Wednesday, March 23, 2011

C'ville and National Home Sales Drop in February, More Price Reductions Expected For Spring

January - February 2011 Month over Month % Sales Decline - Completed Sales

Charlottesville Single Family Homes 17 to 5  -70%
Charlottesville Condo 12 to 11  -8%

Charlottesville Townhouse 19 to 11  -43%
Single Family Homes -30%
Single Family Homes 10 to 9  -10%
Single Family Homes 15 to 13  -13% 

RealCentralVA points out that 17% fewer sales have closed  in the Cville Area in 2011 v 2010 through March 20.

LOCALLY,  the this is typically a "slow" time,  as the area tends to follow the school year.  Tracking local listings, price reductions are coming fast now, many of them unannounced, as sellers try to find buyers before more inventory comes on the market.  *These sales numbers don't distinguish between "new" and "existing.

NATIONALLY:  The NAR Reports:  From January to February 2011, national Existing Home Sales dove 9.6 % and prices are at a 9 year low.  "Existing" refers to completed transactions for single family (detached) homes, condos, townhouses.  Reductions in prices are expected by analysts and buyers for the Spring market, and analysts say the "bottom" has been pushed off to 2013. 

In a survey conducted by MacroMarkets, using the Case-Shiller Index, a majority of economists surveyed expect further declinesGary Shilling expects a 20% decline on a national basis.

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