Even with the up-to-$8k tax credit and the annual seasonal uptick in sales plus the majority of transactions occuring at the "low" "First Time Homebuyer" price point of under $300K, as well as the historically low interest rates, sales are sputtering. And according to minds bigger than this blog's, apparently this is not the area's bottom.
The graph includes all Central Virginia sales 2003-2009. The blue line on the bottom is 2009.
More details will f0llow for specific areas and types of sales. Click on graph for larger image.