We’re hoping the numbers don’t lie. Why? Because the numbers are telling us some very positive things about the state of the Charlottesville real estate market. We’ve just released our Q1 2012 Nest Report and it seems that the local real estate market is trying its hardest to turn around. Here’s a few quick stats:
– Overall Charlottesville MSA sales in Q1 were at their highest Q1 level since 2007
– Albemarle County sales in Q1 were their highest Q1 level since 2007
– Charlottesville City sales in Q1 were their highest Q1 level since 2008.
– Charlottesville City single family sales are up 40.5% year-over-year
– Contracts written in Q1 for single family were up 54.84% y-o-y and for attached up 160% y-o-y.
– Q1 sales in Albemarle County were up y-o-y in all 3 property type categories: single family up 10.8%, attached up 9.4% and condos up 62.5%
– Q1 contracts written in Albemarle County were up y-o-y in all 3 property type categories: single family up 31.6%, attached up 9.3% and condos up 22.2%
– Overall Charlottesville MSA Months of Inventory for single family homes in Q1 are at single digits (9.25). That’s the lowest Q1 level since 2006.
– Overall Charlottesville MSA Months of Inventory for attached/condos in Q1 are at 9.2 months – the lowest Q1 level since 2007.
Median prices are down in most categories, but that’s expected. These lower prices are definitely spurring some sales activity.
If you’re looking for some more detail, check out our Nest Report or reach out to your favorite Nest Associate.