The Charlottesville Area Association of Realtors Q1 2011 report has shrunk to 1 page.
Last year, the report lacked vital info for buyers and sellers, and this blog filled in the information that was missing from the 2010 Q1 Market Report. Those numbers remain needed to gain context on this year's numbers.
Some highlights from The CAAR Q1 2011 Market Report:
*"Results in our market are in line with the national market." The national housing market is in a double dip. This area is seeing, in certain sectors, declining sales and declining prices. And there is no indication this will change during 2011.
*Median Price: Unfortunately, the CAAR didn't bother to present median sales prices individually by category: the median for Single Family House, Condo, and Townhouse are combined. So the median price for Albemarle County is reported as -11.4 and -8.2 in Charlottesville. This aggregated price means very little to buyers or sellers.
Sellers need additional information in their own category to know how much lower they should be pricing than the "competition."
Buyers need additional information so they don't "overpay." Lower medians are good news for buyers. But buyers are still in danger of "catching a falling knife." There are folks who bought in 2010 who are now "underwater."
*"The numbers indicate we are continuing to work toward a sustainable and saleable market." What does "Sustainable" mean? We take this to mean 'everybody is used to high inventory.' 16-24 months of inventory, depending on County/category. And years worth at the high end. As for "Saleable"? We take this to mean everybody has gotten used to the fact that prices are going to keep dropping for the next several years, and that bubble valuations will be back when the kids are all grown up.
*Pending Sales: Down. But this isn't covered in the report.
*Market Headwinds: Gas prices, rising mortgage rates, fewer qualified buyers, difficult credit market. Not covered in the report.
If you have 30 seconds, read the CAAR Q1 2011 Report. Just don't expect much insight.