The Charlottesville Area Association of Realtors quarterly market reports typically recap the past several years. But the new one-page format only compared 2011 to 2010, which resulted in the headline "Central Virginia Home Prices Fall $19,000."
2011's $220k actually means that this area is back down to the median in 2005. [See charts with 2002-2010 data below.]
For individual City/County, the declines are steeper from the peak:
Charlottesville $225k down $56,250 or 20% from 2008 peak
Fluvanna $210k down $52,650 or 17% from 2007 peak
Greene $235k down $79,900 or 25% from 2007 peak
Louisa $199k down $50,000 or 22% from 2007 (and, tax cred, 2010) peak
Nelson $220k down $119,000 or 34% from 2006 peak
Orange $140k down $171,525 or 57% from 2007 peak
- This aggregated "median home price" is found by combining all sales categories (single family homes, condos, and townhouses) then identifying the number halfway between high and low.
- These figures indicate what buyers were willing to pay in the first part of 2011.
- Though the figures have limited use for buyers/sellers interested in only one category, the aggregated median is the most widely reported dollar figure each quarter.
Here's a recap going back to 2002. According to experts, there's still more "correction" to come. Locally and nationally.
Click image for larger version in new window.
2006-2010 Q1 Median Home Prices
2002-2007 Q1 Median Home Prices
2011 Compared to 2010, from this year's 1-page report
All images copyright CAAR. These images may be found in the First Quarter 2007 and 2010 Market Reports at the "Market Reports" link in the upper right of your screen at the CAAR website.
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