We’re starting a Friday tradition: a quick update giving you a weekly snapshot of what’s happening in the local Charlottesville, Albemarle, and Central Virginia real estate market.
We’ve actually been tracking this for a few weeks at Nest, and this week is pretty typical. Here’s a few highlights:
– You’ll see that there were more new listings that under contract listings in the overall MSA (+18). Albemarle was just +4 and Charlottesville was actually -5. That’s a good sign for inventory levels.
– It’s interesting to note that the listing prices (average, median, and avg. $/SF) are almost always higher than the homes that went under contract. We’re going to keep a close eye on this over the coming months. Some sellers in our area have adjusted pricing strategies by being more aggressive, while others have continued to hold steadfast in their belief that they will get 2006 prices.
– Lastly, Days on Market (DOM) is an important number to track for Under Contract and Sold properties. At Nest, we’re seeing a definite trend (and I think most active Charlottesville Realtors will agree) that homes that are priced right are selling. So, the DOM for many sold and under contract properties tend to be low.
As always, feel free to contact any of our agents if you have questions.
Quick Notes: we’re defining the Charlottesville MSA as Charlottesville City, Albemarle, Greene, Fluvanna, Nelson, and Louisa. We’re also lagging this info a week so that we can be sure we’re getting accurate data.