Wednesday, March 9, 2011

Albemarle Home Sales February 2011: Median Price Declines 14% YOY, Inventory Rises Daily

32 Single Family (Detached) Homes were sold (closed contract) in Albemarle County during February 2011.  34 sold in 2010.   

2011 February median price is down 14% over 2010 ($334.5k v $386.2k) -$52k

2011 January median price is down 10% over 2010 ($225k v $248.6k) -$23.6k

In 2010, 66% of all area sales were at the first-time price point of $300k or less.  There are currently 713 single family homes for sale (includes "proposed" properties), which translates to an overall inventory of at least 18 months (excludes "proposed")At the higher price points, $701k and into the millions, sales are so slow that there are years worth of inventory.

Inventory grows daily.  There is no Federal Tax Credit to help this Spring; ever since it expired last year, sales have remained depressed. 

The below graphs are via Charlottesville Real Estate Talk, which has the caveat that the information is "deemed accurate but not guaranteed."
 The Numbers:

2 comments:

Big Eater said...

The number of $1M ++ houses coming on the market every day is truly astonishing.

This area is Japanese!!!

Montpellier said...

Yes, indeed, spring listings have been exploding onto CAAR's MLS. Lots of these are repeats. It certainly seems like the high-end-skew is finally no longer able to mitigate the drop in volume - that median price index is telling! I guess the high end is finally falling too. It's going to be an interesting spring!