Published RE data in the area is comparing 2010 to 2009, and there's a sense of relief for YOY increases. But this isn't a "turn" in the market: it's a bump up from the Great Recession. 2010's sales are largely the result of extraordinary federal government intervention--homebuyer tax credit and ultra-low interest rates.
And still, the sales numbers don't beat the numbers from 2008, which was already in decline off 2006's peak. Yet there's much more inventory. And take a look at the City of Charlottesville, which is experiencing shockingly low sales.
The sales figures are for January 1 - June 1 for each year.
City of Charlottesville
The first five months of 2010 were the same as 2009, which means a decline of -48% over 2008.
Albemarle County
2008 - 279
2009 - 202
2009 declined -28% over 2008
2010 - 244
2010 increased 20.8% over 2009
2010 declined -13% over 2008
Greene County
2008 - 76
2009 - 51
2009 declined -33% over 2008
2010 - 62
2010 increased 18% over 2009
2010 declined -18% from 2008
Fluvanna County
2008 - 134
2009 - 91
2009 declined -32.1% from 2008
2010 - 100
2010 increased 11% over 2009
2010 declined -25% over 2008
Louisa County
2008 - 82
2009 - 36
2009 decreased -55% from 2008
2010 - 69
2010 increase 92% 2009
2010 declined -15% from 2008
See numbers at this source.
See May Closed Sales 1999-2010
See Graphs and Charts of Cville Area RE Sales 2003 - 2009