Monday, May 21, 2012

"April is the Cruelest Month" - Charlottesville Area Home Prices Edge Lower, Again

December 2011, and Jan-Febr-Mar 2012 saw freakishly warm weather in C'ville and across the Country, and the spring selling season was pulled forward, as reflected by April's decline in prices.  Sales declined in Albemarle, but rose in Charlottesville.  Much of what is coming on the market can't find buyers--even though inventory is lower.  But lower inventory is not necessarily a good sign: it means that owners have negative equity or effective negative equity and can't move "up," downsize, or move away.  Is the road to "recovery" in this area going to be blocked by rising asking prices and people stuck in their homes?

Median Sales Price Declines:
-12.24% City of Charlottesville year over year
-5.84%  Albemarle County year over year

See also:
City of  Charlottesville Sees Painful Price Declines in Q1 2012
First Quarter 2012 Average C'ville Area Home Prices Decline 7.5% Y/Y

The report is from Nest Realty Group.  Read Jim Duncan's post.

Nest Report - Charlottesville Real Estate Market Report for 12 April 2012
In March and April a bunch of folks came out calling for the "bottom."  Too early, flawed reasoning, and ignores the shadow inventory and the actual condition of the economy and unemployment.  But hey, makes for good filler and headlines.

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