Friday, January 27, 2012

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 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.

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