Though the overall three-year sales trend line continues to be downward, we’re starting to see the Charlottesville real estate market pick up some steam. Overall, February sales were up almost 15% from 2011 (140 vs. 122). In addition to sales being up, total inventory levels and Months of Inventory were both down. We’ve been saying for while that inventory levels must come down before the real estate market can fully recover. Yet while Months of Inventory is down, levels for single family homes and attached/condos are still in the double digits – that’s too high for a full recovery to take place. As for prices: both median and average prices continued to slip downward in just about every category.
February 2012 Nest Report For Charlottesville
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