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
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)
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.
- Buyers remain wary of "catching a falling knife" - years of mortgage payments are lost when home prices drop just a few thousand dollars.
- Most buyers are reluctant to believe that Sellers' asking prices are the actual "value" of the home - the most-read post on this blog is about low-ball offers.
- It's no wonder the discounted "bank owned" Sallie Mae Homepath properties are rapid-sellers and that foreclosures / short sales are now a significant portion of market sales.
- Sales at the price points above $500k are snail-paced, and this area will see more foreclosures in the second half of 2011 through 2012 as sellers can't find "move up" buyers.
The above figures come from Nest Realty Group's long report (inserted below) on the Charlottesville MSA (C'ville, Albemarle, Greene, Nelson, Louisa, FluCo).
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