If you’re a loyal reader of the Nest Report, this post may sound a little familiar to you. To give a little background, we’ve been scouring through Charlottesville real estate market data from the first 7 months of 2010…and comparing sales statistics to year’s past.
This time, we’re taking a look at single family home sales in Western Albemarle. As with our other recent data, year-over-year Western Albemarle home sales are up significantly. Here’s the rundown:
August 2008 – July 2009
Home Sales: 190
Median Sold Price: $477,500
Months of Inventory: 14.96
August 2009 – July 2010
Home Sales: 239 (up 25.8%)
Median Sold Price: $400,000 (down 16.2%)
Months of Inventory: 10.89 (down 27.2%)
The combination of the tax credit and lower prices definitely spurred home sales throughout Charlottesville and Albemarle during the first half of 2010. However, as we’ve noted before in our market reports, July 2010 sales dropped significantly in Western Albemarle (from 32 in 2009 to just 17 this past July).
So, it seems like no matter where we look, the story stays the same. On the bright side, sales are up significantly over the most recent 12 month period. But sales in July are down significantly year-over-year. We’ll see how August and September play out. By all accounts, we expect sales to be off from last year. But we’ll have to wait and see.
(Note: Western Albemarle is made up of Crozet and Ivy)
To see current listing inventory: