April Stats for Charlottesville Area Real Estate
May 16, 2007 |
It’s about that time once again. Time to check out the monthly real estate sales statistics for the Charlottesville area. Below are the monthly statistics for April and the year-to-date stats compared to 2006. Let us see what we can see:
April 2007
April 2006
YTD 2007
YTD 2006
Breakdown:
The more things change, the more they stay the same. Our market is continuing to change, but it is also continuing the pattern of declining sales that was established months ago. For the month of April, every area fell short of the marks set for monthly sales in 2006. The final tally: Albemarle -11%, Charlottesville -43%, Fluvanna -15%, Greene -8%, and Nelson -11%. Overall, the area saw 26% less sales in April 2007 compared to April 2006. As expected, the overall Days on Market (DOM) was up, although Fluvanna actually saw a drop in DOM for April.
For the year-to-date, the news is more of the same. Every area has seen a decrease in sales (Albemarle -14%, Charlottesville -26%, Fluvanna -14%, Greene -29%, Nelson -16%) and the Charlottesville area as a whole is 18% behind the pace set in 2006.
What I find even more intriguing than the sales numbers is the median home price. The median is down in all but two of the areas: Albemarle -10%, Charlottesville -6%, Fluvanna +9%, Greene +16%, and Nelson -33%. Overall, the area median home price has dropped by 4% so far this year. Obviously the year isn’t over, but there are going to have to be significant gains in order to see the area median come out ahead. The most surprising drop is in Albemarle, which is typically the strongest performer out of the bunch. A 10% drop in the median in Albemarle is significant.
A drop in the median is good for buyers. If, however, you bought a home a year ago and are unlucky enough to be forced to sell now, you may end up losing money. Even if you bought a home two years ago, you may be very lucky to break even. This is a reality that many are going to be very unwilling to face.
I’m not sure how many times I can say this, but it bears repeating: THE MARKET OF 2000-2005 IS NOT COMING BACK. To think that we are suddenly going to return to multiple offers and yearly appreciation of 15% is ridiculous. That does not mean, however, that the sky is falling. It simply means that it is time to face the realities of our current market, and act according to what is happening now– not what we wish would happen.
[tags] real estate, realtor, charlottesville, virginia, statistics, housings sales, fluvanna, albemarle, greene, nelson [/tags]
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Disclaimer
My name is Daniel Rothamel. I am a licensed real estate agent in the Commonwealth of Virginia and a member of the National Association of REALTORS. As such, I adhere to a strict code of ethics and all laws with regard to equal housing, which is reflected in the content of this blog. My broker is Strong Team REALTORS, 86 Joshua Lane, Palmyra, VA 22963; (434) 589-5800. My VA Real Estate License number is 0225 077325. All of the opinions in this blog are mine, unless otherwise noted.
Very interesting to see the difference in your #1 and your #5. I know nothing about the area, but find it interesting that one has nice growth, while the other seems to decrease.
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