We’ve wrapped up our 2013 Charlottesville Annual Report. You can view the full report Annual Charlottesville Nest Report here. Here’s a quick overview:
2013 is the kind of year in real estate that we all wish could be repeated over-and-over. Low interest rates, strong consumer confidence, a fairly balanced inventory, and relatively positive economic indicators all contributed towards an extremely strong year for the Charlottesville real estate market.
After a stretch of ‘the sky is falling’ quarters from2008 to 2010, the local real estate market is now in full-on recovery mode. 2012 marked the first year since 2007 that we had the welcome news of solid numbers in almost every quarter. But 2013 closed out with positive trends across the board. Total sales were up. Median prices were up. Inventory has reduced and Days on Market for sold properties were down.
With those four key indicators all trending in a positive direction in 2013, most signs point toward another active market in 2014. However, a rising interest rate environment and some changes to mortgage lending rules may serve as speed bumps towards the continued recovery of our local market. That being said, we believe the Charlottesville-area market seems to have enough strength to handle those potential concerns in 2014.
At Nest, we continue to be fortunate to have the trust of a growing number of amazing clients. In 2013, we helped our clients with more than 800 real estate transactions in Central Virginia and saw our closed sales volume more than double from 2012.
As always, we will continue to work hard to provide our clients with the highest level of service and most relevant information to help you make informed reale state decisions.
Thanks again for your trust in Nest.