Albemarle County Single Family Home Sales

I know we’ve got a few loyal readers out there who live for our market reports…and to you we apologize for the delay in getting our most recent report up. Thankfully for everyone, April was one of the busiest months we’ve had in a long time.  The expiration of the tax credit caused a lot of activity right up until the very last second.  In fact, I know that few of us at Nest Realty were frantically working on contracts right up until midnight on April 30th.

We had an office meeting this morning and spent a large portion of the time talking about the market – where we have been, where we are, and where we’re going.  There are definitely still mixed feelings and mixed emotions as to what exactly is happening out there.  On one hand, March and April were extremely busy…on the other hand, there is definitely a feeling of ‘lull’ in the marketplace right now.  We’ve got theories on what’s happening out there, but we’re just going to have to wait and see if our crystal ball is accurate.

What we do know is that sales of single family homes in Albemarle County are up over the past 2 months…actually, they are up fairly significantly:

– There were 630 Albemarle County homes that closed between May 2008 and April 2009

– There were 700 that closed between May 2009 and April 2010.

That’s over 11% an increase, which is a positive sign for the market…especially considering our Snowmageddon months of December, January, and February.  (At Nest, we were actually predicting that March and April 2010 home sales were going to be the worst in years because of the snow…glad we were wrong)

Other positive Albemarle County real estate trends: Inventory comparing the same 12-month periods are down over the most recent 12 month (about 7%)

The median sales price for homes in Albemarle County is down, though, over the most recent 12 months…as compared to the 12-month period before that.

– From May 2008 and April 2009, the median sales price was $389,450…it’s dropped to $360,000 over the last 12 months.  That’s about a 7.5% drop…just about exactly what we would’ve predicted.

– Amazingly enough, the list-to-sale ratio is EXACTLY (to the decimal point) the same…92.99%.  I’d like to see some statistical analysis to tell us what the odds of that are…probably pretty slim.

Overall, the vibe continues to be the same as it has in previous Nest Report postings: transactions are on the rise, average and median prices are down, and inventory and list-to-sale ratios are holding relatively steady (with a hint of positive trending).

Charlottesville home sales will be next…stay tuned…

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