As we mentioned in a previous post, these numbers mean little to buyers or sellers. But the report was picked up in the news as "Central VA home prices drop $19,000 in a year" and the CBS19: 'Area home sales see uptick.' These headlines underplay what's happening in this region.
But Nest Realty Group stepped up to the plate and offered a more detailed set of numbers. When parsed into County and by property type, the reality is much different: significant price declines are driving sales. In some cases, the sales are also declining precipitously. The highlights (or lowlights, from the perspective of sellers) for Albemarle County are below.
THE TAKE-AWAYS:For Sellers: In order to get property sold, Underpricing the competition is necessary. Sellers at or near negative equity need to do a lot of praying.
For Buyers: The Asking Price is Not the Offer Price nor Selling Price. And the tax assessment is a distraction, not market value.
*2011 March down -17% over 2010: $338,500 v. $409,000.