Tuesday, April 17, 2012

First Quarter 2012 CAAR Market Report: Sales Rise As Charlottesville Area Average Home Prices Drop 7.5%

Supporting the old saying "There's nothing price won't fix," the greater Charlottesville Area (City plus 5 counties) is seeing a rise in closed sales as well as properties going under contract.   The -7.5% year-over-year decline in average price represents all property types combined.  The "American Dream" category of the single family (detached) homes in the Greater Charlottesville Area fell more: a -9.3% year-over-year decline.  Average Q1 prices have now fallen -23.5% since 2005.  Despite the loss of $$$ in home eq and for sellers, the current CAAR prez sees the sales portending "blue sky" ahead. Is it a Great Time To Buy?   The full report is embedded below.

Average Prices.  Click on image for larger version.

See also: Q1 Prices and Sales 2002-2011 and Ongoing Headwinds in C'ville Area RE

Charlottesville 1st Quarter Real Estate Market Report 2012

Image, report, copyright CAAR.

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