View Nest Realty’s 2013 Charlottesville Real Estate Market Report

A few more highlights:

• Total MSA home sales increased slightly (+0.39%) to 516 units (as compared to 514 in Q1 2012).  This marks the 7th straight quarter in which we have seen year-over-year increases in total MSA sales.

• Albemarle County sales fell by 6.78% (220 vs. 236) as compared to Q1 2012

• Charlottesville City sales fell by 26.37% (67 vs. 91) as compared to Q1 2012

• Median prices in the Charlottesville MSA were off by 2.77% 

If you have any further questions, reach out to your favorite Charlottesville real estate agent.

The post Q1 2013 Charlottesville Real Estate Market Report appeared first on Nest Report.

If you’re into market stats (like we are at Nest) and you love beautiful design (like we do), then you’ll love our 2012 Nest Realty Annual Market Reports.  We’ve just gotten a shipment of thousands upon thousands of these reports for our Charlottesville and New River Valley offices.  The brown, corrugated boxes are everywhere and we need to find something to do with them.

Overall, the Charlottesville real estate market is trending upwards.  Whereas we were in a bit of flux over the past few years, 2012 (and the first part of 2013) brought more stability to the Charlottesville home market.  We’ll admit that we were a bit down on the market since recently, we are starting to feel a little better about the direction that the Charlottesville and Albemarle real estate market is heading.  In reality, the local market has been trending upwards since late-summer of 2012.  But, as we’ve been saying, its taken a bit of hindsight to actually recognize things are trending in a positive direction.

In the New River Valley, demand is strong in the core sub-markets of single family homes in Blacksburg and Christiansburg.  In addition, condo sales have started to pick up and we’re seeing that market moving in a positive direction also.

Do you want a copy of our annual market report?  Then just shoot us a note at info (@) nestrealty.com with your name, mailing address, and the desired market report that you’d like (Charlottesville or New River Valley)….and we’ll be glad to send you a copy of this absolutely, positively beautiful annual report.  We look forward to receiving your requests!

The post Beautiful + Real Estate Market Statistics = Nest appeared first on Nest Report.

Handley Farm Estates is a beautiful new development in Western Albemarle.  Though the overall property is over 120 acres, it’s only 12 total home sites. The home sites range from 2.7 acres to 23 acres.

Handley Farm Estates’ developer has meticulously developed this stunning property with multiple ponds, a meandering road, and has hand selected the perfect home placements on each site.  In order to maintain the natural beauty, he has gone out of his way to cut down as few trees as possible.  And the views are simply awesome.  Surrounded by large, private parcels and property in conservation easement, Handley Farm Estates is a great place to consider if you’re looking for privacy, spectacular views, and a home not-too-far from the services of Crozet and Albemarle County.

Handley Farm Estates homes are a short drive to Western Albemarle schools, Interstate 64, Downtown Crozet, and the ever-popular Blue Mountain Brewery. There is currently one home under construction in Handley.

This new Albemarle County community is marketed by Nest Realty.  But that’s not why we love it.  We love it because its an absolutely breathtaking community that has been kept as natural as possible…and truly offers some amazing scenery.  Please contact us if you’d like a tour or more information.

Contacts: Greg Slater and Jonathan Kauffmann

The post Introducing Handley Farm Estates appeared first on Nest Report.

As we are about 50 days in 2013, let’s take a quick look at where we are as compared to last year…

Overall, the Charlottesville area market is looking (and feeling) good.  For the Charlottesville MSA, total sales (i.e. closings) for 2013 are 225 as compared to 221 last year.  That’s a 1.80% increase from last year.  True, that’s not a massive increase.  But it is an increase.  The biggest increases in the number of closings are occurring between $150,000 – $300,000.  Let’s take a look:

• $150,000 – $199,999: 30 closings YTD last year, 43 in 2013 (+43.33%)
• $200,000 – $249,999: 25 closings YTD last year, 32 in 2013 (+28%)
• $250,000 – $299,999: 24 closings YTD last year, 27 in 2013 (+12.50%)

The $500,000+ home sales are almost even over the last 2 years.  Year-to-date in 2012, there were 16.  YTD in 2013, there have been 15.

Charlottesville area single family homes have performed well so far in 2013 as compared to last year. Total closings are up 8.69% as compared to last year (175 vs 169).  The biggest increases (on a percentage basis) have been between $100,000 – $299,999 and also between $600,000 – $699,999.

• $100,000 – $149,999: 21 closings YTD in 2012, 26 in 2013 (+23.80%)
• $150,000 – $199,999: 21 closings YTD in 2012, 36 in 2013 (+71.42%)
• $200,000 – $249,999: 17 closings YTD in 2012, 18 in 2013 (+5.88%)
• $250,000 – $299,999: 17 closings YTD in 2012, 24 in 2013 (+41.17%)
• $600,000 – $699,999: 2 closings YTD in 2012, 6 in 2013 (+200%)

It’s clear that the Charlottesville first-time homeowners are back with the influx of sales in the $100,000 – $300,000 range.  Charlottesville neighborhoods like Belmont are hot…as are several Charlottesville new home communities, according to Piedmont and Southern Development.

On the negative side, Charlottesville area condominium sales are down by 9.67%.  This is not a huge surprise considering the fact that Walker Square was selling like hotcakes in 2012.  Since the developer sold out of Walker Square condominiums in late 2012, there has been a shortage of condominiums for sale in the Charlottesville market.  Well-priced, well-located condominiums are selling quickly in the marketplace, but there’s a current shortage of condominiums for sale.  If prices continue to rise, expect more condos to come back on the market.

Overall, the Charlottesville real estate market continues on a path to recovery.  To date, the 2013 market has been strong.  However, rising interest rates could put a damper on the the real estate market’s progress.  Nest Realty will keep you posted on how things progress throughout the rest of the year.

The post Year-To-Date 2013 Charlottesville Real Estate Market Update appeared first on Nest Report.

We touched on the Crozet real estate market last week.  Now, we’ll focus on the other half of Western Albemarle: Ivy.

Ivy has always been a bit of an anomaly in the local Charlottesville real estate market.  Why?  Whereas each sub-market of the local Charlottesville MSA has pockets of higher end properties, Ivy has a stronger concentration of higher priced homes than any other sub-market in our region.  In 2012, for example, the average sale price of an Ivy home was $808,506. Compare that with neighboring Crozet – with a 2012 average sale price of $361,985.

After an up-and-down last couple of years, Ivy home sales rebounded in 2012.  Here’s the rundown:

• Total Ivy home sales were up 7.14% in 2012 with 120 sales.
• After 2 straight years of declining median prices. 2012 median prices in Ivy were basically flat ($562,000 in 2012 vs. $562,500 in 2011)
• On a positive note, total annualized months of inventory dropped by about 12% from 2011 to 13.80 months (down from 15.74 months in 2011).  In addition, 2012 year end inventory levels were down in Ivy to 106 homes…compared to 118 homes at the end of 2011.
• The average days on market for Ivy home sales in 2012 was 155 days.  This was up from 134 days in 2011.
• Total volume of closed homes was up significantly (+18.6%) to $97,020,751 in 2012.

The high end market (which we categorize at Nest Charlottesville as anything above $800,000) definitely picked up significantly in 2012.  The combination of lower interest rates, an improved jobs market, and increased consumer confidence has brought higher end buyers back into the marketplace…thus improving Ivy home sales.

Looking forward to 2013, we expect home sales in Ivy to continue to improve.  One of the reasons for this is tied to a likely increase in new construction in Ivy.  Though Ivy is a low growth area, there are several new home neighborhoods that should have increased activity in 2012.  Piedmont Realty and Construction is building in Kenridge and Ivy Farms in 2013.  In addition, there is a large increase in activity and interest in Ragged Mountain Farm.  After a few years of low interest in Ragged Mountain, home site prices dropped in 2012 and interest immediately jumped.  There are several new homes under construction in Ragged Mountain now and more expected on the horizon.

(Note: Ivy consists of the Meriwether Lewis and Murray Elementary School Districts.)

The post 2012 Ivy Real Estate Market Update appeared first on Nest Report.

For those craving more data and statistics on the Charlottesville regional real estate market, we offer you our 2012 Charlottesville Real Estate Market Annual Report.  Chock full of bit-sized data and snapshots of all of the Charlottesville regional sub-markets, this report will give you a great overview of market trends for home sales in the Charlottesville MSA in 2012.

Check out the report here.

Unlike our 2012 Year End Charlottesville Nest Report, this report offers more charts and trend lines for the entire Charlottesville MSA…as well as the sub-markets like Crozet, Ivy, and Keswick.

If you would like a full-color copy of this report, please email us at info@nestrealty.com and we’d be glad to drop one in the mail to you!

(Our New River Valley Annual Real Estate Report is coming, too!)

The post Nest Realty’s Charlottesville Annual Report 2012 appeared first on Nest Report.

The Charlottesville real estate market finished out 2012 on a positive note.  For the first time in years, the local market showed strong signs of life and positive news across just about every segment of the market.

2012 Year End Charlottesville Real Estate Market Report

We’ll take a quick look at some overall highlights here, but will continue with some more analysis over the next week or so.

• Overall, total sales in the Charlottesville MSA increased to 2676 homes in 2012.  This represents a 15% increase from the 2326 homes that sold in 2011.
• The median price in the Charlottesville MSA edged up by 2% to $249,000.  This is the first annual increase in median prices since 2007.
• Total sales in Charlottesville City increased by 23%.  Single family home sales in the City were up 30.9% over 2011 levels.
• At year’s end, there were 122 detached homes for sale in the City of Charlottesville.  This is off from a high of 285 in May 2007 and represents the lowest levels since April 2005.
• Sales in Albemarle County were up 14% in 2012.  Median prices increased by 4% to $292,000.
• There were a total of 891 homes for sale in Albemarle County in December 2012, the lowest level since February 2006.
• The 2059 homes for sale in the Charlottesville MSA in December 2012 represents the lowest level since February 2006 when there were 1891 homes on the market.

So, 2012 was a good year for Charlottesville real estate.  Sales were up.  Values were up.  Inventory was down. On the surface, you can’t ask for much more than that.

Check out our report and let your favorite Charlottesville Nest real estate agent know if you have any questions. Stay tuned for more analysis next week…

The post 2012 Year End Charlottesville Real Estate Market Report appeared first on Nest Report.

Contracts written in November 2012 were up in 4 of the 6 regions of the Charlottesville MSA. While Charlottesville City contracts were down from 36 to 30 in November, inventory is sparse. In fact, the 207 active homes for sale in the City is the lowest inventory level since there were 195 homes for sale in July 2005. Sales in Fluvanna County were up again (from 28 to 36) as that market continues to bounce back. To date, December sales activity has been strong and we expect that 2012 will finish on a positive note.

A few highlights:

- Overall year-over-year sales were up 15.7%

- The 3-year sales trend continues to be positive

- City of Charlottesville inventory is at its lowest point (207 available homes) since July 2005

- Months of Inventory for single family homes (9.97 months, down 29%) and attached/condos (8.59 months, down 11%) both improved over last November

- Contracts written were up in 4 of the 6 market areas

For more information, please contact your favorite Nest Associate.

View the entire November Charlottesville Market Report here.

The post Charlottesville Real Estate Market Update: November 2012 appeared first on Nest Report.

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.

Read the entire report here.

The post Charlottesville Real Estate Market Report for Q3 2012 appeared first on Nest Report.

Here are a few more tidbits on the Charlottesville real estate market:

- Single family homes continue to lead the market.  Single family home sales were up 7% (from 173 to 185) year-over-year

- Single family home Months of Inventory levels fell by 13% to 9.18 months.  We’re getting closer to more balanced levels.

- Attached and condo home sales lagged a bit in August: total sales dipped from 60 to 46 (-23%)

- Inventory levels continue to fall across the board: Charlottesville area single family home inventory dropped 7% to 1699 units and attached/condo inventory fell 14% to 429 units.

- Albemarle County sales saw a slight increase from 110 to 115 units year-over-year.  Inventory dropped by 8% and Months of Inventory in Albemarle fell by 12% to 9.09 months.  Median prices fell by 4.09%: the median price of a home in Albemarle was $279,500.

- After a strong run over the last several months, Charlottesville City saw a slight drop in activity.  Total Charlottesville real estate sales fell in August from 49 to 33 units (-32.65%).  While total inventory dropped about 8%, Months of Inventory jumped from 6.44 months to 8.21 months.

- Fluvanna County real estate continues to show signs of strength.  Days on Market (-30.08% to 93 days), total sales (+28.57%), inventory (-6.32%), and months of inventory (-27.19%) each showed vast signs of improvement in August.  Median prices in Fluvanna fell 17.55% to $171,250.  However, the drop in prices have undoubtedly spurred interest and activity in Fluvanna.

- All 6 areas of the Charlottesville MSA had more contracts written in August 2012 than August 2011.  This is a positive sign for continued progress in the local real estate market this fall.

View the full Charlottesville real estate market report for August 2012

The post Charlottesville Real Estate Market Report: August 2012 appeared first on Nest Report.