Albemarle County detached home sales continue to suffer a bit, according to January Charlottesville home sale stats. Average sale price and median sales price fell from both 2008 and 2009 levels, while Days on Market increased over 42 days from 2009 levels.
However, there were some positive signs. January sales of Albemarle single family homes increased from 22 in 2009 to 27 in 2010. Total monthly volume also increased (though slightly). Current inventory levels and months of inventory did drop fairly significantly. Inventory levels dropped about 14% from 2009 levels and the months of inventory is down from 29 months of inventory to 20.25 months.
Inventory reductions and the drop in months of inventory are two key factors in price stabilization and market recovery. Many industry experts are linking our market recovery to lower inventory levels. The Albemarle County real estate market has shown some positive signs over the last few months. With interest rates hovering below 5%, you can expect a steady flow of activity over the next few months.
To check out these January real estate statistics in depth, see the chart below…
