Albemarle Single Family Home Sales July 2010

The last 12 months (8/09 – 7/10) of single family home sales in Albemarle County show a big jump over the previous 12 months (8/08 – 7/09).  The most recent 12 months reflect an over 16% jump in total Albemarle County single family home sales (717 vs. 616).  However, sales in July of 2010 dropped off a cliff compared to July 2009 (107 vs. 58).

Clearly, the end of the homebuyer’s tax credit has affected sales as buyers were rare in May and June of this year.  The tax credit did seem to stimulate some activity during the first part of 2010.  In fact, July was the first month in which total sales in 2010 did not outperform total sales in 2009.  Every other month in 2010 produced higher sales than 2009.

Inventory levels of homes continue to climb throughout the region.  In July 2010, there were 814 single family homes for sale in Albemarle County…as compared to 761 in July 2009.  Since sales in July dropped and inventory increased, the months of inventory in July almost doubled…jumping from 7.11 to 14.03.  That represents the biggest monthly increase since this past December-January.

Though buyer activity level in the market has increased in the last 30 days, contracts are down from 2009 levels and inventory seems to be increasing.  As the summer buying season begins to come to a close, I would expect to see monthly inventory levels to start climbing from the current levels (around 14 months) to 17 or 18 in the next month or two.  (This is fairly typical since there are fewer buyers and serious sellers don’t begin to take their homes off the market until around Halloween).

Stay tuned over the next week and we’ll take a closer look at some of the areas within Albemarle, including Ivy, Crozet, and 29 North.

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