Charlottesville Area Real Estate February Stats
March 8, 2007 |
It is time once again for a monthly sales report on Charlottesville area real estate. As always, the stats are taken from the Charlottesville Area Association of REALTORS MLS and cover the Charlottesville MSA. Let’s start with the stats for February:
February 2007
February 2006
Breakdown
To be quite honest, I was a bit disappointed by the February sales results. I didn’t expect them to be on pace with 2006, since early 2006 was really just an extension of the stellar year of 2005, but I did expect the sales to be a bit better than they actually were. Every area was down except for Fluvanna (+4%), which experienced one more sale than last February. The final results were: Albemarle -40%, Charlottesville -46%, Greene -25%, and Nelson -36%. The Charlottesville area as a whole experienced 33% less sales than February 2006. A 33% drop might seem like a lot, but the good news is that the median home price remained virtually unchanged. So while the number of sales may have dropped, homes seem to be holding value. In the long run, the importance of holding value will outweigh the importance of selling a lot of homes.
2007 Year-to-Date
2006 Year-to-Date
Breakdown
As expected, the YTD sales for 2007 are trailing a bit behind the pace of 2006. Every area was down: Albemarle -37%, Charlottesville -33%, Fluvanna -18%, Greene -41%, and Nelson -22%. Overall, the Charlottesville area has seen a drop of 33% in the number of sales so far in 2007 compared to 2006. Like the February numbers, the news is not all bad. The median price for the area has not seen a major drop, dipping only 4%. This early in the year, a 4% drop in the median isn’t exactly alarming.
The one thing that did surprise me about the statistics is the fact that total sales numbers have not been this low since 2000. Of course, the median home price for the area in 2000 was LESS THAN HALF what it is now. Sellers have been living the good life since then. The lesson to be learned from all of these statistics is that the market that currently exists is here to stay. I get asked all the time, “when will the market come back?” The simple answer is that it won’t. Prices aren’t really dropping and not skyrocketing either, which is a very good thing; but with the increase in active and potential inventory, and the decrease in sales, the days of one-week sales and multiple offers above list price are getting much fewer and much more infrequent.
[tags] real estate, realtor, charlottesville, virginia, real estate stats, home sales, [/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.
