Locally, May 2011 closed sales are lower than April 2011. Albemarle County had 15% fewer sales in May than April. Usually, sales in this area rise through the summer. national housing experts have already called the end of the "Spring Market," and the Charlottesville area is right in line with this trend. Mortgage rates keep falling but they're not enticing buyers.
The big drops come with year-over-year comparisons. Last year was fueled by the Homebuyer Tax Credit. And all this local bad news comes just as home price guru Robert Shiller opines he wouldn't be surprised if prices dropped another 10-25%.
Details for May 2011 compared to May 2010:
- Charlottesville (attached, condo, single family) sales down -34.78% and median price down -15.79%
- Albemarle (attached, condo, single family) sales down -17.48% but median up 3.4%
- Fluvanna sales down -31.43% and median price down -8.25%
- Greene sales down -9.52% but median price up 15.84% (new construction near NGIC)
- Louisa sales down -46.67% and median sales price down -38.58%
- Nelson sales down -16.67% and median sales price down -38.54%
- Median Prices for single family homes the MSA have now slid -13% since 2008 ($308k to $272k)
- Sales of single family homes in the MSA are down -19% in 2011 over 2010
- Sales of condos/townhouses in the MSA are down -39% but median price is up 2%
Some of these low numbers could be good news for anybody willing to jump in and buy--somebody who can also deal with the prospect of prices continuing to fall and sales to stay at the 'new slow.' This is the buyer who doesn't believe a house is an "investment."
Charlottesville Foreclosures Rise 25% Y/Y
Nearly 30% of Virginia Mortgage Holders Are At or Near Negative Equity
Nest Report Charlottesville: May 2011