Nest Realty’s December 2010 Charlottesville Real Estate Market Snapshot

Check out our December 2010 Charlottesville Real Estate Market Snapshot.

Overall, sales dipped again (down 32%) in November 2010 from November 2009.  This marks the 5th straight month of year-over-year sales declines.  Surprisingly enough, although total sales were down 32%, the total volume of transactions was down much less (about 15%).  Several large purchases pushed the average sales price up significantly from last year (similar to what happened last month).  In a similar trend, the median sales increased to $261,000 – up by almost $7,000 from last month and by $1,000 from last November.  Total inventory of homes in the Charlottesville MSA dropped by about 5% from October, something that is not uncommon for this time of year.

The Days on Market of sold homes stayed relatively steady at 109 Days.  Over the last 2 years, the Days of Market in Central Virginia has stayed very steady – proving that if a home is priced well, it will sell.

Finally, Months of Inventory jumped significantly higher from last November to 17.49 months.  However, that is a slight drop from last month’s 18.89.

Stay tuned to The Nest Report online for further analysis.  We will also be releasing our Fourth Quarter 2010 Market Report the first week of January.  In our Quarterly Reports, we take a deeper look into sub-segments of the Central Virginia real estate market.

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