Nest Realty’s Market Reports Go Live

We’ve been hinting about it for a few weeks (and working on it for a few months), but we went live yesterday with our BETA version of our Nest Market Reports section.  Since we launched our site, we’ve been posting market reports on our blog, The Nest Report.  However, this is something a little different.

There are some services out there that pull real-time (or almost real-time) market data, turn it into graphs, and allow subscribers to post it.  These actually work pretty well in larger markets with a high volume of transactions.  However, in the Charlottesville area where we do about 3000 (give or take a few) transactions per year, the formulas/charts/graphs for those vendors don’t really work as well.

Along those lines, we get a lot of requests for up-to-date market stats.  How many sales have there been month-to-date?  What’s the median price? What’s the average Days on Market in the City of Charlottesville this year?  We spend a lot of time checking the stats and staying on top of the Charlottesville area real estate market so that our buyers and sellers are informed…but we wanted to be able to provide you with a monthly market snapshot of some of the most requested market info.

Here’s what we came up with.  We think it’s pretty sweet and we hope you do to.

And now for a quick overview:

We broke Central Virginia down into the 5 major Counties (Albemarle, Nelson, Greene, Fluvanna, and Louisa) plus the City of Charlottesville.  For this Beta version, we’re just analyzing single family, detached homes (so condos and town homes aren’t included in these reports).  In addition, the data is pulled from our data feed about the 2nd week of each month – this way we can ensure that the data from the previous month is as up-to-date as possible.

On the Nest homepage, you can select a City/County to get a quick snapshot for the current month.  The snapshot will give you the market statistics, but will also show you the year-over-year change from last year…enabling you to deduct the current market trends.

Want more?  Great.  We’ve got it.  Go ahead and click on the ‘View Full Market Report’ link..

Once again, at the top, you can toggle between Counties and get a quick description of each area.  Below, there are 3 charts with quick descriptions on the sidebar for each one:

1. Days On Market

2. Total Sales

3. Median Home Price

For each of these 3 charts, you can toggle between Counties and choose to select a one-year, three-year, or five-year chart.  No matter what the chart, we’ve also included a dotted line to show you the average during that period.  Why?  Perspective.  It will enable you to see not only how we are trending, but also what’s been ‘normal’ (if there is a normal) during that time period.

So let’s take a stab at some analysis.  Here’s a chart for Total Sales in Albemarle County over the last 5 years:

First of all, scroll your mouse over the small circles – it will show you the exact data points of the chart.

Second, take a look at the peaks of each year – you can see how our market is cyclical…highs in the summer and lows in the late fall and winter.  You’ll also notice that the lows over the last few years have been considerably lower than in 2006, 2007, and 2008. The peaks, on the other hand, have been lower, but less erratic.

Lastly, you’ll see a definite downward trend in total sales over the last 5 years (the red line). Obviously, we wish the market were a bit better.

So there you go.  We’d love your feedback – what do you like?  what do you want more of?

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