Inventory levels seem to be coming down…though ever-so-slightly. Howver, the end of the year typically has fewer homes for sale in Charlottesville and Albemarle County because sellers opt to take their homes off the market and re-list them in Q1 the following year. Here’s the quick rundown, though:
Albemarle County – Single Family Detached Homes
City of Charlottesville – Single Family Detached Homes
| 2006 | 2007 | 2008 | 2009 | |
| Jan | 5.81 | 9.52 | 10.65 | 28 |
| Feb | 6.35 | 14.6 | 9.48 | 12 |
| Mar | 5.73 | 8.79 | 8.7 | 12.71 |
| Apr | 6.5 | 7.69 | 8.41 | 11.65 |
| May | 5.64 | 6.2 | 5.98 | 9.64 |
| June | 3.64 | 4.81 | 4.56 | 4.5 |
| July | 4.27 | 6.04 | 5.61 | 4.27 |
| Aug | 6.35 | 7.39 | 8.04 | 8.64 |
| Sept | 13.32 | 9.56 | 7.69 | 8.91 |
| Oct | 12.53 | 13.05 | 12.65 | 8.29 |
| Nov | 8.69 | 10.7 | 14.79 | 9.73 |
| Dec | 11 | 7.29 | 18 |
There are signs that there are some positive signs in the Charlottesville real estate market. However, inventory levels must continue to fall so that we reach a more balanced point. In 2009, there has not been much new construction built, which has helped to keep levels down. However, the increasing number of foreclosures has more than made up for the lack of new construction. It’s believed that the number of Charlottesville foreclosures will continue to increase in 2010. If this occurs, then don’t expect to see inventory levels to drop much, if any.
While levels in Charlottesville are much lower than in Albemarle County, inventory levels for Charlottesville single family homes have been increasing (though slightly) for the last few years. That being said, there is still not a flood of Charlottesville City homes for sale. Albemarle County homes for sale have almost doubled in the last 4 years. However, the increase in home sale inventory has tapered off.
If you have any questions or would like to talk with a Charlottesville Realtor, contact your Nest agent today.