- There are currently 265 single family homes listed in the City of Cville.
- There are 853 single family homes listed in Albemarle County.
- There are currently 1,516 properties of all types* offered in Charlottesville and Albemarle County. This is years of inventory.
- The number is 3,566 in Central Virginia.
But the tax cred hasn't done much to deplete inventory, since there are so few buyers in this area. Plenty of inventory remains in the under $300k price range (and every other range). In fact, inventory climbs daily, if not hourly.
It's not looking good.
Of all the property types for sale, the "American Dream" category of single family homes is growing quickly.
- April 2009: 202 single family homes listed
- April 25, 2010: 265 single family homes listed
- 24% YOY increase in inventory
- 1st Q single family home sales were down -22% 2010 over 2009
- 1st Q single family home sales were down -47% 2009 over 2008
- April 2009 666 single family homes listed
- April 25, 2010: 853 single family homes listed
- 22% YOY increase in inventory
- 1st Q 2008: 126 single family home sales
- 1st Q 2009: 82 single family home sales
- 1st Q 2010: 105 single family home sales
Check out INVENTORY SURGING
(all types = *single family, townhouse/attached, condo, proposed)
Inventory April 1-7 here.
Inventory April 8-14:
Inventory April 15-21:
Same old story: lack of short term buyers, lack of move-up buyers, Option ARMs adjusting, wage-to-price ratio out of whack, Great Recession, rising area unemployment, etc.
Here's What's Missing From CAAR's Q1 2010 Report
9 Reasons Charlottesville Albemarle Home Prices Will Continue Dropping
CalculatedRisk: Existing Home Sales
The Big Picture: Recent New Home Sales Data (don't miss comments)
Business Insider: Sell Now Before It's Too Late