Area Down 36% for May

June 1, 2006 |

It is time to look at the Charlottesville area sales statistics for May.  I pulled them for the Charlottesville MSA, and then broke them down by county.  As always, the statistics are coming from the Charlottesville Area Association of REALTORS MLS.  The statistics only reflect properties listed in the MLS and do not include land sales.  Numbers represent closed transactions.

                        May ‘06    May ‘05  Change  YTD Change

Albemarle            113        198         -46%       -31%

Charlottesville      51          56           -9%       +12.1%

Fluvanna              43          66           -35%      -21.2%

Greene                23          28           -18%      +1.7%

Nelson                 13          34           -62%       -37.6%

Area Totals         243         382          -36%       -21.3%

Although not in the Charlottesville MSA, Louisa was down 33% for May, and is down 14.7% on the year.

If these statistics teach us only one lesson, that lesson is that THIS IS NOT 2005.  The days of skyrocketing appreciation and homes selling in days, not months, are gone.  That is not to say that this is going to be a bad year.  I don’t think that values will depreciate, not over the whole area, but selling a home today is definitely going to take more patience and persistence than it would have taken a year ago.  Sellers are going to have to be willing to make concessions that they may not have made a year ago, due simply to the increased inventory from which buyers may choose.

On the buying side, they are definitely in the driver’s seat at this point.  There are many homes to choose from, many of which have been on the market a long time.  If you are the type of buyer who doesn’t have to move in 30 days or less, and can afford to shop around, there may be good bargains to be had.

Posted by Daniel | Filed Under Market Statistics, News 

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