At Nest Realty, we always spend time analyzing Charlottesville real estate market statistics to see what has happened, what is happening, and what may happen within our local market. We’ve been taking a look at moving averages and moving medians in our market recently. It’s always telling to look back at these charts and see what has happened.
Taking a look at the one-year moving median of the Charlottesville area real estate market shows us that prices definitely backed off in 2009. However, it’s interesting to note that prices actually held up during the first half of the year…then took a pretty big hit during the second half of the year. June 2009 seemed to be the beginning of the price drops. The 7, 30, and 90-day moving medians began to drop in that range…and then the 200-day followed suit later in the year.
But take a look at the end of 2009 – there was another crossover…this time with positive signs. The 30-day moving median showed positive signs against the 90 and 200 day medians. And the 90-day chart seems to be moving upward as compared to the 200-day. If this trend continues, it could prove to be good news for the real estate market through Charlottesville, Crozet, Ivy, and all of Central Virginina.
However, it’s just a small blip on the radar and we’ll need to keep a close eye on things.