Graphs: 1999 v 2011 for Charlottesville Area Home Sales - 1999 Wins

Though thousands of new homes were built in the past decade/half and the area has a growing population, home sales remained anemic in 2011 with lower prices and lower sales than 2010, which was a hot mess when the Fed tax cred expired.  

Sales were comparatively buoyant 13 years ago, even with the 30 yr fixed mortgage averaged around 7.5% in 1999.  2011 opened at 4.8% and closed at 3.8%.

Graph of Sales, All Types, Charlottesville Area

The data comes from this post at RealCentralVA; graphs are produced by this blog.  Click on images for larger versions in new window.

Graph of Sales, Single Family Homes, Charlottesville Area

What's Up?  No--what's down: sales and prices and mortgage rates and inventory.  Buyers have to plan to stay put 7-10 years in order to eat the further price declines, and loss of equity, that will occur if purchase is made in the next couple years.

• The Virginia Housing Development Authority chronicles the laggardly sales here. 

• See also the Charlottesville Area Association of Realtors 2011 Year-End Report. 

• And as The Daily Progress notes, it's going to remain a Buyer's Market in 2012 and beyond.

The Data for Graph 1, by Month

The Data for Graph 2, by Month

Tired sitcom joke, which works here: Ring! Ring!  Hello, Charlottesville Area? 1999 is calling to offer condolences for 2011's home sales.

Caveat Emptor.