Thursday, March 10, 2011

Charlottesville Home Sales February 2011: Median Price Down 38% YOY

There were just a handful of closed contracts for Single Family Homes in Charlottesville in February, and folks bought at the low end.  There are currently 203 single family homes for sale in Charlottesville, which translates to inventory of 3 years and 4 months.

Sure, Winter is slow.  But season is just the tip of the proverbial iceberg in why sales are so low in the City.  The real issues are price and old housing stock.

This year, like the past few, supply will far exceed demand.  Sales are so low and sellers and agents so committed to their prices--whether by necessity or nostalgia for 2005--that there are "For Sale" signs all over the 'cultural and educational heart of Central Virginia.'

Thus far in 2011:
Single Family Homes

2011 February down 38% over 2010 ($160k v $257k) -$97k

2011 January up 20% over 2010 ($260k v $210k) +40k

In 2010, 66% of all area sales were at the first-time price point of $300k or less.  Inventory grows daily.  There is no Federal Tax Credit to help this Spring; ever since it expired last year, sales have remained depressed. 

See also: February 2011 Albemarle County Home Sales

The below are via Charlottesville Real Estate Talk; the information is "deemed accurate but not guaranteed."

Inventory, Homes Under Contract, Sold:

 The Numbers:

2 comments:

Montpellier said...

Grab yer ankles...maybe we are finally seeing things break out. I can only think the hike in gas prices does not bode well.

Oh, BTW, a typo on median sold for 2011.

Anonymous said...

Supply and Demand. "It's super simple stuff."

http://www.realcentralva.com/2011/02/23/real-estate-data-and-analysis-is-local-and-always-will-be/#comment-155506157

Yeah, ignore national data, when this area is doing so much worse.