Monday, July 11, 2011

Charlottesville Area Real Estate 2nd Quarter 2011: Good News For Buyers as Home Prices Continue Dropping. Bad News For Sellers As Sales Continue Slowing.

The latest data is available: bad news for sellers.  Sales numbers continue declining and inventory remains shockingly high, the trend for years now. Sellers who bought a few years ago and are now trying to sell often have to bring thousands to the closing table, or get their lender to agree to a short sale.

But it's all good news for buyers, especially those who don't have to simultaneously sell.

Comparing Q2 -  2011 to 2010 - April, May, June 

City of Charlottesville

Single Family: Prices Down -7.4% ($250k from $270k).  Sales Down -20% (85 from 106)
Condos: Prices Down -29.7% ($159.9k from $227.3K) which leads to Sales Up 46% (31 v. 21)
Attached (townhouses): Prices up 10.6% ($212k from 192k) but Sales Down -55.6% (8 v. 18) 

Albemarle County

Single Family: Prices Down -2.0% ($346.7k from $354k) and  Sales Down -8.1 (250 from 272)
Condos: Prices Down -7.7% ($120k from $130k) and Sales Down -34.1% (27 v 41)
Attached (townhouses): Prices up 1.3%($234.5k from $231.4k) and Sales Down -36.8% (8 v. 18)

Going forward, buyers and sellers may expect lower prices, as home buying interest will be further waning with summer's end.   Sellers who can will be cutting prices, which means there may be some attractive listings in the next 4 weeks.

The above figures come from Nest Realty Group's long report (inserted below) on the Charlottesville MSA (C'ville, Albemarle, Greene, Nelson, Louisa, FluCo).   

Related Reading:
Graph of the Housing Crash in City of Charlottesville
Local and National Unemployment on the Rise Again
Nearly 30% of Virginia Mortgage Holders at/near Negative Equity 
Foreclosures Continue to Rise in Charlottesville
High End Properties Are Being RePo'd by Banks: Bundoran, Kluge Estate Vineyard, Albemarle House

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