This is the best report format we have seen in quite sometime from CAAR and it shows great details that we talk about all year. Remember to discuss specific market conditions with your Realtor.

Charlottesville Area 4th Quarter 2011 Highlights:

• Median sales price for the region is down 0.4% over last quarter and 3.6% from the Q4‐2010 to $240,000
• New listings were down 20.3% from the same period last year.
• Homes took an average 9 days longer to sell compared to Q4‐2010 with average Days on Market(DOM) of 161.
• Pending sales rose 19.3% over same time 2010 from 456 in Q4 2010 to 544 in Q4 2011.
• The median sales price for 4th

Quarter sales year‐over‐year declined  3.75% from $249,000 to $240,000.

Charlottesville Area 2011 Year‐End Highlights:

• Top three areas for sales in 2011 were Albemarle, Charlottesville, and Fluvanna counties.
• The most affordable areas in our market were Greene, Louisa, and Fluvanna counties.
• Overall sales were down a nominal 1.5% from 2010, though up slightly from 2009 levels.
• Active inventory to close 2011 is down 7% from year‐end 2010.
• Days on Market stable since 2010, half of homes sold in 86 days or less in 2011 and average DOM was 149 in 2011.
• Median Sales price for 2011 of $245,000 was down 3.9% from year‐end 2010.

Caar Year End 2011

2012 Charlottesville Real Estate Assessment

The City of Charlottesville says that the released assessments are “an estimate of fair market value as of January 1 each year, based on property sales for the previous calendar year” Here is the Charlottesville City Assessor website.

2012 Albemarle County Real Estate Assessment

Albemarle County, who I called a few days ago, states that  “The County of Albemarle appraises real estate every year based on fair market value as provided by the Virginia State Code”.

They go on to say that “The appraisal staff in conducting their field appraisal work considers adjacent property sales, condition of property, zoning stipulations, and other miscellaneous factors that could be an influence on the market value of the property”  Here is the Albemarle County Real Estate Tax Website.

Charlottesville Home Prices

Charlottesville Market Reports show that sales are slightly increasing year over year, however Median Sales Prices are down in the City of Charlottesville and up slightly in Albemarle County.

There are a lot of factors that are included to get Median prices from our MLS so your actually numbers may not follow these trends. I suspect that 2012 Real Estate Assessments will be, for the most part, flat to slightly down from 2011.

Charlottesville Real Estate Tax Rates

Our real estate tax rates are based on Assessments:

• City of Charlottesville is $.95 per $100 of Assessed value.
• Albemarle County is $.742 per $100 of Assessed value.

Charlottesville Home Buyer

Many Charlottesville Buyers look to Assessments as a means of valuing a home and in many cases this can be a mistake. Using them as a guide can make sense, but since the data is generated at a point in time prior to the January release the information is not timely enough.

Getting a current Market Analyses of a home from your Charlottesville Agent will give you a better idea of a homes true value.

We talk a lot about Statistics when it comes to real estate. Let’s look a little closer at Charlottesville Virginia Real Estate.

Have you heard about Charlottesville Virginia?

You deserve to have the quality of life that Charlottesville has to offer. We are a small town that has everything you want to enjoy life. Think about visiting soon…

 CLICK PHOTO

 Let’s Talk Charlottesville Real Estate

 We are very fortunate to live in such a wonderful area. We have four season, Blue Ridge Views and the University of Virginia! Sales are starting to pick up in Charlottesville and our year is moving along nicely!

• In Charlottesville City we have SOLD 313 HOMES.
  
• There are currently 265 HOMES on the market.  (274 last report)
• Our average DOM (Days on the Market) is at 123 Days
• Our Average selling price is $293,347

If you read my blog, you see numbers a lot more often, however I wanted to share the report from CAAR with my readers.

Please remember that each area is unique and I always advise that you consult with your Real Estate Professional to understand these numbers and the local market.

CAAR 3rd Quarter Market Report

Our Housing market never really seems to stop building. The demand for housing is and continues to be strong for the Charlottesville Real Estate Market.

Some of the smart builders and smart developers know this.

We are seeing smaller developments with hundreds of homes in the plans. New Homes in Albemarle County continue to be built. There is a lot of debate over where and how and why, but that is another story.

I want to go on record as saying to builders,

“stop building homes that do not have a First Floor Master!”

The baby boomers are at an average age of around 60 years old. I can tell you from experience that they do not even want to consider homes without a first floor master.

I am talking specifically about our Charlottesville Real Estate market, but I believe this is true in a lot of areas! There are some local builder’s putting in 3 story (yes 3 story) homes in town and they are killing themselves by not having a First Floor Master option…

My next home purchase will have a First Floor Master and that is the Trend!!!

This is my opinion and I am stinking sticking to it!!!

When Looking for the perfect home in Charlottesville with a First Floor Master, give me a call, I will be sure you see them all.

On the left is the Medium SOLD price. This is over the last year.

What we are seeing is Attached homes (Townhomes and condos) and Detached homes (Single Family).

Note that Single Family is holding a fairly steady channel in price vs Townhomes and condos.

As always if you have any questions, just ask.

Just had a discussion regarding whether to rent or buy Charlottesville Real Estate and the answer may surprise you.

• Next 2 years is prime time for real estate investors – Survey by Realtor.com operator of Move inc.
• Mortgage rates hit new lows for 2011 – Freddie Mac

So Investors are getting into or in our local market already active because they see value. Investors are typically first to get in at the trough of a market.

Rates are still low. I have been watching this and for many people, rates are moving up (credit scores, amounts, etc… are factors).

What does this mean for our local market? Take a look at this chart of sales I posted recently. There are some very obvious things going on:

1. We have a downward trend break of the Lower Highs in the Summer of 2009.
2. We have a downward trend break of the Lower Lows in the Winter of 2010.
3. We have now seen a Higher High and a Higher Low from 2009 to 2010.

These are facts based on sales. Now it does currently feel like a sideways market as far as prices. The DOM and inventory is still high which will keep pressure on the market and this is why we are seeing a sideways trend.

If you are waiting for a bottom, this is likely it. Actually it looks like those who bought in 2010 hit it just right.

Buyers who are waiting for lower prices in the Charlottesville Real Estate market moving forward, may never see them and when rates start to increase (they already are) many buyers will be shut out of the market. They will be wondering why the home they wanted now costs several hundred dollars a month more than a year ago (even if prices are slightly lower).

If you are on the fence it is time to talk to a professional that watches this market daily.

We have grand estates and horse farms in Albemarle. The back roads will give you a feeling of peace and harmony as you drive by these beautiful properties. When you are ready to tour, just give me a call, it is my favorite thing to do in our area.

(photo taken by Charles McDonald of the driveway of a past listing of mine in Albemarle Virginia…)

Albemarle County Virginia Home Information

The Real Estate market everywhere is constantly changing and Charlottesville and Albemarle are no exception. It takes a drive around Albemarle to understand and enjoy the beauty of this area.

• In Albemarle we have SOLD 325 HOMES.
  
• There are currently 1135 HOMES on the market. (1128 from last report)
  
• Our average DOM (Days on the Market) is at 142 Days. (147 last report)
  
• Our Average selling price is $376,979
  

Sometimes looking at the numbers helps, but nothing replaces a qualified REALTOR in your corner.

Where Are We Now?

In the first quarter of 2010, the Charlottesville real estate market continued the trend seen in the fourth quarter of last year. Home sales, compared to the first quarter of 2009, increased slightly. In the first quarter of 2010, sales (436) were up 4.3% from the same period in 2009 (418). This increase was somewhat surprising because of the unusually snowy winter that significantly hindered home sales.  Although this is the second consecutive quarterly year-over-year increase in sales we have seen, it is the second lowest quarterly total in the past 10 years. As CAAR President Greg Slater explained, “the snowstorms really held down our sales volume for most of the first quarter, but we saw a rally in March when the weather finally got better.

As reported in the past three quarterly reports, prices have been falling, but in the first quarter of 2010 there was a small change. Although most of the data indicates a continuation of soft prices, there is some evidence that prices might be stabilizing. It is too early to draw conclusions because of the limited amount of data, but this bears watching in the coming quarters.

Home Sales for 2010

There were 436 homes sold in the Charlottesville area in the first quarter 2010, which was up 4.3% (+18 sales) from the same quarter in 2009. Albemarle (+13.1 %), Fluvanna (+12.5%), Greene (+22.7 %), Louisa (+19.0%), and Nelson (+104.8%) showed an increase in sales, while Charlottesville (-26.1%) and Orange (-26.8%) showed a decrease.

Sales in the Central Valley region were generated from the Greater Augusta MLS, which has more complete data on the Valley market than the CAAR MLS. Sales were up in the Valley by 4.3 % compared to last year.

*includes sales outside the counties listed

**numbers courtesy of the Greater Augusta MLS

Home Prices Have Dropped

Based on the data from the CAAR MLS, we continue to see a decrease in home prices compared to the same quarter last year. The median prices listed below are the middle of the market of properties that sold. Simply put, this is an indication of what buyers were willing/able to pay and is not a true reflection of individual home prices.

We believe the numbers displayed below provide evidence that prices are still declining, but the rate of this decline has slowed from the previous reports. As shown below, median prices in two counties have increased, and the area price per square foot remained unchanged from last year.

Overall, the median home price (including attached homes) declined $19,500 (-7.6%) compared to first quarter last year. The median price is now a little above where it was at this point in 2005, before the housing prices started increasing dramatically. It is interesting to note that two counties showed increases in their median prices: Louisa (+16.1%) and Fluvanna (+2.4%). All other areas covered in this report showed a decline as follows: Albemarle (-1.6%), Charlottesville (-5.7%), Greene (-18.1%), Nelson (-27.0%), Orange (-16.7%) and the Valley (-2.6%).

*includes sales outside the counties listed

**numbers courtesy of the Greater Augusta MLS (note: these are average prices, not median)

Price per Square Foot (Finished)

Another indicator that allows us to see what is happening to home prices is the price per square foot numbers. The average price per square foot of finished space in homes is not an exact science, but a downward trend over the years clearly indicates a decrease in prices (and vice versa). For the first time in the last three years, the first quarter numbers indicate that the prices have stopped declining and held their own year-over-year.

*includes sales outside the counties listed

**based on CAAR MLS data

Inventory of Homes for Sale

The inventory of homes for sale in the Charlottesville area has continued to decline. As we have reported for the past year, the excess of inventory is causing many of the problems with our local housing market. The decline in inventory is very encouraging, but we will still have too many homes on the market for the current demand

As of this writing, we have 3,353 homes on the market, compared to 3,608 at this time last year. This is the largest year-over-year decrease in several years, but we are still above a balanced inventory level in the 2,000 to 2,500 range. The median price of homes currently for sale is $289,900, which is $8,100 less than last year. The average DOM (days on market) of these homes is 151 days, which is 4 days less than last year and 13 days more than homes that sold in the first quarter. The most telling statistic related to homes currently on the market is that the average price per square foot is $228 compared to $140 for homes that sold in the first quarter.

Housing affordability is the positive aspect of this market. There are 903 homes for sale $200,000 or less with an average DOM of 145 and an average price per square foot of $141. There are 242 homes currently on the market priced at a million dollars or more with an average DOM of 240.

Days on Market (DOM)

In this market, the average days (DOM) a property stays on the market is less important than it would be in a more balanced market. There are many variables in the marketplace – excess inventory, foreclosures, short sale, and financing issues – that affect the length of time a property is on the market. This quarter shows a reflection of that, as the average days on market went up by 5. We are still in a buyer’s market, which means the best way to shorten the days your property is on the market is to price it correctly.

*includes sales outside the counties listed

**numbers courtesy of the Greater Augusta MLS

New Construction Continues to Decline

It is important to note that many “new” homes are not included in CAAR MLS statistics. Some buyers work with a builder directly to custom build a home. With that said, the historical perspective of the pace of new home sales gives us a reasonably good picture of the market for new construction. As the chart below shows, new home sales are still struggling and until the inventory of re-sale homes declines more, new construction will lag.

Condos and Townhomes (Attached Homes)

The sale of attached homes is only reported in Charlottesville and Albemarle because very few properties in this category are located in other counties, except Nelson. Since the condos in Nelson are primarily in the Wintergreen Resort market, we have decided not to include them in this report. One of the more interesting numbers in this report is the small increase in the sale of attached homes in Albemarle in 2010 compared to the same period last year. The Albemarle median sold price dropped significantly, from $224,295 to $198,000 and the days on market was 132. In Charlottesville, there were only 15 attached home sales compared to last year’s 28. The median price was down from $273,344 to $169,000 and days on market was 112.

Conclusions and Predictions

The good news is that the winter weather is behind us. It is impossible to quantify how much the record snow fall hurt real estate sales in the first quarter, but there is little doubt that it was a significant impact. The good news is that the pent-up demand from the first quarter appears to have moved into the second quarter. Reports from agents in the field indicate that there has been above normal activity since the weather improved in mid-March. Only time will tell if this activity turns into sales for the second quarter market report.

CAAR is also watching the inventory of homes for sale to see if it continues to decline. A reduction in inventory will help take pressure off home prices and indicate that the market is becoming more balanced. Price sensitivity is still the key factor in this market and if you are looking to put your house on the market, be sure to have a REALTOR^® or appraiser prepare a comparative market analysis (CMA) for your property so that you can price it to sell. And, if you are looking to buy, a REALTOR® can help you understand the current market place so you can buy what is right for you.

This Quarterly Market Report is produced by the Charlottesville Area Association of REALTORS^® using data from the CAAR MLS and the Greater Augusta MLS where noted. For more information on this report or the real estate market, just let me know.

Have Dropped

Based on the data from the CAAR MLS, we believe that the numbers clearly show a significant decrease in home prices during 2009. The median prices listed below are the middle of the market of properties that sold. Simply put, this is an indication of what buyers were willing/able to pay and is not a true reflection of individual home prices. It is probably safe to assume that a steady, year-to-year decrease in the median price is a good indication that prices are going down, but it is not an exact measurement.

We believe the numbers displayed below provide compelling evidence that our local real estate market has experienced a noteworthy drop in home prices. The CAAR market reports have been discussing this trend since the Fall of 2007, and this report shows further evidence of the decline.  The one caveat that we need to make is that part of this median price decline is a reflection of an increase in home sales in the lower price ranges. Of the 2730 homes that sold this year, 1565 were sold for $300,000 or less. This surge in the lower end of the market will naturally pull the median price down.

Overall, the median home price (including attached homes) declined $20,823 (-7.8%) compared to last year. The median price in 2009 fell just below what we reported as the year-end median price in 2004. All areas covered in this report showed a decline as follows: Albemarle (-10.9%), Charlottesville (-7.1%), Fluvanna (-17%), Greene (-5.8%), Louisa (-15.7%), Nelson (-7.2%), Orange (-25.6%) and the Valley (-5.6%).

*includes sales outside the counties listed

**numbers courtesy of the Greater Augusta MLS (note: these are average prices, not median)

Price Per Square Foot (Finished)

Another indicator that allows us to see the decline in home prices is a major drop in the price per square foot numbers. The average price per square foot of finished space in homes is not a scientific number, but a downward trend over the years clearly indicates a decrease in prices (and vice versa). According to the chart below, prices peaked in 2006 and have declined for the past three years. There has been a $28 per square foot drop since the peak in 2006. The current $143 per square foot is the lowest number since 2004.

*includes sales outside the counties listed

**based on CAAR MLS data

CAAR Market Report

2009 Year-End

Published by the Charlottesville Area Association of REALTORS®

Where Are We Now?

Home sales, compared to 2008, continued to show improvement in the second half of 2009. At mid-year, sales were down 28%, but by year-end sales were only 8.7% below the 2008 levels. In the 4^th quarter of 2009, sales (696) were up 34.1% from the same period in 2008 (519). This is the first year-over-year increase in sales we have seen in several quarters in the Charlottesville area. While it is certainly exciting to see such a significant increase in sales, it is important to remember that the 4^th quarter of 2008 was the height of the economic and housing crisis. As predicted, the 4^th quarter of 2008 (and the 1^st quarter of 2009) appear to be the bottom of the housing downturn in the Charlottesville area.

As reported , significantly lower home prices (down 20% or more) are driving the pick-up in sales. In addition, the $8,000 tax credit for first time buyers supercharged the sale of starter homes (below $300,000) in 2009. 67.5% of home sales for the year were in this starter home category, which is approximately a 10% increase in this category.

Home Sales for 2009

There were 2,730 homes sold in the Charlottesville area in 2009, which was down 8.7% (-261 sales) from 2008. Albemarle (+5.7) and Greene (+11.7) showed an increase in sales for the year. All other ares were down from last year: Charlottesville -19.9%, Fluvanna -15.4%, Louisa -15.8%, Nelson -12%, and Orange -20%.

Sales in the Central Valley region were generated from the Greater Augusta MLS, which has more complete data on the Valley market than the CAAR MLS. Sales were down in the Valley by 14.9 % compared to last year.

Residential Sales
County	2005	2006	2007	2008	2009
Albemarle	1973	1680	1440	993	1050
Charlottesville	555	764	644	562	450
Fluvanna	639	523	423	318	269
Greene	309	291	203	171	191
Louisa	241	217	208	209	176
Nelson	399	259	194	158	139
Orange	133	128	122	85	68
Area Total*	4677	4412	3768	2991	2730
Central Valley**				1063	905

*includes sales outside the counties listed

**numbers courtesy of the Greater Augusta MLS

# of Views : 469]]> http://www.charlottesvillerealestatesolutions.com/2010/01/caar-market-report-2009-charlottesville-real-estate/feed/ 0 http://www.charlottesvillerealestatesolutions.com/2009/11/homebuyer-tax-credit-update-bullet-points/ http://www.charlottesvillerealestatesolutions.com/2009/11/homebuyer-tax-credit-update-bullet-points/#comments Fri, 06 Nov 2009 16:48:40 +0000 Charles McDonald http://www.mycharlottesvilleblog.com/2009/11/homebuyer-tax-credit-update-bullet-points/ Couple key changes so far are

Posted via email from Charlottesville Real Estate

Note: Have we broken the year over year downtrend? (note 154 in July)

The Charlottesville home market (sales) is seasonally high during the Summer and low during the Winter. This has to do with many factors including the fact that the University of Virginia is a major employer and also the influx of students to our area. Also note the lower highs in the Summer Months (year over year). My clients receive various trend analysis of the market.

Posted via email from Charlottesville Real Estate

$549,000 1809 AMBERFIELD DR, CHARLOTTESVILLE

$525,000 3293 TURNBERRY CIR, CHARLOTTESVILLE

$525,000 309 PLEASANT PL, CHARLOTTESVILLE

$520,000 2601 ENGLISH OAKS CIR, CHARLOTTESVILLE

$499,900 2902 CHIMNEY SPGS, CHARLOTTESVILLE

Disclaimer: Copyright ©2004-2009 Charlottesville Area Association of Realtors®. All rights reserved. Information deemed to be reliable but not guaranteed. The data relating to real estate for sale on this website comes in part from the IDX Program of Charlottesville Area Association of Realtors®. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Any use of search facilities of data on this site other than by a consumer interested in the purchase of real estate, is prohibited. Information last updated today. All rights reserved. Created by Charlottesville Virginia Real Estate for clients use only.

Charles McDonald, REALTOR® / Associate Broker with RE/MAX Assured Properties, and is “Licensed to sell Real Estate in Virginia”

Copyright © 2005-2009 Charles A. McDonald – All rights reserved.        Website Designed and created by Charles McDonald

Posted via email from Charlottesville Real Estate

Remember what I recently posted about Statistics?

—-

CAAR Market Report

2009 After 3 Quarters

Published by the Charlottesville Area Association of REALTORS®

Where Are We Now?

Home sales, compared to 2008, showed improvement in the 3^rd Quarter. At mid-year, sales were down 28%, but after the first 9 months of the year, sales are only 19% below the 2008 levels. In the third quarter, sales (845) were only down 6.2% from the same period in 2008 (901). This is the smallest year over year decline we have seen in several quarters in the Charlottesville area. July and August monthly sales were very close to 2008 levels, but September fell back a bit.

As reported in the CAAR Mid-Year Market Report, significantly lower home prices (down 20% or more) are driving the pick-up in sales. In addition, the $8,000 tax credit for first time buyers has supercharged the sale of starter homes (below $300,000). 65% of home sales in the third quarter were in this starter home category, which is consistent with the overall trend for the entire year. The surge in first-time buyers is also a national trend.

Home Sales for the First Nine Months

There were 2,001 homes sold in the Charlottesville area during the first nine months of 2009, which was down 19.1% (-471 sales) from 2008. All local areas are still down from last year: Albemarle -5.4%, Charlottesville -27.4%, Fluvanna -25.3%, Greene -7.7%, Louisa -28.9%, Nelson -25.8%, and Orange -25.5%. Monthly sales for the region had improved slightly each month since November 2008, but that string was broken in August due to normal seasonal swings.

   Additional Charts available here

Original post by Charlottesville Real Estate – Your Trusted Broker Charles McDonald (RE/MAX Assured Properties – No one sells more Real Estate) and software by Elliott Back

Sometimes a picture is worth a thousand words:

I look at a lot of data and this is over 5 years of monthly sales in the Charlottesville Real Estate market (Albemarle County).

(I would love to see National Charts showing true sales)

We are very seasonal with highs in the summers and lows in the winter months. Notice the peaks (summer months) going back to 2005. We have had a decline year-over-year until this past month. We have slightly (and I mean slightly, by 5 homes) out sold the previous summer of 2008.

This is a good thing. To me it is not yet a trend break, but we are all looking for good news and this is certainly some.

Lets keep an eye on this chart…. for more details see: Charlottesville Trends

(photo taken by Charles McDonald of the driveway of a past listing of mine in Albemarle Virginia…)

Albemarle County Virginia Home Information

The Real Estate market everywhere is constantly changing and Charlottesville and Albemarle are no exception. It takes a drive around Albemarle to understand and enjoy the beauty of this area.

• In Albemarle we have SOLD 631 HOMES.
• There are currently 1050 HOMES on the market.
• Our average DOM (Days on the Market) is at 113 Days .
• Our Average selling price is $414,631.

Come visit and tour our area anytime!

About The Author

Charles McDonald, Broker and dedicated Buyers Agent is the author of this blog, and several other sites on the Internet. Charles and his group of experts in the Charlottesville area are always available to help you with your Real Estate needs. Call our group anytime at 434-515-1585

Copyright © 2009 Charles McDonald, All Rights Reserved.

Today VHDA’s (Virginia Housing Development Authority) Barry Merchant presented data on our local Charlottesville Real Estate market.

He sees the correction continuing into 2010 and agrees that we are seeing very few foreclosures in our area.

let me know if you have any questions.

NOTE: Slide 11, shows that we did not go up in price as much as some areas and we also did not correct as hard.

(Photo - this home was sold by Charles McDonald, Charlottesville Virginia)

Let’s Talk Charlottesville Real Estate! 

We are very fortunate to live in such a wonderful area. We have four season, Blue Ridge Views and the University of Virginia! Sales are starting to pick up in Charlottesville and our year is moving along nicely!

• In Charlottesville City we have SOLD 271 HOMES.
• There are currently 331 HOMES on the market.
• Our average DOM (Days on the Market) is at 129 Days .
• Our Average selling price is $277,019.

We have some excellent neighborhoods to see like:

Glenmore     Foxchase     Old Trail      Forest Lakes     Dunlora

Click Here for a link to other Great Neighborhoods in our area!

Please visit my website at Charlottesville Real Estate for details about our area and other homes on the market in Charlottesville, Albemarle County and the surrounding counties!

 Nelson     Greene     Madison     Fluvanna     Orange     Louisa 

Come visit and tour our area anytime!

About The Author

Charles McDonald, Associate Broker at RE/MAX Assured Properties and dedicated Buyers Agent is the author of this blog, and several other sites on the Internet. Charles and his group of experts in the Charlottesville area are always available to help you with your Real Estate needs. Call our group anytime at 434-981-1585 or to search for homes visit: Charlottesville Real Estate

Copyright © 2009 Charles McDonald, All Rights Reserved.

Original post by Charlottesville Real Estate – Your Trusted Broker Charles McDonald (RE/MAX Assured Properties – No one sells more Real Estate) and software by Elliott Back

(photo taken by Charles McDonald just driving down a country road in Albemarle Virginia…)

Albemarle County Virginia Home Information 

The Real Estate market everywhere is constantly changing and Charlottesville and Albemarle are no exception. It takes a drive around Albemarle to understand and enjoy the beauty of this area.

• In Albemarle we have SOLD 574 HOMES.
• There are currently 1050 HOMES on the market.
• Our average DOM (Days on the Market) is at 114 Days .
• Our Average selling price is $419,635.

These are tough numbers, are you working with a top Charlottesville agent?

CAAR Market Report

2009 Mid-Year

Published by the Charlottesville Area Association of REALTORS®

Where Are We Now?

The pace of home purchases in the Charlottesville area continues to improve from the dismal 4^th quarter of 2008, but sales lag well behind compared to last year. The sale of homes has been increasing month to month for six months in a row. The steady improvement is easy to predict with the seasonal upswing the market naturally experiences this time of year, but based on pending sales in the MLS, we may continue to see sales increase beyond the seasonal selling season. For the first time in many months, the number of contracts in June was up from the previous year. It will be interesting to see if this trend continues.

Fueling these homes sales is the significant decrease in real estate prices. This report will detail some statistics that indicate that home prices have fallen steeply (20% or more) and this has resulted in an increase in sales. There is some evidence that sellers are starting to embrace the current market environment and price their home accordingly. The average Days on Market (DOM) has been dropping in recent months, and the median time a property takes to sell is now only 75 days. That indicates that many homes – likely the ones priced correctly – are selling quickly.

Mid-Year Home Sales

There were 1131 homes sold in the Charlottesville area during the first six months of 2009, which was down 28% (-440 sales) from 2008. After the 1^st quarter, annualized sales were down 33.9%, which demonstrates the 2^nd quarter improvement. All local areas were down from last year: Albemarle -15.6%, Charlottesville -35.2%, Fluvanna -34.7%, Greene -24.5%, Louisa -38.4%, Nelson -39%, and Orange – 47.1%. Monthly sales for the region have improved slightly each month since November 2008, but much of that can be attributed to seasonal swings.

Sales in the Central Valley region were generated from the Greater Augusta MLS, which has more complete data on the Valley market than the CAAR MLS. Sales were down in the Valley by 25.5 % compared to last year.

Mid-Year Sales

*includes sales outside the counties listed

**numbers courtesy of the Greater Augusta MLS

Have Home Prices Slipped?

Based on the data from the CAAR MLS, we believe that the numbers clearly show a significant decrease in home prices. The median prices listed below are the middle of the market of properties that sold. Simply put, this is an indication of what buyers were willing/able to pay and is not a true reflection of individual home prices. It is probably safe to assume that a steady, year-to-year decrease in the median price is a good indication that prices are going down, but it is not an exact measurement.

We believe the number displays below provide compelling evidence that our local real estate market has experienced a noteworthy drop in home prices. The CAAR market reports have been discussing this trend since the Fall of 2007, but this report finally shows clear evidence of the decline. The one caveat that we need to make is that part of this median price decline is a reflection of an increase in home sales in the lower price ranges. Of the 719 homes that sold in the 2^nd quarter, 509 were sold for $300,000 or less. This surge in the lower end of the market will naturally pull the median price down.

Each property is affected differently by this price decline. The only way to know what your home will sell for is to have a REALTOR^® or appraiser prepare a comparative market analysis (CMA) for your property. This market is changing very quickly and to be up-to-date, you need to do a CMA every two weeks. Pricing a property correctly is the best way to sell it!

Overall, the median home price (including attached homes) declined $22,900 (-8.5%) compared to the first half of last year. All areas covered in this report showed a decline. Median prices for other locales include: Albemarle (-9.4%), Charlottesville (-6.8%), Fluvanna (-19.6%), Greene (-3.4%) Louisa (-20.8%), Nelson (-6.7%) Orange (-29.7%) and the Valley (-8%).

Median Sales Prices

*includes sales outside the counties listed

**numbers courtesy of the Greater Augusta MLS (note: these are average prices, not median)

Price Per Square Foot (Finished)

Another indicator that allows us to see the drop in home prices is a major drop in the price per square foot numbers. The average price per square foot of finished space in homes is not a scientific number, but a downward trend over the years clearly indicates a decrease in prices (and vice versa). According to the chart below, prices peaked in 2006 and have declined for the past three years. The $18 per square foot drop in 2009 is by far the largest decline we have experienced in recent years.

Price Per Finished Square Foot

*includes sales outside the counties listed

**based on CAAR MLS data

Inventory Heading in the Right Direction

The inventory of homes for sale in the Charlottesville area generally increases in the first half of the year, with many homes coming on the market for the spring selling season. The good news is that in 2009 we have seen the inventory of homes shrink – not enough, but it is heading in the right direction. Having this excess of inventory is causing many of the problems with our local housing market. Until we are able to reduce the number of homes for sale, we will continue to be in a strong buyer’s market with soft home prices and very creative incentives. That’s good for buyers, but it is not any better for the long-term housing market than the strong seller’s market we experienced just a few years ago.

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Currently, we have 3,602 homes on the market, compared to 3,761 at this time last year. This small decrease from last year is a positive sign, but we have a long way to go before we see appropriate inventory levels in the 2,000 to 2,500 range. The median price of homes currently for sale is $299,000, which is $9,900 less than last year. The average DOM (days on market) of these homes is 155 days, which is four days more than last year and 30 days more than homes that have sold. The most telling statistic related to homes currently on the market is that the average price per square foot is $203 compared to $143 for homes that have sold in the first 6 months of 2009.

Housing affordability is the positive aspect of this market. There are 871 homes for sale $200,000 or less with an average DOM of 141 and an average price per square foot of $143. There are 289 homes currently on the market priced at a million dollars or more with an average DOM of 226.

Days on Market (DOM)

The average number of days a property is on the market is a great indicator of a housing market’s strength. The average DOM for the Charlottesville area has been steadily increasing for the past several quarters. This trend continued in the 2^nd quarter, but the increase was just 3 days more than 2008’s mid-year number. Although the increase was only a modest 3 days, it still supports the fact that we have too many homes on the market for the amount of sales. Until we work the inventory of available homes down to a more manageable number, DOM will stay high. A balanced market should have a DOM of approximately 90, but we have not been in that range since 2007.

*includes sales outside the counties listed

**numbers courtesy of the Greater Augusta MLS

New Construction Still Slow

It is important to note that many “new” homes are not included in CAAR MLS statistics. It is very common for a buyer to contact a builder directly to custom build a home. With that said, the historical perspective of the pace of new home sales gives us a reasonably good picture of the market for new construction. As the chart below shows, new home sales are still struggling and until the inventory of homes for sale declines, new construction will lag.

Condos and Townhomes (Attached Homes)

The sale of attached homes is only reported in Charlottesville and Albemarle because very few properties in this category are located in other counties, except Nelson. Since the condos in Nelson are primarily in the Wintergreen Resort market, we have decided not to include them in this report. One of the more interesting numbers in this report is the small increase in the sale of attached homes in Albemarle that first showed up in the 2009 1^st Quarter Market Report. Charlottesville attached home sales are down 33.3%, while Albemarle sales edged up 1.8% compared to 2008. The chart below shows the attached homes sold in 2009 compared to past years. Inventory levels of attached homes for sale are still high, with an average DOM of 174 for properties currently on the market. The median price of an attached home currently on the market is $219,900. The median price for an attached home that sold in the first six months of 2009 is $223,000 for Albemarle and $239,388 for Charlottesville

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Conclusions and Predictions

Although we have been recommending the need for sellers to reduce their prices under the current market conditions, evidence of these price reductions has not shown up until this quarterly report. There is a direct relation between lower prices and higher sales. As more and more sellers price their properties according to the current market, sales should continue to increase. Increased sales is not something we normally see in the second half of the year, but this year, fueled by realistic prices, low interest rates, tax credits, and pent-up demand, may be an exception. We should see a slow but steady improvement in the number of sales for the balance of the year.

By the 4^th quarter of 2009, we will likely see a year-to-year sales improvement, but only because the 4^th quarter of 2008 was so bad it will be hard not to beat. 2009 is slowly heading in a positive direction in terms of sales and inventory levels and we expect that trend to continue. We may see more evidence of price declines in future market reports as more and more sellers accept the reality of this market. Additional declines in prices are possible, but it will be hard to tell if these price drops are a result of more sellers finally pricing their properties based on the current market, or a real decline in home values. Only time, and future market reports, will reveal this to us.

This Quarterly Market Report is produced by the Charlottesville Area Association of REALTORS^® using data from the CAAR MLS and the Greater Augusta MLS where noted.

Original post by Charlottesville Real Estate – Your Trusted Broker Charles McDonald (RE/MAX Assured Properties – No one sells more Real Estate) and software by Elliott Back

I recently did a post about sales in Albemarle County:

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Well I got an email asking about the details for the City of Charlottesville. So using the same format here are the details for Real Estate sales in Charlottesville:

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Note that Avg DOM = Average Days on Market.

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Keeping things in perspective is so important when looking at market data. Here is a look at the last 3 months of sales and I added in June of last year.

Under Contract: Note we are seeing a rise as the season (Spring to Summer) tightens. We are still off of a year ago.

Sold: We are rising but still not at the level of a year ago.

DOM: Nice swing down but these number send to fluctuate a lot.

Note: this is just a snapshot and each area and even each neighborhood is unique. Let me know if you have any questions

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(photo is the rear view of one of my recent sale in Greene County) How is that for a read yard view?

The Real Estate market everywhere is constantly changing and Greene County Virginia is too.

• In Greene we have SOLD 64 HOMES.
• There are currently 223 HOMES on the market.
• Our average DOM (Days on the Market) is at 90 Days.
• Our Average selling price is $262,800.

2009 First Quarter

Where Are We Now?

The Charlottesville area real estate market improved in the first quarter compared to the 4^th quarter of 2008, but still remains slow in terms of sales. The previous quarter will go down as one of the weakest real estate markets in history, so the improvement in the first quarter of 2009 is easy to understand, especially considering the seasonal upswing the market generally experiences this time of year.

Even if the market activity is somewhat seasonal and relative to a dismal 4^th quarter in 2008, it feels great to see market activity again. Open houses are seeing a lot of traffic and the number of buyers “looking” right now is strong. We should see this activity transform the market numbers into something we can enjoy reading by the second quarter. The market will not rebound to 2008 levels for a few more quarters, but the activity and the number of pending sales are encouraging.

For the past several months, CAAR has explained that “the market is the market,” meaning that buyers and sellers have to understand the current conditions and not live in the past. This means that sellers have to accept that their home has probably decreased in market value and if they want to sell, they need to agree to a listing price that will attract buyers.

For buyers, the market has a few short-term opportunities to think about. First, interest rates, thanks to actions by the feds to shore up the financial markets, are very low right now. We do not know how long rates will stay this low. Second, first-time buyers can get an $8,000 tax break if they close on a home by the end of November. If a buyer is interested in taking advantage of this incentive, they should not wait until the fall to start the process.

Buyers now have another market condition to be informed about – short sales and bank owned properties. A short sale is when the seller has to bring money to the closing table because the proceeds of the sale did not cover the outstanding mortgage(s). In some cases, the seller may not have the assets to cover the “short” and this would cause a distressed short sale situation. In such a case, the bank or mortgage company (and sometimes an investor) would have to approve the short sale. This third party approval can take weeks and even months to secure. Buyers need to understand this market condition and discuss options and opportunities with their buyer’s agent.

The Ups and Downs of Home Sales

There were 403 homes sold in the Charlottesville area during the first three months of 2009, which was down 33.9% (-207 sales) from 2008. All local areas were down from last year: Albemarle -18.7%, Charlottesville -40%, Fluvanna -32.4%, Greene -50%, Louisa -59.6%, Nelson -51.2%, and Orange – 36.7%. Monthly sales for the region have improved slightly each month since November 2008, but much of that can be attributed to seasonal swings.

Sales in the Central Valley region were generated from the Greater Augusta MLS, which has more complete data on the Valley market than the CAAR MLS. Sales were down in the Valley by 28.4% compared to last year.

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*includes sales outside the counties listed

**numbers courtesy of the Greater Augusta MLS

Have Home Prices Slipped?

Most would agree that local home prices have slipped from their high in 2006, but each area-and arguably each property-is distinct. Although the area median price of homes is an important statistic, you should not compare a change in the median price of homes that sold with an actual increase or decrease in home prices. The median prices listed below are the middle of the market of properties that sold. Simply put, this is an indication of what buyers were willing to pay and is not a true reflection of individual home prices. It is probably safe to assume that a steady, year-to-year increase in the median price is a good sign, but it does not necessarily mean prices are up and vice versa if the median price decreases.

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The only way to know what your home will sell for is to have a REALTOR^® or appraiser prepare a comparative market analysis (CMA) for your property. This market is changing very quickly and to be up-to-date, you need to do a CMA every two weeks. Pricing a property correctly is the best way to sell it!

Overall, the median home price (including attached homes) declined $21,500 (-7.8%) compared to the first quarter last year. Greene (+10.7%) and Nelson (+8.8%) were the only markets to show an increase in median price, with all other areas showing declines. Median prices for other locales include: Albemarle (-13.4%), Charlottesville (-6.6%), Fluvanna (-17.2%), Louisa (-14%), and Orange (-5.8%), and the Valley (-8.7%).

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*includes sales outside the counties listed

**numbers courtesy of the Greater Augusta MLS (note: these are average prices, not median)

Inventory Remains Too High

The inventory of homes for sale in the Charlottesville area increased significantly during the 1^st quarter after being in retreat for the previous 6 months. This increase in inventory is typical during the first part of the year, but was not needed given that the market already had too many homes for sale. Having this excess of inventory is the most significant problem with our local housing market. Until we are able to reduce the number of homes for sale, we will continue to be in a strong buyer’s market with soft home prices and very creative incentives. That’s good for buyers, but it is not any better for the long-term housing market than the strong seller’s market we experienced just a few years ago.

Currently, we have 3,608 homes on the market, compared to 3,673 at this time last year. This small decrease from last year is a positive sign, but we have a long way to go before we see appropriate inventory levels in the 2,000 to 2,500 range. The median price of homes currently for sale is $298,000, which is just about where we were last year. The average DOM (days on market) of these homes is 155 days, which is a few days more than last year. Housing affordability is the positive aspect of this market. There are 894 homes for sale under $200,000 with an average DOM of 132. There are 275 homes currently on the market priced at a million dollars or more with an average DOM of 231

Days on Market (DOM)

The average number of days a property is on the market is a great indicator of a housing market’s strength. The average DOM for the Charlottesville area has been steadily increasing for the past several quarters. This trend continued in the 1^st quarter which showed a higher average market time than the first quarter 2008. Although the increase was only a modest 2 days, it still supports that we have too many homes on the market for the amount of sales. Until we work the inventory of available homes down to a more manageable number, DOM will stay high. A balanced market should have a DOM of approximately 90, but we have not been in that range since 2006.

*includes sales outside the counties listed

**numbers courtesy of the Greater Augusta MLS

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New Construction Still Slow

It is important to note that many “new” homes are not included in CAAR MLS statistics. It is very common for a buyer to contact a builder directly to custom build a home. With that said, the historical perspective of the pace of new home sales gives us a reasonably good picture of the market for new construction. As the chart below shows, new home sales are still struggling and until the inventory of homes for sale declines, new construction will lag.

2005 = 157

2006 = 196

2007 = 150

2008 = 116

2009 = 76

Price Per Square Foot (Finished)

Looking at the average price per square foot of finished space in homes that have sold is interesting, but should not be relied on as a scientific number. The averages in this section of the report include the cost of the land, which varies greatly based on location and amenities. A lot at Wintergreen with fantastic views of the Valley costs much more than a lot in other parts of Nelson. With that said, the numbers in this section reflect a general sense of the cost of housing in the areas listed and price trends over time. As expected, the average costs per square foot have decreased in every area covered in this report.

*includes sales outside the counties listed

**based on CAAR MLS data

Condos and Townhomes

The sale of attached homes is only reported in Charlottesville and Albemarle because very few properties in this category are located in other counties, except Nelson. Since the condos in Nelson are primarily in the Wintergreen Resort market, we have decided not to include them in this report. One of the more interesting numbers in this report is the small increase in the sale of attached homes in Albemarle. Charlottesville attached home sales are down 32.5%, while Albemarle sales edged up 10.6% compared to 2008. The chart below shows the attached homes sold in 2009 compared to past years. Inventory levels of attached homes for sale are still high, with 454 listed for sale in Charlottesville and Albemarle, but this number decreased slightly from 2008. This over-supply is presented in the 167 average DOM for the attached properties currently on the market. The median price of an attached home is $215,700.

Conclusions and Predictions

Although the 1^st quarter of 2009 will not go down in history as one of the best real estate markets, there was a lot to smile about. Most REALTORS® are happy to be busy again and as buyers and sellers gradually adjust to the current market, more and more sales will show up in these quarterly reports. We should see a slow, but steady improvement in the number of sales for the balance of the year. By the 4^th quarter of 2009 we will likely see a year-to-year sales improvement, but only because the 4^th quarter of 2008 was so bad it will be hard not to beat.

Improving market conditions are a welcomed relief to almost everyone, but there are still some significant issues to work through before we can consider the market to be healed. Most troubling is the glut of inventory of homes for sale that has existed for the past few years. In addition, an increasing percentage of these homes for sale are bank owned as a result of a foreclosure, or subject to a distresses short sale. Such properties can often be purchased for an attractive price, but the complications involved are an impediment.

The most important factor in the housing market and the overall economy is consumer confidence. Now that the housing stimulus package is in place and credit markets are starting to function again, we can expect consumer confidence to gradually improve. As the consumer becomes more optimistic, the housing market will see the results. We could still hit another economic speed bump, but based on what we know and on the numbers in this report, there are signs that the consumer is starting to feel comfortable again. Only time will tell if we are really heading in the right direction, but that is better than knowing we are heading in the wrong direction.

This Quarterly Market Report is produced by the Charlottesville Area Association of REALTORS^® using data from the CAAR MLS and the Greater Augusta MLS where noted.

 First note the peaks in the summer and the valleys in the winter months. Next note that we basically double topped in 2005 and 2006. Now Charlottesville is seeing sales decreasing year over year… lower highs…

This next chart is very interesting…

This is the median Sales price for Albemarle County. Note the 2 lows in 2005 and 2006…

Next note that the “Median” price for Charlottesville Real Estate

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Why is this you ask… well you will need to keep on eye on my blog for that answer.

BTW: My clients already know the reason for this and a lot more about trends…

About The Author

Charles McDonald, Associate Broker at RE/MAX Assured Properties and dedicated Buyers Agentis the author of this blog, and several other sites on the Internet. Charles and his team of experts in the Charlottesville area are always available to help you with your Real Estate needs. Call our team anytime at 434-981-1585 or to search for homes visit: Charlottesville Real Estate

Copyright © 2009 Charles McDonald, All Rights Reserved.

Original post by Charles McDonald / Your Trusted Broker for Charlottesville Real Estate (RE/MAX – www.MyCharlottesvilleAGENT.com) and software by Elliott Back

One of my local SunTrust Lender forwarded this warning and I felt it was important to get the word out:

There is a deceptive website out there that is posing as HUD.  This website tries to dupe people into giving out personal information (known as “phishing”) – and because they’ve made their site appear to be an “official us government website”, some people may fall prey to this scam.

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The website is:  http: // bailout (dot) hud-gov.us

(I added the dot so that it does not get picked up as a link)

If anyone asks you about this website, advise them to stay away.

NOTE: Feel Free to RE-BLOG this important message

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the above chart goes back to 1890 and the 100K trend line is adjusted for inflation. What I see here is a couple of scenarios…. One is we have another leg down and Two is that we trend sideways (like the 60s and 70s) until we hit trend…

Now each area is unique and some areas will over compensate (and under compensate) as this is a nationwide average…

What are your thoughts?

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When you are looking for Charlottesville Real Estate remember that Charlottesville is in Albemarle County. We have grand estates and horse farms in Albemarle. The back roads will give you a feeling of peace and harmony as you drive by these beautiful properties. When you are ready to tour, just give me a call, it is my favorite thing to do in our area.

    
(photo taken by Charles McDonald just driving down a country road…)

Albemarle County Virginia Home Information 

The Real Estate market everywhere is constantly changing and Charlottesville and Albemarle are no exception.

• In Albemarle we have SOLD 43 HOMES.
• There are currently 898 HOMES on the market.
• Our average DOM (Days on the Market) is at 166 Days .
• Our Average selling price is $538,350.

We have some excellent neighborhoods to see like:

Glenmore  Foxchase  Old Trail  Forest Lakes  Dunlora

Click Here for a link to other Great Neighborhoods in our area!

Please visit my website at Charlottesville Real Estate for details about our area and other homes on the market in Charlottesville, Albemarle County and the surrounding counties!

Nelson, Greene, Madison, Fluvanna, Orange and Louisa

Come visit and tour our area anytime!

About The Author

Charles McDonald, Associate Broker at RE/MAX Assured Properties and dedicated Buyers Agent is the author of this blog, and several other sites on the Internet. Charles and his group of experts in the Charlottesville area are always available to help you with your Real Estate needs. Call our group anytime at 434-981-1585 or to search for homes visit: Charlottesville Real Estate

Copyright © 2009 Charles McDonald, All Rights Reserved.

Original post by Charles McDonald / Your Trusted Broker for Charlottesville Real Estate (RE/MAX Assured Property) and software

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by Elliott Back

(Photo – Charlottesville Bus taken by Charles McDonald, Charlottesville Virginia)

Let’s Talk Charlottesville Real Estate! 

We are very fortunate to live in such a wonderful area. We have four season, Blue Ridge Views and the University of Virginia! Sales are starting to pick up in Charlottesville and our year is moving along nicely!

• In Charlottesville City we have SOLD 14 HOMES.
• There are currently 305 HOMES on the market.
• Our average DOM (Days on the Market) is at 116 Days .
• Our Average selling price is $239,877.

NOTE: These are just homes in the city of Charlottesville 

Click Here for a link to see Great Neighborhoods in our area!

Some of our Spotlight Neighborhoods are: Glenmore  Foxchase  Old Trail  Forest Lakes  Dunlora

When you are looking for the right home, visit Charlottesville Real Estate for details about our area and other homes on the market. This includes Charlottesville, Albemarle County and the surrounding counties like Nelson, Greene, Madison, Fluvanna, Orange and Louisa.

Come visit Charlottesville Real Estate and tour our area anytime!

About The Author

Charles McDonald, Associate Broker at RE/MAX Assured Properties and dedicated Buyers Agent is the author of this blog, and several other sites on the Internet. Charles and his group of experts in the Charlottesville area are always available to help you with your Real Estate needs. Call our group anytime at 434-981-1585 or to search for homes visit: Charlottesville Real Estate

Copyright © 2009 Charles McDonald, All Rights Reserved.

Original post by Charles McDonald / Your Trusted Broker for Charlottesville Real Estate (RE/MAX Assured Property) and software by Elliott Back

When you are looking for Charlottesville Real Estate remember that Charlottesville is in Albemarle County. We have grand estates and horse farms in Albemarle. The back roads will give you a feeling of peace and harmony as you drive by these beautiful properties. When you are ready to tour, just give me a call, it is my favorite thing to do in our area.

    
(photo taken by Charles McDonald just driving down a country road…)

Albemarle County Virginia Home Information 

The Real Estate market everywhere is constantly changing and Charlottesville and Albemarle are no exception.

• In Albemarle we have SOLD 1077 HOMES.
• There are currently 868 HOMES on the market.
• Our average DOM (Days on the Market) is at 109 Days .
• Our Average selling price is $456,455.

We have some excellent neighborhoods to see like:

Glenmore  Foxchase  Old Trail  Forest Lakes  Dunlora

Click Here for a link to other Great Neighborhoods in our area!

Please visit my website at Charlottesville Real Estate for details about our area and other homes on the market in Charlottesville, Albemarle County and the surrounding counties!

Nelson, Greene, Madison, Fluvanna, Orange and Louisa

Come visit and tour our area anytime!

About The Author

Charles McDonald, Associate Broker at RE/MAX Assured Properties and dedicated Buyers Agent is the author of this blog, and several other sites on the Internet. Charles and his team of experts in the Charlottesville area are always available to help you with your Real Estate needs. Call our team anytime at 434-981-1585 or to search for homes visit: Charlottesville Real Estate

 Copyright © 2008 Charles McDonald, All Rights Reserved. 

Original post by Charles McDonald / Your Trusted Broker for Charlottesville Real Estate (RE/MAX Assured Property) and software by Elliott Back

This is a yearly report and it is best ot get it from the source – CAAR

2008 CAAR Year-end Market Report

Let me know your thoughts either on this blog or by email.

Albemarle County (where Charlottesville is located):

2002 – 76

2003 – 72

2004 – 79

2005 – 55

2006 – 59

2007 – 92

2008 – 109 (YTD)

This is staggering. The DOM is now greater than five years ago.

Remember as a Buyer….. Information is power!

About The Author

Charles McDonald, Associate Broker at RE/MAX Assured Properties and dedicated Buyers Agent is the author of this blog, and several other sites on the Internet. Charles and his team of experts in the Charlottesville area are always available to help you with your Real Estate needs. Call our team anytime at 434-981-1585 or to search for homes visit: Charlottesville Real Estate

 Copyright © 2008 Charles McDonald, All Rights Reserved. 

Very often clients looking at Glenmore will want to know more about Dunlora.

Glenmore Homes are wonderful. This golf community offers not only golf and tennis but also equestrian facilities. The homes are priced from 500K-2mil+.

There is something for everyone.

Here are a couple of Glenmore homes from our local MLS…

Click on photos for details…

Now if you are not interesting in a golf course community then you might want to consider Dunlora.

They have a local pool, tennis courts and walking trails. It is a much smaller neighborhood than Glenmore and the price range is around 400-700K. Close to Charlottesville, Dunlora is worth a preview when looking at Real Estate.

Here are a couple of homes in Dunlora:

Click on photo for details….

When looking at areas in and around Charlottesville using a Broker who specializes in working with Buyers is an advantage to consider. I work with many of the finest and most successful agents in the Charlottesville Real Estate market!

About The Author

Charles McDonald, Associate Broker at RE/MAX Assured Properties and dedicated Buyers Agent is the author of this blog, and several other sites on the Internet. Charles and his team of experts in the Charlottesville area are always available to help you with your Real Estate needs. Call our team anytime at 434-981-1585 or to search for homes visit: Charlottesville Real Estate

Copyright © 2008 Charles McDonald, All Rights Reserved. 

By Dave Phillips, CEO
Charlottesville Area Association of REALTORS®

Just about everything in life is relative to your perspective. Based on that theory, you could say the real estate market in the Charlottesville area is as hot as ANWR (the Alaskan National Wildlife Reserve). If you are not familiar with ANWR, you only need to know that it is a great example of being “relative” to one’s perspective. Depending on which pundit you ask, ANWR is either the last bastion of American wilderness, or the key to returning to $2.00 per gallon gasoline. The high temperature in ANWR in early July 2008 is in the mid 40′s. Using ANWR as a reference point, the local real estate market is hot.

Overview

The real estate market in the Charlottesville area continues to chug along at a moderate pace. If you look at it relative to the hot markets in recent years, you might say “sluggish” is a better word. From a historic perspective, the number of people buying a home in the area is at a fairly normal level, but missing from this market are the speculative investors that overheated the market a few years ago. These investors were buying and selling the same property in the same year and driving up statistics and prices. Today, the market seems to have stabilized, with median prices flat compared to the past two years and the pace of sales steady over the past two quarters. Even the inventory of properties for sale has eased a little, but the over-supply of houses on the market continues to be a major concern.

Homes Sold

There were 1452 homes sold between January and June of 2008, which was down 551 (-27.5%) from the first half of 2007. That is the same percentage behind 2007 that we saw in the first quarter report. All local areas (Albemarle -39.4%, Charlottesville -12%, Fluvanna -24.3%, Greene -25.2%, Louisa -15.8%, and Nelson -21.9%) posted lower sales than the same period last year. This is the lowest number of sales reported in the MLS for the first quarter since 2001, but to help keep that in perspective you need to remember that 2001 was a record year for sales.

New to the CAAR Market Report this year are numbers from the other side of Afton Mountain.  The Staunton/Waynesboro real estate market, referred to as the Central Valley in the charts below, now overlaps with the Charlottesville area market to such an extent that we need to report separate numbers for that area. These numbers were generated from the Greater Augusta MLS, which has more complete data on the Valley market than the CAAR MLS. Based on the total number of sales, the Valley is the largest market area in the report. Sales were down in the Valley by 16.5% compared to last year.

*includes sales outside the counties listed

**numbers courtesy of the Greater Augusta MLS

Median Sales Price

The local market seems to have found the equilibrium for the price of properties that sell. The median price of homes that have sold through the first half of the year has remained steady for the past three years (see chart below). You should not compare a change (or lack of change) in the median price of homes that sold with an actual increase or decrease in home prices. The median prices listed below are the middle of the market of properties that sold. Simply put, this is an indication of what buyers were willing to pay and is not a true reflection of individual home prices. It is probably safe to assume that a steady, year-to-year increase in the median price is a good sign, but it does not necessarily mean prices are up and vice versa if the median price decreases.

The only way to know what your home will sell for is to have a REALTOR^® or appraiser prepare a comparative market analysis (CMA) for your property. This market is changing very quickly and to be up-to-date, you need to do a CMA every two weeks. Pricing a property correctly is the best way to sell it!

Overall, the median price declined $5,841 (-2.1%).  Some areas were up and some were down, but the only double digit change was in Greene: Albemarle (+3.6%), Charlottesville (-4.7%), Fluvanna (-1.2%), Greene (-14.6%), Louisa (-.2%), and Nelson (+2.2%), and the Valley (-6.4%).  

*includes sales outside the counties listed

**numbers courtesy of the Greater Augusta MLS (note: these are average prices, not median)

Inventory of Homes for Sale

The best news in this report is that the inventory of homes for sale in the Charlottesville area has declined slightly. There are still too many homes on the market right now, but at least this is a positive sign that the local market may be headed in the right direction. As stated earlier, the excess inventory of homes on the market is the most significant challenge we face. 

Currently, we have 3,761 homes on the market, just a few more than we had at this time last year (see chart below) and considerably less than the 4050 on the market at the end of May 2008. The median price of these homes for sale is $309,900. The average DOM (days on market) of these homes is 151 days. It is a great time for first-time buyers, because there are 744 homes for sale under $200,000 with an average DOM of 134. There are only 256 homes currently on the market priced at a million dollars or more, which is significantly down from the 576 on the market at the end of the first quarter. Since only 16 of these high-dollar homes sold during the second quarter, we can only assume that many sellers decided not to sell after all. The million dollar plus homes have an average DOM of 216.

Days on Market (DOM)

DOM for homes that have sold is perhaps the best indicator of the true market condition. In a balanced market, the DOM should be around 90 days. In 2005, the market was a super-heated sellers’ market due to low inventory, and DOM dropped to 43 (see chart below). That was an unhealthy market (although a lot of sellers enjoyed the ride). The 2008 market has a glut of inventory, so the 123 DOM is not a surprise. We continue to be in a fairly strong buyer’s market, so sellers will need to price their properties aggressively to beat the average DOM.

 *includes sales outside the counties listed

**numbers courtesy of the Greater Augusta MLS

 New Construction

It is important to note that many “new” homes are not included in CAAR MLS statistics. It is very common for a buyer to contact a builder directly to custom build a home. With that said, the historical perspective of the pace of new home sales gives us a reasonably good picture of the market for new construction. As the chart below shows, new home sales have declined sharply in the past 24 months. 

Price Per Square Foot (Finished)

Looking at the average price per square foot of finished space in homes that have sold is interesting, but should not be relied on as a scientific number. The averages in this section of the report include the cost of the land, which varies greatly based on location and amenities. A lot at Wintergreen with fantastic views of the Valley costs much more than a lot in other parts of Nelson. With that said, the numbers in this section reflect a general sense of the cost of housing in the areas listed. The new Central Valley area is the lowest price per square foot section of the market. Not surprisingly, Fluvanna, Greene and Louisa are less costly than Charlottesville and Albemarle. Nelson is heavily influenced by Wintergreen building prices and lot costs.

*includes sales outside the counties listed

**based on CAAR MLS data

 Condos and Townhomes

The sale of attached homes is only reported in Charlottesville and Albemarle because very few properties in this category are located in other counties except Nelson. Since the condos in Nelson are primarily in the Wintergreen Resort market, we have decided not to include them in this report. Charlottesville condo sales are still reasonably strong, but Albemarle sales plummeted 53% compared to the first six months of 2007. The chart below shows the attached homes sold in 2008 compared to past years. Inventory levels of attached homes for sale are still high, with 661 listed for sale in Charlottesville and Albemarle. This over-supply is presented in the 159 average DOM for the attached properties currently on the market. The median price of an attached home is $245,500.

Conclusions and Predictions

The overall condition of the real estate market in the Charlottesville area has not changed much since the first quarter report. That is good news and hopefully indicates a stabilization of the market. As we concluded in the 1^st Quarter Market Report, it is a GREAT time to be a buyer. If you are looking to move or invest and plan to hold the property at least 3 to 5 years, this market offers an extraordinary opportunity if you purchase a property that is priced correctly. Sellers seem to finally be seeing this market from the proper perspective. In this type of market, they need to offer a better combination of location, amenities, and pricing than the 500 other sellers in the same price range with whom they are competing for buyers.

Looking ahead, we expect to see similar market conditions for the balance of the year. The key to improvement in the market is a reduction in inventory. The Charlottesville Area Association of REALTORS^® now has live statistics posted on the web at CAAR.com. Watch the inventory of homes on the market and hope that it continues to shrink to a stable level – around 2000 to 2500.  That is where we need to be to have a balanced market where buyers and sellers are on even terms. With any luck, future market reports will be able to look at the Charlottesville real estate market relative to global warming instead of ANWR.

Presented by Dave Phillips, CEO of the Charlottesville Area Association of REALTORS^®

^{If you have specific Questions, feel free to call or email me anytime}

^{Best Regards, 
Charles McDonald} 
Charlottesville VA Real Estate

Albemarle Market Reports

TOTALS REPORTS
SOLD/ACTIVE RESIDENTIAL LISTINGS
       01-Jan-2008 – 07-Mar-2008

                               0-2          3        4+     Resid   Condo/   Total

$60,000 -  $69,999        1         0         0         1         0         1

$70,000 -  $79,999        1         1         0         2         0         2

$80,000 -  $89,999        1         1         0         2         0         2

$90,000 -  $99,999        1         0         0         1         0         1

$100,000 - $119,999     2         3         2         7         2         9

$120,000 - $139,999     3         4         0         7         3        10

$140,000 - $159,999     2         8         1        11         3        14

$160,000 - $179,999     1        16         1        18         7        25

$180,000 - $199,999     2        15         5        22         2        24

$200,000 - $249,999     6        31         9        46         4        50

$250,000 - $299,999     3        28        21        52         3        55

$300,000 - $399,999     3        24        30        57         5        62

$400,000 - $499,999     0        10        17        27         1        28

$500,000 OR OVER        0        11        31        42         4        46

Total Types:               26       152       117       295        34       329

Average Price:     $186,59  $288,601  $405,958  $362,563  $288,777  $354,938

Median Price:     $245,000  $245,000  $370,000  $280,000  $193,250  $260,000

Average DOM:          140       121       129       126       153       129

The above stats are generated from sales date on 3/7/08 and are believed to be accurate but not guaranteed.

For specific information about your local market, feel free to contact me directly.

Our home is 2015 Brownstone Lane

Charles McDonald
434-981-1585
Charlottesville Real Estate

MLS#: 447045m Stat: ACT Typ:DET ListPrice: $589,900 Addr: 1820 RIVER INN LN SqFtF/U: 3,078/1,588 CHARLOTTESVILLE (ALBEMARLE), VA 22901 SFSrc: BLDR VSH#: BedRms: 4 Area: 01 Albemarle BathsF/H: 2/1 Subdiv: STILL MEADOW Acres: 0.43 PropNm: YrBlt: 2004 Design: Colonial Style: 2 Story GarPrk: DrOpnr, FcsSide, InBasmnt, Wndws DivRghts: N Tax/Yr: $0/2007 New?: N Deed Bk: Page#: Historic: N Parcel ID: Basemnt: Y ElemSch: Woodbrook Middle: Jouett High: Albemarle OthrSch: COVENANT, CHARLOTTESVILLE CATHOLIC SCHOOL, ST. ANE Legal: LOT 128, PHASE 3 Zone: PRD Dir: Route 29N to Right onto Carrsbrook to Left onto Still Meadow Avenue, Left onto Brownstone, Left onto River Inn Lane. Home is on the Right. DtMod: 01/29/2008

(Click for Virtual Tour) MLS#: 450240mvd Stat: ACT Typ:DET ListPrice: $599,000 Addr: 2015 BROWNSTONE LN SqFtF/U: 3,480/621 CHARLOTTESVILLE (ALBEMARLE), VA 22901 SFSrc: APPR VSH#: BedRms: 4 Area: 01 Albemarle BathsF/H: 3/1 Subdiv: STILL MEADOW Acres: 0.43 PropNm: YrBlt: 2004 Design: Colonial Style: 2 Story GarPrk: DrOpnr, Elec, FcsSide DivRghts: Tax/Yr: $3,257/2007 New?: Deed Bk: Page#: Historic: N Parcel ID: 046C0-00-00-07000 Basemnt: Y ElemSch: Woodbrook Middle: Sutherland High: Albemarle OthrSch: Legal: LOT 70 PHASE 2 STILL MEADOW Zone: Dir: Rio Road to Old Brook. Turn right on Carrsbrook, left on Still Meadow, right on Brownstone (Home on Left) DtMod: 03/04/2008

For More Information Contact: CHARLES MCDONALD Cell: 434-981-1585 : Charles@MyCharlottesvilleAGENT.com www.MyCharlottesvilleAGENT.com

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MLS#: 444441md Stat: ACT Typ:DET ListPrice: $634,500 Addr: 1518 STILL MEADOW CV SqFtF/U: 3,713/810 CHARLOTTESVILLE (ALBEMARLE), VA 22901 SFSrc: BLDR VSH#: BedRms: 5 Area: 01 Albemarle BathsF/H: 3/1 Subdiv: STILL MEADOW Acres: 0.50 PropNm: YrBlt: 1999 Design: Colonial Style: 2 Story GarPrk: DrOpnr, Elec, FcsSide, Strg, Wndws DivRghts: Tax/Yr: $3,705/7 New?: Deed Bk: Page#: Historic: N Parcel ID: 046C0000001400 Basemnt: Y ElemSch: Woodbrook Middle: Jouett High: Albemarle OthrSch: Legal: LOT 14, PHASE 1, STILL MEADOW Zone: Dir: Rio Road to Old Brook Road to right on Carrsbrook Drive to left on Still Meadow Ave to left on Still Meadow Crossing. DtMod: 02/04/2008

(Click for Virtual Tour) MLS#: 447390md Stat: ACT Typ:DET ListPrice: $645,500 Addr: 1935 RIVER INN LN SqFtF/U: 4,075/600 CHARLOTTESVILLE (ALBEMARLE), VA 22901 SFSrc: TAXA VSH#: BedRms: 5 Area: 01 Albemarle BathsF/H: 4/1 Subdiv: STILL MEADOW Acres: 0.39 PropNm: ELEGANT AND EXQUISITE HOME YrBlt: 2003 Design: Colonial Style: 2 Story GarPrk: Attchd, DrOpnr, FcsFrnt DivRghts: N Tax/Yr: $4,112/2007 New?: Deed Bk: 2806 Page#: Historic: N Parcel ID: 046C0000010300 Basemnt: Y ElemSch: Woodbrook Middle: Jouett High: Albemarle OthrSch: Legal: STILL MEADOW 103 PH 3 Zone: Dir: Carrsbrook Dr. to Still Meadow Ave. First left on Still Meadow Crossing . Right on Pheasant Crossing. Right on River Inn Lane. House on right. DtMod: 03/04/2008

For More Information Contact: CHARLES MCDONALD Cell: 434-981-1585 : Charles@MyCharlottesvilleAGENT.com www.MyCharlottesvilleAGENT.com

MLS#: 449928p Stat: ACT Typ:DET ListPrice: $649,000 Addr: 1506 STILL MEADOW CV SqFtF/U: 3,600/600 CHARLOTTESVILLE (ALBEMARLE), VA 22901 SFSrc: TAXA VSH#: BedRms: 5 Area: 01 Albemarle BathsF/H: 3/1 Subdiv: STILL MEADOW Acres: 0.10 PropNm: YrBlt: 2000 Design: Colonial Style: 2 Story GarPrk: FcsFrnt, FcsSide > DivRghts: Tax/Yr: $3,100/ New?: Deed Bk: Page#: Historic: Parcel ID: Basemnt: Y ElemSch: Greer Middle: Jouett High: Albemarle OthrSch: Legal: TM 46CO PARCEL 1600 Zone: Dir: 29 N, RIGHT ON CARRSBROOK DR. , L ON STILL MEADOW AVE. ,L ON STILL MEADOW XING TO LEFT ON STILL MEADOW CV. DtMod: 03/01/2008

For More Information Contact: CHARLES MCDONALD Cell: 434-981-1585 : Charles@MyCharlottesvilleAGENT.com http://www.mycharlottesvilleagent.com/

–Information deemed reliable but not guaranteed–Copyright: 2008 by the Charlottesville Area Association of REALTORS®

Prepared by CHARLES MCDONALD of RE/MAX ASSURED PROPERTIES – GLENWOOD STN on 3/7/2008 12:23:31 PM