A Charlottesville/Albemarle Area RE Blog tracking the market's Boom Bubble Bust Bounce, from 2008 to 2013. The second half of 2010 saw a steep downward spiral in sales; 2011 saw sales volume at 13 yr lo with prices dropping each Quarter. 2012 began with even lower prices which resulted in an uptick in Y/Y sales, and mid-2012 saw "Carpe Diem" trumping "Caveat Emptor." 2013: Booming. Are we a "Protected Market" once again? Time will tell.
* Check out the microblogging on Twitter: @CvilleBubble *
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%since2005. 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.