Here are the sales statistics for the Charlottesville area for the month of August, and year-to-date. As always, the statistics come from the closed transactions reported in the Charlottesville Area Association of REALTORS MLS system:
AUGUST STATS:
2006 2005 %Change
Albemarle 152 202 -25%
Charlottesville 59 65 -9%
Fluvanna 55 65 -15%
Greene 23 37 -38%
Nelson 22 40 -45%
Totals 311 409 -24%
YEAR-TO-DATE:
2006 2005 %Change
Albemarle 1180 1415 -17%
Charlottesville 580 400 +31%
Fluvanna 380 446 -15%
Greene 207 211 -2%
Nelson 169 272 -38%
Totals 2516 2744 -8%
So, it would appear that the market is beginning to find its level. The area statistics I have previously reported showed a larger deficit in year-to-date sales. Last month that deficit was 10% YTD, and this month it is 8%. This is a good thing. While the market is most definitely slower this year, it would appear that we may have reached the end of the slowdown.
One thing that is exacerbating the perception of the slowdown is the fact that the overall inventory is up this year. According to the MLS, there has been a 17.5% increase in the number of new listings YTD in 2006 compared to this time 2005. When the number of listings goes up, and the number of sales goes down, the feeling of the slowdown in going to increased much more. If we were dealing with an inventory closer to 2005 levels, I don’t think the talk of a slowdown would be quite as loud.
Even as inventory has increased and overall sales have decreased, the average median price for the area has 7% from $253,985 (2005) to $272,503 (2006).
