Kenney posted a 2010 sales report by a couple of Realtors, the "Strong Team," as property taxes are obviously vital to the County's budget. He injects the dose of realism necessary to effectively view the fiscal future:
One of the real questions in the statistical forecasting done by Robinson, Farmer & Cox is the condition of the local economy — one which at the moment, is entirely dependent upon the homeowners. This report from Strong Team Realtors may give the slight indication of hope, but it is based largely on the sale of foreclosures and homes whose...prices have been cut. In other words, when we see a slight uptick in the median price, that’s not because your $450K home increased in value… it’s because the $450K home is being sold for $205K rather than $200K.Page 24 of the Strong Team Realtors' report says:
One thing that everyone in this market must accept is that the market we are currently experiencing is likely going to be with us for years, not months.
2011 will be a significant year in the Charlottesville area for two reasons--the first is that there will be no tax credit to bolster sales; the second is that we will likely experience more foreclosures in 2011.Bolding is ours.
Read the post, and see the numbers, here.
Single Family Home Sales in Albemarle County Are 30% Lower Than in 2001
Single Family Home Sales in Charlottesville At Decade Low
2010 Month-By-Month Sales in the Charlottesville Albemarle Area: Second Half of Year Brought High Inventory, Low Sales, Seller Pain