* Every City / County in this area saw a decline in pending contracts from April to May. See charts below; here's a recap of the numbers:
- Charlottesville Albemarle Single Family Homes -50%
- Charlottesville Attached Homes -55%
- Charlottesville Condos -36%
- Greene County -44%
- Fluvanna County -52%
- Louisa County Decline -11%
*The NAR's monthly "Pending Home Sales" index tracks contracts that will close in 1-2 months for detached, condos, and attached homes. Locally and nationally, May and June will see stronger closed numbers than July, August, September.
*This area has skyrocketing inventory. RealCentralVA recently suggested buyers IGNORE National Data? Sure, why not? This market has its own troubles. Sellers need to understand local data that buyers already know.
The reality is that if a home hasn't sold by now -- July 4th essentially being the end of "Spring Selling Season" -- chances are low that it will sell soon. Properties are being pulled off the market to become rentals, "waiting out the market." There will be action in June as buyers try to close before the school year begins...and then...barring interest rates going down to 2% or a new homebuyer tax credit (both possible)....sales will be challenging.
*Closed Sales Jan - 1 Jun rose over 2009, but remained at a decade low.
Charts: the top two via/copyright RealCentralVA. Colored charts via/copyright Pam Dent.
Single Family Homes in Charlottesville and Albemarle -50% from April to May.
"Pending" = Signed Contracts.
"Sold" = closed sales for properties that went under contract 1-3 months earlier.
Charlottesville Single Family Homes Pending Contracts Decline -50%
Charlottesville Attached Homes Pending Contracts Decline -55%
Charlottesville Condos Pending Contracts Decline -36%
Greene County County Pending Contracts Decline -44%
Fluvanna County Pending Home Sales Decline -52%
Louisa County Pending Home Sales Decline -11%. Louisa is rural and doesn't have "jobs", but it's close enough and "affordable" enough for C'ville's priced-out homebuyers.