Charlottesville Real Estate Market Takes Big Hit in June

July 9, 2007 |

It is time to take a look at the June sales statistics for the Charlottesville area real estate market. Overall, the stats did not look good. The drop in June sales compared to last year was significant in every geographical area, and the year-to-date stats reflect the drag that June created. Let’s take a look:

June 2007

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June 2006

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Breakdown:

June was a tough month for Charlottesville area real estate. Every geographic area posted major losses compared to June of 2006. Area sales were down 41% overall. Charlottesville was the big loser (-57%), Fluvanna and Nelson each saw a 43% drop in sales, and Albemarle and Greene each saw a 33% drop in sales.

News on the median home price was mixed for June. The area was way up (20%), but the median in Fluvanna and Greene Counties lagged behind that of a year ago.

YTD 2007

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YTD 2006

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Breakdown:

June was not a good month, and the year-to-date statistics reflect that. The Charlottesville area is now 23% behind the sales pace set in 2006. The hardest hit areas are Charlottesville and Greene, down 35% and 36% respectively. Fluvanna is down 19%, Nelson down 25%, and the lone bright spot (if you can call it that) is Albemarle County, which is down a relatively low 14%

While Albemarle might be leading the way in sales, it is falling behind in median home price. The median home price in Albemarle is down 5% compared to last year. Nelson County is the only other area where the median has fallen (-4%). The median in Charlottesville has risen 15%, probably due to the lack of low-price condo sales, which is the same reason for massive sales losses in the City. Fluvanna and Greene Counties have each posted modest gains in median home price of 5% and 6%, respectively.

I took a look back at the June stats that I posted one year ago, and June was a rough month in 2006 as well. If you are wondering why those stats are a bit different than the June 2006 stats I posted today, it is because not all of the closings had been entered into the MLS at the time of the publishing. That is why I now wait a week or two before posting the stats.

It appears that the downturn in the real estate market shows little sign of easing any time soon. Sales continue to fall, and inventory continues to rise. Hopefully, July will be able to provide a bit of a comeback after a June that was difficult to stomach by any standards.

Posted by Daniel | Filed Under Albemarle, Buying, Charlottesville, Fluvanna, Market Statistics, News, Uncategorized 

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