Monday, April 12, 2010

Albemarle County Single Family Homes: Sales, Inventory, Contracts - Q1 2008, 2009, 2010

Single family home sales  for Q1 2010 didn't get a big bump from the Homebuyers Tax Cred, inventory has piled up to nearly two years, but February to March pending contracts rose.

Standard disclaimer: "Numbers are considered reliable, but not guaranteed."

A.  Detached, Single Family Home Sales Albemarle County '08, '09, '10  

*Q1 2010 sales are +12% higher than Q1 '09, the depths of the "Great Recession"
*Q1 2010 sales are -17% lower than 2008,  even with low mortgage rates (until recently) and Homebuyer Tax Credit, which expires in 18 days (sales are also lower than 2007, 2006, etc. )

*Q1 2009 sales were -34% lower than Q1 2008 

*As of April 11, there are 797 single family homes listed  on the MLS for Albemarle County (includes "proposed)*

*Supply of 21 months, using March's rate of sales.  

*In April 2009, there were 666 single family homes on the market, compared to 797 today (includes "proposed")

*Single Family House Sales 2009 v. 2008: Albemarle -34%.**
    Graph via/copyright real estate agent Pam Dent. "New" = listings for sale, but inventory has already increased since this graph was created.

    Sold Single Family (Detached)  Houses in Albemarle County:

    First Quarter 2010: 105 closed sales

    First Quarter 2009: 82 closed sales

    First Quarter 2008: 126 closed sales

    March pending contracts rose over February's, expected this time of year due to

    1. Expiring Homebuyer Tax Cred.
    2. Low rates.
    3. Spring Selling Season.   

    However, some of these contracts will not close due to 

    1. Contingencies such as inability to sell current home.
    2. Failure to appraise.
    3. Failure to lock in a mortgage rate.

    See Pam Dent's post on 2010 First Quarter Albemarle Detached Home graph at the original location.  

    *(For those interested, City of C'ville had single family homes: 202 in 2009 and currently has 247 in 2010, and **Single Family Home Sales Charlottesville -47% 2009 over 2008   

    B.  Recapping Q1 2009, all property types

    The following is a summation of C'ville Bubble Blog Q1 coverage from 2009:
    • In Q1 2009, 403 properties of all types sold in the Charlottesville area during the first three months of 2009
    • Which meant 2009 was down 33.9% (-207 sales) from 2008.
    In 2009, all areas were down from 2008:

    Charlottesville -40%
    Albemarle -18.7%
    Fluvanna -32.4%
    Greene -50%
    Louisa -59.6%
    Nelson -51.2%
    Orange – 36.7%

    Sales numbers are as follows, with 2008's number first and 2009's second:

    Charlottesville 110/66
    Albemarle 171/139
    Fluvanna 71/48
    Greene 40/21
    Louisa 52/21
    Nelson 41/20
    Orange 30/19

    PENDING SALES IN ALL CATEGORIES for First Quarter 08, 09
    In Albemarle all categories:
    1st QTR 2008 261 Contracts
    (33% under $300k)
    1st QTR 2009 249 Contracts
    (74% under $300k)

    In Cville all categories:
    1st QTR 2008 145 Contracts
    (54% under $300k)
    1st QTR 2009 87 Contracts
    (71% under $300k)

    1st QTR 2008 554 Contracts
    (54% under $300k)
    1st QTR 2009 452 Contracts
    (71% under $300k)

    See above numbers, which were via Greg Slater, in comments section here.  
    To see the complete CAAR 2009 First Quarter Market Report, click here

    Related Reading
    NYT: Interest Rates Have Nowhere to Go But Up 
    9 Reasons Home Prices Will Continue Dropping in Charlottesville Albemarle
    Mortgage Rates Rising, Inventory Up, February Sales Down


    rfs said...

    Hey there. First quarter 2010 market report out by Dave Phillips. What is very interesting is Dave mentions that properties SOLD/CLOSED in the first quarter sold for an average price per square foot of $140. However, existing LISTINGS/NOT YET SOLD are priced at an average of almost $240/ square foot ...can I get am amen?

    Anonymous said...

    "Snow." As if that's what kept sales so low. ROTFLMAO.

    Anonymous said...

    can we find out how many more craigslist ads there are this year for rentals in cville/albemarle?