Monday, April 6, 2009

Charlottesville Real Estate Market Update: Q1 2009 Single Family Home Sales Significantly Down

The most comprehensive March numbers and Q1 2009 report will come from CAAR and from realtor/blogger Jim at RealCentralVA.

But the preliminary numbers indicate that for single family homes:

CHARLOTTESVILLE:
Q1 2009: 37 houses sold
Q1 2008: 70 houses sold
YoY Decline -47%

ALBEMARLE:
Q1 2009: 82 houses sold
Q1 2008: 126 houses sold
YoY Decline -34%

These numbers do not include pending contracts. These numbers indicate single family houses that have sold, not contracts that have been written. Sales should go up as the buying/selling season progresses, of course. But these numbers reflect pricing, buyer reluctance, a bad economy.

CURRENT INVENTORY
Charlottesville: 202 houses
Albemarle: 666 houses

Related Reading:
Gen Y Priced Out of Cville Market
Median Home Prices in Cville, Albemarle
February Sales, March Inventory

3 comments:

Anonymous said...

Are these current inventory numbers correct? When I run a search on mycarr.com I get 1,114 for Albemarle and 355 for the city?

TJ said...

Holy Sh*t. Check this out:

http://www.readthehook.com/blog/index.php/2007/11/30/is-it-an-extreme-buyers-market/

This is how long bubble has been popped..wth is wrong w/sellers around here?

The #s are just for single family homes, not for everything, anonymous. Redo the search.

Toronto Real Estate said...

Interesting statistics, in the Toronto area we had 32% drop in sales in February compared to last years February. But March has been a lot better, the market has hit the bottom line and it will go up from now on for sure (drop of 7% in March).

Take care, Julie