Tuesday, June 1, 2010

Charlottesville Albemarle Area Real Estate - Inventory Update

3,679 - Current number of all properties available in the Central Virginia Area, right around where it was last year.  For perspective, see this post on 1Jan - 1May contracts 2009.

2,779 - Current number of all properties available in Charlottesville, Albemarle, Greene, Louisa, Nelson, Fluvanna (*see comparison, below)

1,523 - Current number of all properties available in Charlottesville and Albemarle

261 - Charlottesville Single Family Homes Available

870 - Albemarle Single Family Homes Available

May 31 2010

Even as sales increased during May, inventory kept piling on.

May 1 2010
Note drop overnight between April 30 (below) and May 1 (above)...due to properties going under contract for expiration of tax credit as well as expired listings.

April 30 2010

March 31 2010
Inventory boxes appear at CAAR.com and are copyright same.

Inventory and Sales 2006, 2007, 2008 for Cville, Albemarle, Greene, Louisa, Nelson, Fluvanna, from RealCentralVA 2009 Mid-Year Report:  (click for larger image in new window)

Related Reading:
Homebuyer Tax Cred and Albemarle County SFH Sales
Foreclosures in Cville Area Up 72% Over Q1 2009 
Asking Price v. Selling Price Charlottesville Single Family Homes 
Homebuyer Tax Cred and Cville SFH Sales


no volume said...

May sales tanking


Humpty said...

New listing


List Asking Price: $995,000.00

The current owners paid $190,000.00 in 1987.

10 years later in 1997 it was assessed at $406,000.00

20 years later in 2007 it was assessed at $1,010,000.00

Since 2007 we have experienced the biggest real estate debacle in US history and the price has been reduced $15,000 from the 2007 assessment.

This house is not worth more than $500k. The state of the interior finish is a leftover from the 1980s.


rfs said...

Wow. That chart on realcentralva.com is quite interesting/scary. May U/C for 2010 for C-Ville & Albemarle is the lowest its been for over 10 years (unless I am reading the chart incorrectly) I will add that U/C used to mean something - like maybe an actual closing and all. Taint the slam dunk it used to be with appraisals, credit re-pulls, etc, etc.

Anonymous said...

"bedroom 3 could be used as a dining area" because it IS the dining room.

Lies, damn lies, and Charlottesville real estate


Anonymous said...

@anon 1:16 p.m.,

well, at least that listing is within the range of its assessed "value" ($205K--for under 900 s.f.? really?)

but listing with it is "a 'BEST BUY'":

asking $545K; assessed "value" $426K. Wow! motivated sellers!
.17 acre, 2188 s.f.

Name/URL said...

@3:54 1221 Hazel, which you links to, has been For Sale By Owner for months now on Craigs. The industry term is "overimproved." And HELOC or Option ARM probably comes into play.

@1.16, 1017 Sheridan Avenue. Let's use addresses b/c eventually the links expire. Only in a Realtor's mind is $199,900 "under $200,000."

Name/URL said...

Len Mallioux BHG REIII is agent for the listing @Humpty. If you check out his pricing strategy it's usually consistent w this listing.

Humpty said...

@Name/URL said...


But surely this is a winning strategy to get a listing but a losing strategy to close a sale. Grossly overpriced properties will simply not sell. What's the point of a listing if it doesn't translate into a sale? Isn't it a disservice to the client to overprice their property. It's easy to promise a seller the price they want to hear but it's another thing being able to deliver it.

What am I missing here?

Anonymous said...

I think it's time for a new system in Charlottesville.

you get 6 months to sell your home. if time runs out, you have to sell it to the best offer you've received. if they no longer want it, and neither do your lesser offers, or you received no offers, you must auction the property and the realtor receives no commission.

Humpty said...

LOL on your new system!

Housing Double Dip a Done Deal
Published: Wednesday, 2 Jun 2010
By: Diana Olick
CNBC Real Estate Reporter


rfs said...

Regarding what Humpty has posted on the above comment, if you read that story by Diana Olick, at the end it looks like the NAR will request that the 6/30/10 closing/recording deadline be moved back to accomodate all the potential delays in getting these contracts closed. Not sure thats gonna happen, and do not think it should. So many folks who thought they were getting that tax credit may be left out in the cold. I will add that Realtors worth their salt, knowing the deadlines well in advance, should have probably written in the contract that if this does not close/record by 6/30/10, well then there is an $8K price reduction or something along those lines.

Bleed It said...

The middle class in C'ville is disappearing. Like the auction system :0) but seriously, it presupposes buying a house should be available to those who make a decent living here. With Realtors and sellers still believing profit is possible if not guaranteed in this area, and trying to protect the prices that were run up in the area over the past decade and a half, there's too much at stake to let prices fall where they may.

Hey, sounds like the Federal Government.

....and i live there said...

1111 Elliot Avenue $299,900 assessed at $227 broken into apartments, which is stated as if this is a positive feature. Does anybody still really believe Belmont is "the" place to be? More gangtagging the past few days, the traffic, and Elliot Ave in particular. Come on, now this is taking advantage of people who are from outside of the area.

Anonymous said...

duh, Belmont is the premier neighborhood if you're coming in to work at NGIC

Anonymous said...

But...Los Banos del Belmont is coming! I love Belmont.


Anonymous said...

The CAAR site seems hung up in terms of inventory stats (has been the same for many days now, while many new properties have listed), so not sure where the inventory really is at this point (but I'd guess higher!).

Humpty said...

The graph speaks volumes: