Friday, October 1, 2010

The Charlottesville Albemarle Real Estate Market: "The New Normal" - Part I

This is the first of a multi-part series examining the Charlottesville Albemarle area real estate market in the context of local and national phenomena.  The posts will cover Where are we now, and where are we going?

The Charlottesville Albemarle Real Estate Market Correction--aka "The New Normal"-- began here, as it did everywhere else in the United States, on May 1, 2010.  This was the day after the Federal Homebuyer Tax Credit expired, which as part of much Government intervention, propped up sales for two years.

For Part I of this series, take a look at a C'ville Bubble Blog post from two years ago, which examined the local economy and housing market.  While reading, consider What Has Changed Since Then? 

"Our Economy: The Good, the Bad, and the Ugly" - And Some Perspective

This blog isn't the only one concerned with "The New Normal."  Not only is the term being used with frequency in the MSM, but RealCentralVA is focussing on this today.  That blog uses a question mark in its title; this blog sees "The New Normal" as a given.  Click for larger image in new window; graph via RealCentralVA.

Read the RealCentralVA post.

August Sales By County: Completed and Pending Remain Low
Homesellers in Charlottesville Albemarle Had a 6% Chance of Success in August
Graphs: Local Declining RE Sales

1 comment:

Anonymous said...

Open House today at 912 Old Farm Road listed at $475K. "Agent related to owner" says it all.

How a 1951 blt home w 2150 sq. ft. on .38 acres could be assessed at $592,800 in C'ville and agent advertises "awaits your upgrades in the kitchen & baths" boggles the mind.

Do we live on the same planet? Why are taxpayers subsidizing this ludicracy?