Prices of sold houses declined dramatically in the City: average sales price dropped for single family homes -50.05% and for attached homes declined -37.97%. The more often reported aggregated (all type homes) median price dropped -19.41%. The number of sales declined -4.76%, which indicates lower prices, and the category of lower priced properties, sell.
Realtors tend to take it as a matter of faith that lower inventory is good for the market. This blog (and the WSJ) disagrees: lower inventory doesn't always indicate a healthy market. There's pent-up seller demand, while buyers remain cautious. At any rate, inventory will pop right back up Feberuary '12 and forward, with Spring Selling Season. Related: Crash in the City of Charlottesville. Click on image for larger version.
- The VHDA forecast for the market shows low sales, continued price declines
- There's a Dwindling Pool of Willing, Qualified Buyers
- Virginia is #7 of States With Negative Equity
- The Bubble-Era Homebuyer's Plague: Effective Negative Equity
January - October 2011 Sales, Inventory, Prices
And another take on the numbers, via Nest Realty Group:
Nest Report Charlottesville: November 2011