Charlottesville Home Sales Look Better Than They Feel

We spend a lot of time looking at stats at Nest. We also spend a lot of time talking amongst ourselves about how the market ‘feels.’

The general consensus among our agents is that the market feels pretty soft…and we have some statistics to back up that feeling. For example, market-wide, showings are down showings are down (about 25%) year-over-year. (More to come in a later post on that stat).

However, the stats for closings in June for the city of Charlottesville are actually up…dramatically…year-over-year. In 2009, there were 23 closings in June…compare that to 57 in 2010. Yep…23 last year and 57 this year. Quite different than the feeling out there. We’re actually a little surprised by this. Check out some other favorable stats:

– The total inventory of single family homes in Charlottesville is only up slightly (from 257 last year to 268). But with the big jump in sales, there are currently only 4.2 months of inventory in this category.
– Home in June sold for 97% of list price….compared with 93% in 2009.
– Days on Market for sold homes is down from 116 to 82.
– Median sold price is down only $3000 from 2009 to 2010.

By just looking at these numbers, you could declare that we’re in a Buyer’s Market for single family homes in Charlottesville. We don’t feel like we’re quite ready to declare the market is back…but these are some welcome signs.

We’ll keep you posted on some other Charlottesville and Albemarle County real estate market segments. Stay tuned.

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