Year-To-Date 2013 Charlottesville Real Estate Market Update

In regards to Charlottesville real estate, we closed out 2012 with a bang. Sales were up.  Median prices were up slightly.  And inventory was down significantly.

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.

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