but tourists are coming from far and wide to experience what these Virginia vineyards and breweries have to offer.

It’s pretty amazing to see this growth over the last 4-5 years.  I think the best part about the success of these wineries and breweries is that they are creating fantastic events and interactions with the local community.  From Starry Nights at Veritas Vineyards to the polo matches at King Family Vineyards to movie nights at Blue Mountain Brewery, all of these businesses are creating exciting and fun opportunities for residents and tourists.

We’d like to thank King Family Vineyards, Blue Mountain Brewery, and Starr Hill Brewery for their help with this video. But there are countless others wineries and breweries out there that are helping to make this region well known for grapes and hops.  And best of all – they all work together.  Check out the Brew Ridge Trail and the Virginia Wine Trail for more information.

By Jonathan Kauffmann | Posted in Real Estate Brokerage | Comments (0)

Troubles at Wintergreen

February 8, 2012 – 12:24 pm

Photo Courtesy of Wintergreen Resort

While many folks throughout Central Virginia are enjoying this mild winter, Wintergreen Resort seems to be cursing it.  After a 2009 winter that brought record snowfall to the entire state of Virginia, 2011 marks the second straight winter of warm temperatures and basically no snowfall.  Combine the weather with an economy that is only now starting to chug a little…and that’s a recipe for disaster for Wintergreen.

The Daily Progress and multiple other sources have reported that Wintergreen has seen a $2.5 million operating profit shortfall this season…and it could only get worse if our February heat wave continues.  In other bad news, it has also been reported that Bank of America has terminated Wintergreen’s line of credit.

Sales in Wintergreen and Nelson County have struggled for the past few years.  However, there have been some positive trends in Nelson.  Here are a few from our 4th Quarter 2011 Nest Report:

- Median prices were down only 4.3% from Q4 2010.  Some other areas were much worse.

- Days on Market for sold properties were down about 5% (from 118 days to 112)

- Total sales jumped in Q4: up 15.8% from 2010

- Months of inventory continued to creep down year-over year…decreasing about 4% to 23.1 months.

23.1 Months of inventory is still an extremely high number.  However contracts written in Q4 2011 were also up (almost 20%), so the inventory levels looked like they may continue to decline.

All in all, Nelson County and Wintergreen are beautiful places.  We’re lucky to have them so close.  So, if you are looking for something to do this weekend or searching for a new place to eat, we’re sure that our friends at Wintergreen would love your support.  Here’s a few ideas of things to do there:

Places to Eat at Wintergreen

Places to Stay at Wintergreen

Wintergreen’s Winter Zip Line

Ridgely’s Fun Park for Kids

Wintergreen Snow Tubing

And of course, there is plenty of skiing and ski lessons.

By Jonathan Kauffmann | Posted in Glen Mary, Market Reports, Nelson County, Real Estate Brokerage, Stoney Creek, Wintergreen | Tagged | Comments (0)

Is More Development Coming Along 5th Street in Charlottesville?

February 7, 2012 – 4:18 pm

Over the past few years, Crozet and Northern Albemarle have been the big development spots in Albemarle County.  Neighborhoods like Old Trail and Belvedere have blossomed and have created opportunities close by.  But it looks like 5th Street could be one of Charlottesville’s development centers in the coming months.

Here’s a few examples of what’s happening just south of Downtown Charlottesville:

1. Site work has begun on the Cracker Barrel location along 5th Street – just next to the Holiday Inn by Interstate 64.

2. On the residential side, Whittington is getting closer to fruition.  If you’re familiar with that side of town, it will be close to Mosby Mountain and will include approximately 96 single family homes on 1 acre home sites.  Piedmont Realty and Construction will be building in Whittington’s first phase.

3. The biggest news seems to be what’s happening at the approved Avon Center development.  Rumors are swirling of a Wegman’s Grocery Store and a Target (pronounced Tar-zhay). This would be a big boom to the south side of town, but it will definitely change the landscape.  A major shopping area on this side of Charlottesville that is accessible from Downtown, Interstate 64, Avon Street, and 5th Street could actually alleviate some traffic issues along the 29 corridor, the 250 Bypass, and Hydraulic Road.  We’ll see…

We’ll keep you posted on what we hear – stay tuned to the Nest Report for more updates.

* Photo courtesy of our friends at Charlottesville Tomorrow.

By Jonathan Kauffmann | Posted in Charlottesville, Mosby Mountain, News, Real Estate Brokerage, Southside | Tagged , , | Comments (2)

Live Where You Love: Nelson County, Virginia

February 1, 2012 – 11:59 am

 

We’re venturing into Nelson County for the next episode in our Live Where You Love video series.

If you haven’t been to Nelson recently, there’s a lot going on.  Between the increased tourism from the Brew Ridge Trail, the Virginia Wine Trail and Wintergreen to Nelson’s sheer beauty, it’s really an amazing part of our region.

Please let us know if there is anything we can do to help you with your Nelson County real estate needs.

By Jonathan Kauffmann | Posted in Nelson County, Real Estate Brokerage | Comments (0)