SlideShare una empresa de Scribd logo
1 de 7
Descargar para leer sin conexión
CAAR Market Report
2010 First Quarter
Published by the Charlottesville Area Association of REALTORS®

Where Are We Now?
In the first quarter of 2010, the Charlottesville real estate market continued the trend seen in the fourth
quarter of last year. Home sales, compared to the first quarter of 2009, increased slightly. In the first
quarter of 2010, sales (436) were up 4.3% from the same period in 2009 (418). This increase was
somewhat surprising because of the unusually snowy winter that significantly hindered home sales.
Although this is the second consecutive quarterly year-over-year increase in sales we have seen, it is
the second lowest quarterly total in the past 10 years. As CAAR President Greg Slater explained, “the
snowstorms really held down our sales volume for most of the first quarter, but we saw a rally in
March when the weather finally got better.”

As reported in the past three quarterly reports, prices have been falling, but in the first quarter of 2010
there was a small change. Although most of the data indicates a continuation of soft prices, there is
some evidence that prices might be stabilizing. It is too early to draw conclusions because of the
limited amount of data, but this bears watching in the coming quarters.

Home Sales for 2010
There were 436 homes sold in the Charlottesville area in the first quarter 2010, which was up 4.3%
(+18 sales) from the same quarter in 2009. Albemarle (+13.1 %), Fluvanna (+12.5%), Greene (+22.7
%), Louisa (+19.0%), and Nelson (+104.8%) showed an increase in sales, while Charlottesville (-
26.1%) and Orange (-26.8%) showed a decrease.

Sales in the Central Valley region were generated from the Greater Augusta MLS, which has more
complete data on the Valley market than the CAAR MLS. Sales were up in the Valley by 4.3 %
compared to last year.

                          First Quarter Residential Sales
           County                   2006        2007         2008         2009         2010
 Albemarle                              305          271          171          145          164
 Charlottesville                        131          112          110           69           51
 Fluvanna                                94           91           71           48           54
 Greene                                  72           51           40           22           27
 Louisa                                  47           49           52           21           25
 Nelson                                  61           59           41           21           43
 Orange                                  22           24           30           19           12
 Area Total*                            827          771          610          418          436
 Central Valley**                                                              154          166
*includes sales outside the counties listed
**numbers courtesy of the Greater Augusta MLS




                                                                                                   Page 1 of 7
First Quarter 2010 Sales by County
                                                           2009    2010


      180          164

      160    145

      140


      120


      100


       80                      69

                                    51                54
       60                                     48
                                                                                                 43

       40                                                           27             25
                                                              22           21            21            19
       20                                                                                                      12


        0
            Albemarle    Charlottesville   Fluvanna         Greene        Louisa        Nelson        Orange




Home Prices Have Dropped
Based on the data from the CAAR MLS, we continue to see a decrease in home prices compared to the
same quarter last year. The median prices listed below are the middle of the market of properties that
sold. Simply put, this is an indication of what buyers were willing/able to pay and is not a true
reflection of individual home prices.

We believe the numbers displayed below provide evidence that prices are still declining, but the rate of
this decline has slowed from the previous reports. As shown below, median prices in two counties have
increased, and the area price per square foot remained unchanged from last year.

Overall, the median home price (including attached homes) declined $19,500 (-7.6%) compared to first
quarter last year. The median price is now a little above where it was at this point in 2005, before the
housing prices started increasing dramatically. It is interesting to note that two counties showed
increases in their median prices: Louisa (+16.1%) and Fluvanna (+2.4%). All other areas covered in
this report showed a decline as follows: Albemarle (-1.6%), Charlottesville (-5.7%), Greene (-18.1%),
Nelson (-27.0%), Orange (-16.7%) and the Valley (-2.6%).




                                                                                                                    Page 2 of 7
First Quarter Median Prices
       County               2006            2007         2008      2009          2010
 Albemarle                  $344,400        $289,000    $335,000   $290,000      $285,300
 Charlottesville            $274,000        $249,500    $281,250   $262,893      $248,000
 Fluvanna                   $245,000        $253,000    $242,000   $200,450      $205,250
 Greene                     $294,975        $314,900    $262,500   $307,000      $251,500
 Louisa                     $212,000        $238,000    $254,500   $218,825      $254,000
 Nelson                     $339,000        $249,000    $285,000   $299,900      $219,000
 Orange                     $280,750        $321,525    $245,000   $161,400      $134,500
 Area Median*               $289,900        $262,500    $274,500   $255,000      $235,500
 Central Valley**                                                  $192,428      $187,363
*includes sales outside the counties listed
**numbers courtesy of the Greater Augusta MLS (note: these are average prices, not median)



                          Median Sales Price (Entire Area)
 $350,000




 $300,000
                                                       $274,500
                                 $262,500
               $289,900                                               $255,000
                                                                                        $235,500
 $250,000




 $200,000




 $150,000




 $100,000




  $50,000




      $0
                2006               2007                2008           2009              2010




Price per Square Foot (Finished)
Another indicator that allows us to see what is happening to home prices is the price per square foot
numbers. The average price per square foot of finished space in homes is not an exact science, but a
downward trend over the years clearly indicates a decrease in prices (and vice versa). For the first time
in the last three years, the first quarter numbers indicate that the prices have stopped declining and held
their own year-over-year.

                                                                                                   Page 3 of 7
Price Per Finished Square Foot (Year to Date)
           County                  2006        2007        2008        2009        2010
 Albemarle                             174         174         175         154         150
 Charlottesville                       186         186         192         158         159
 Fluvanna                              141         135         137         122         119
 Greene                                148         157         147         134         137
 Louisa                                146         142         153         114         109
 Nelson                                232         206         196         170         169
 Orange                                175         195         129         110          87
 Area Average*                         169         166         163         140         140
 Central Valley**                                                          144         123
*includes sales outside the counties listed
**based on CAAR MLS data

Inventory of Homes for Sale
The inventory of homes for sale in the Charlottesville area has continued to decline. As we have
reported for the past year, the excess of inventory is causing many of the problems with our local
housing market. The decline in inventory is very encouraging, but we will still have too many homes
on the market for the current demand.

As of this writing, we have 3,353 homes on the market, compared to 3,608 at this time last year. This
is the largest year-over-year decrease in several years, but we are still above a balanced inventory level
in the 2,000 to 2,500 range. The median price of homes currently for sale is $289,900, which is $8,100
less than last year. The average DOM (days on market) of these homes is 151 days, which is 4 days
less than last year and 13 days more than homes that sold in the first quarter. The most telling statistic
related to homes currently on the market is that the average price per square foot is $228 compared to
$140 for homes that sold in the first quarter.

Housing affordability is the positive aspect of this market. There are 903 homes for sale $200,000 or
less with an average DOM of 145 and an average price per square foot of $141. There are 242 homes
currently on the market priced at a million dollars or more with an average DOM of 240.

Days on Market (DOM)
In this market, the average days (DOM) a property stays on the market is less important than it would
be in a more balanced market. There are many variables in the marketplace – excess inventory,
foreclosures, short sale, and financing issues – that affect the length of time a property is on the
market. This quarter shows a reflection of that, as the average days on market went up by 5. We are
still in a buyer’s market, which means the best way to shorten the days your property is on the market
is to price it correctly.




                                                                                                 Page 4 of 7
Average Days on Market (1st Quarter)
           County                2006        2007           2008    2009      2010
 Albemarle                              70      116           135     114         146
 Charlottesville                        62       75           141     165          97
 Fluvanna                               79      108           135     127          96
 Greene                                 76       99            90      84         136
 Louisa                                119      158           110      50         134
 Nelson                                 83      118           152     158         181
 Orange                                 83       95           125     163         121
 Area Average*                          80      107           132     133         138
 Central Valley**                                                     144         167
*includes sales outside the counties listed
**numbers courtesy of the Greater Augusta MLS

New Construction Continues to Decline
It is important to note that many “new” homes are not included in CAAR MLS statistics. Some buyers
work with a builder directly to custom build a home. With that said, the historical perspective of the
pace of new home sales gives us a reasonably good picture of the market for new construction. As the
chart below shows, new home sales are still struggling and until the inventory of re-sale homes
declines more, new construction will lag.


                               New Home Sales (First Quarter)

 250




              196
 200




                                150
 150


                                                      117

                                                                       98
 100



                                                                                          54
  50




   0
             2006               2007                2008              2009               2010




                                                                                                Page 5 of 7
Condos and Townhomes (Attached Homes)
The sale of attached homes is only reported in Charlottesville and Albemarle because very few
properties in this category are located in other counties, except Nelson. Since the condos in Nelson are
primarily in the Wintergreen Resort market, we have decided not to include them in this report. One of
the more interesting numbers in this report is the small increase in the sale of attached homes in
Albemarle in 2010 compared to the same period last year. The Albemarle median sold price dropped
significantly, from $224,295 to $198,000 and the days on market was 132. In Charlottesville, there
were only 15 attached home sales compared to last year’s 28. The median price was down from
$273,344 to $169,000 and days on market was 112.


                              Townhome and Condo Sales
                                         Albemarle    Charlottesville




    140                           126



    120
                    96

    100



     80
                                                                                                57
                                                                               54
                         46             46            47
     60                                                     40


                                                                                    28
     40
                                                                                                     15

     20



      0
             2006              2007            2008                     2009             2010




Conclusions and Predictions
The good news is that the winter weather is behind us. It is impossible to quantify how much the
record snow fall hurt real estate sales in the first quarter, but there is little doubt that it was a significant
impact. The good news is that the pent-up demand from the first quarter appears to have moved into
the second quarter. Reports from agents in the field indicate that there has been above normal activity
since the weather improved in mid-March. Only time will tell if this activity turns into sales for the
second quarter market report.

CAAR is also watching the inventory of homes for sale to see if it continues to decline. A reduction in
inventory will help take pressure off home prices and indicate that the market is becoming more
balanced. Price sensitivity is still the key factor in this market and if you are looking to put your house
on the market, be sure to have a REALTOR® or appraiser prepare a comparative market analysis
(CMA) for your property so that you can price it to sell. And, if you are looking to buy, a REALTOR®
can help you understand the current market place so you can buy what is right for you.

                                                                                                          Page 6 of 7
This Quarterly Market Report is produced by the Charlottesville Area Association of REALTORS®
using data from the CAAR MLS and the Greater Augusta MLS where noted. For more information on
this report or the real estate market, pick up a copy of the CAAR Real Estate Weekly, visit
www.caar.com, or contact your REALTOR®.




                                                                                      Page 7 of 7

Más contenido relacionado

Último

How to Solve Singleton Error in the Odoo 17
How to Solve Singleton Error in the  Odoo 17How to Solve Singleton Error in the  Odoo 17
How to Solve Singleton Error in the Odoo 17Celine George
 
General views of Histopathology and step
General views of Histopathology and stepGeneral views of Histopathology and step
General views of Histopathology and stepobaje godwin sunday
 
How to Show Error_Warning Messages in Odoo 17
How to Show Error_Warning Messages in Odoo 17How to Show Error_Warning Messages in Odoo 17
How to Show Error_Warning Messages in Odoo 17Celine George
 
M-2- General Reactions of amino acids.pptx
M-2- General Reactions of amino acids.pptxM-2- General Reactions of amino acids.pptx
M-2- General Reactions of amino acids.pptxDr. Santhosh Kumar. N
 
3.21.24 The Origins of Black Power.pptx
3.21.24  The Origins of Black Power.pptx3.21.24  The Origins of Black Power.pptx
3.21.24 The Origins of Black Power.pptxmary850239
 
Patient Counselling. Definition of patient counseling; steps involved in pati...
Patient Counselling. Definition of patient counseling; steps involved in pati...Patient Counselling. Definition of patient counseling; steps involved in pati...
Patient Counselling. Definition of patient counseling; steps involved in pati...raviapr7
 
Practical Research 1 Lesson 9 Scope and delimitation.pptx
Practical Research 1 Lesson 9 Scope and delimitation.pptxPractical Research 1 Lesson 9 Scope and delimitation.pptx
Practical Research 1 Lesson 9 Scope and delimitation.pptxKatherine Villaluna
 
CAULIFLOWER BREEDING 1 Parmar pptx
CAULIFLOWER BREEDING 1 Parmar pptxCAULIFLOWER BREEDING 1 Parmar pptx
CAULIFLOWER BREEDING 1 Parmar pptxSaurabhParmar42
 
How to Manage Cross-Selling in Odoo 17 Sales
How to Manage Cross-Selling in Odoo 17 SalesHow to Manage Cross-Selling in Odoo 17 Sales
How to Manage Cross-Selling in Odoo 17 SalesCeline George
 
How to Add Existing Field in One2Many Tree View in Odoo 17
How to Add Existing Field in One2Many Tree View in Odoo 17How to Add Existing Field in One2Many Tree View in Odoo 17
How to Add Existing Field in One2Many Tree View in Odoo 17Celine George
 
Quality Assurance_GOOD LABORATORY PRACTICE
Quality Assurance_GOOD LABORATORY PRACTICEQuality Assurance_GOOD LABORATORY PRACTICE
Quality Assurance_GOOD LABORATORY PRACTICESayali Powar
 
Practical Research 1: Lesson 8 Writing the Thesis Statement.pptx
Practical Research 1: Lesson 8 Writing the Thesis Statement.pptxPractical Research 1: Lesson 8 Writing the Thesis Statement.pptx
Practical Research 1: Lesson 8 Writing the Thesis Statement.pptxKatherine Villaluna
 
How to Add a many2many Relational Field in Odoo 17
How to Add a many2many Relational Field in Odoo 17How to Add a many2many Relational Field in Odoo 17
How to Add a many2many Relational Field in Odoo 17Celine George
 
Benefits & Challenges of Inclusive Education
Benefits & Challenges of Inclusive EducationBenefits & Challenges of Inclusive Education
Benefits & Challenges of Inclusive EducationMJDuyan
 
CapTechU Doctoral Presentation -March 2024 slides.pptx
CapTechU Doctoral Presentation -March 2024 slides.pptxCapTechU Doctoral Presentation -March 2024 slides.pptx
CapTechU Doctoral Presentation -March 2024 slides.pptxCapitolTechU
 
Presentation on the Basics of Writing. Writing a Paragraph
Presentation on the Basics of Writing. Writing a ParagraphPresentation on the Basics of Writing. Writing a Paragraph
Presentation on the Basics of Writing. Writing a ParagraphNetziValdelomar1
 
HED Office Sohayok Exam Question Solution 2023.pdf
HED Office Sohayok Exam Question Solution 2023.pdfHED Office Sohayok Exam Question Solution 2023.pdf
HED Office Sohayok Exam Question Solution 2023.pdfMohonDas
 
Easter in the USA presentation by Chloe.
Easter in the USA presentation by Chloe.Easter in the USA presentation by Chloe.
Easter in the USA presentation by Chloe.EnglishCEIPdeSigeiro
 

Último (20)

How to Solve Singleton Error in the Odoo 17
How to Solve Singleton Error in the  Odoo 17How to Solve Singleton Error in the  Odoo 17
How to Solve Singleton Error in the Odoo 17
 
Finals of Kant get Marx 2.0 : a general politics quiz
Finals of Kant get Marx 2.0 : a general politics quizFinals of Kant get Marx 2.0 : a general politics quiz
Finals of Kant get Marx 2.0 : a general politics quiz
 
Prelims of Kant get Marx 2.0: a general politics quiz
Prelims of Kant get Marx 2.0: a general politics quizPrelims of Kant get Marx 2.0: a general politics quiz
Prelims of Kant get Marx 2.0: a general politics quiz
 
General views of Histopathology and step
General views of Histopathology and stepGeneral views of Histopathology and step
General views of Histopathology and step
 
How to Show Error_Warning Messages in Odoo 17
How to Show Error_Warning Messages in Odoo 17How to Show Error_Warning Messages in Odoo 17
How to Show Error_Warning Messages in Odoo 17
 
M-2- General Reactions of amino acids.pptx
M-2- General Reactions of amino acids.pptxM-2- General Reactions of amino acids.pptx
M-2- General Reactions of amino acids.pptx
 
3.21.24 The Origins of Black Power.pptx
3.21.24  The Origins of Black Power.pptx3.21.24  The Origins of Black Power.pptx
3.21.24 The Origins of Black Power.pptx
 
Patient Counselling. Definition of patient counseling; steps involved in pati...
Patient Counselling. Definition of patient counseling; steps involved in pati...Patient Counselling. Definition of patient counseling; steps involved in pati...
Patient Counselling. Definition of patient counseling; steps involved in pati...
 
Practical Research 1 Lesson 9 Scope and delimitation.pptx
Practical Research 1 Lesson 9 Scope and delimitation.pptxPractical Research 1 Lesson 9 Scope and delimitation.pptx
Practical Research 1 Lesson 9 Scope and delimitation.pptx
 
CAULIFLOWER BREEDING 1 Parmar pptx
CAULIFLOWER BREEDING 1 Parmar pptxCAULIFLOWER BREEDING 1 Parmar pptx
CAULIFLOWER BREEDING 1 Parmar pptx
 
How to Manage Cross-Selling in Odoo 17 Sales
How to Manage Cross-Selling in Odoo 17 SalesHow to Manage Cross-Selling in Odoo 17 Sales
How to Manage Cross-Selling in Odoo 17 Sales
 
How to Add Existing Field in One2Many Tree View in Odoo 17
How to Add Existing Field in One2Many Tree View in Odoo 17How to Add Existing Field in One2Many Tree View in Odoo 17
How to Add Existing Field in One2Many Tree View in Odoo 17
 
Quality Assurance_GOOD LABORATORY PRACTICE
Quality Assurance_GOOD LABORATORY PRACTICEQuality Assurance_GOOD LABORATORY PRACTICE
Quality Assurance_GOOD LABORATORY PRACTICE
 
Practical Research 1: Lesson 8 Writing the Thesis Statement.pptx
Practical Research 1: Lesson 8 Writing the Thesis Statement.pptxPractical Research 1: Lesson 8 Writing the Thesis Statement.pptx
Practical Research 1: Lesson 8 Writing the Thesis Statement.pptx
 
How to Add a many2many Relational Field in Odoo 17
How to Add a many2many Relational Field in Odoo 17How to Add a many2many Relational Field in Odoo 17
How to Add a many2many Relational Field in Odoo 17
 
Benefits & Challenges of Inclusive Education
Benefits & Challenges of Inclusive EducationBenefits & Challenges of Inclusive Education
Benefits & Challenges of Inclusive Education
 
CapTechU Doctoral Presentation -March 2024 slides.pptx
CapTechU Doctoral Presentation -March 2024 slides.pptxCapTechU Doctoral Presentation -March 2024 slides.pptx
CapTechU Doctoral Presentation -March 2024 slides.pptx
 
Presentation on the Basics of Writing. Writing a Paragraph
Presentation on the Basics of Writing. Writing a ParagraphPresentation on the Basics of Writing. Writing a Paragraph
Presentation on the Basics of Writing. Writing a Paragraph
 
HED Office Sohayok Exam Question Solution 2023.pdf
HED Office Sohayok Exam Question Solution 2023.pdfHED Office Sohayok Exam Question Solution 2023.pdf
HED Office Sohayok Exam Question Solution 2023.pdf
 
Easter in the USA presentation by Chloe.
Easter in the USA presentation by Chloe.Easter in the USA presentation by Chloe.
Easter in the USA presentation by Chloe.
 

2010 1st qtr caar market report members

  • 1. CAAR Market Report 2010 First Quarter Published by the Charlottesville Area Association of REALTORS® Where Are We Now? In the first quarter of 2010, the Charlottesville real estate market continued the trend seen in the fourth quarter of last year. Home sales, compared to the first quarter of 2009, increased slightly. In the first quarter of 2010, sales (436) were up 4.3% from the same period in 2009 (418). This increase was somewhat surprising because of the unusually snowy winter that significantly hindered home sales. Although this is the second consecutive quarterly year-over-year increase in sales we have seen, it is the second lowest quarterly total in the past 10 years. As CAAR President Greg Slater explained, “the snowstorms really held down our sales volume for most of the first quarter, but we saw a rally in March when the weather finally got better.” As reported in the past three quarterly reports, prices have been falling, but in the first quarter of 2010 there was a small change. Although most of the data indicates a continuation of soft prices, there is some evidence that prices might be stabilizing. It is too early to draw conclusions because of the limited amount of data, but this bears watching in the coming quarters. Home Sales for 2010 There were 436 homes sold in the Charlottesville area in the first quarter 2010, which was up 4.3% (+18 sales) from the same quarter in 2009. Albemarle (+13.1 %), Fluvanna (+12.5%), Greene (+22.7 %), Louisa (+19.0%), and Nelson (+104.8%) showed an increase in sales, while Charlottesville (- 26.1%) and Orange (-26.8%) showed a decrease. Sales in the Central Valley region were generated from the Greater Augusta MLS, which has more complete data on the Valley market than the CAAR MLS. Sales were up in the Valley by 4.3 % compared to last year. First Quarter Residential Sales County 2006 2007 2008 2009 2010 Albemarle 305 271 171 145 164 Charlottesville 131 112 110 69 51 Fluvanna 94 91 71 48 54 Greene 72 51 40 22 27 Louisa 47 49 52 21 25 Nelson 61 59 41 21 43 Orange 22 24 30 19 12 Area Total* 827 771 610 418 436 Central Valley** 154 166 *includes sales outside the counties listed **numbers courtesy of the Greater Augusta MLS Page 1 of 7
  • 2. First Quarter 2010 Sales by County 2009 2010 180 164 160 145 140 120 100 80 69 51 54 60 48 43 40 27 25 22 21 21 19 20 12 0 Albemarle Charlottesville Fluvanna Greene Louisa Nelson Orange Home Prices Have Dropped Based on the data from the CAAR MLS, we continue to see a decrease in home prices compared to the same quarter last year. The median prices listed below are the middle of the market of properties that sold. Simply put, this is an indication of what buyers were willing/able to pay and is not a true reflection of individual home prices. We believe the numbers displayed below provide evidence that prices are still declining, but the rate of this decline has slowed from the previous reports. As shown below, median prices in two counties have increased, and the area price per square foot remained unchanged from last year. Overall, the median home price (including attached homes) declined $19,500 (-7.6%) compared to first quarter last year. The median price is now a little above where it was at this point in 2005, before the housing prices started increasing dramatically. It is interesting to note that two counties showed increases in their median prices: Louisa (+16.1%) and Fluvanna (+2.4%). All other areas covered in this report showed a decline as follows: Albemarle (-1.6%), Charlottesville (-5.7%), Greene (-18.1%), Nelson (-27.0%), Orange (-16.7%) and the Valley (-2.6%). Page 2 of 7
  • 3. First Quarter Median Prices County 2006 2007 2008 2009 2010 Albemarle $344,400 $289,000 $335,000 $290,000 $285,300 Charlottesville $274,000 $249,500 $281,250 $262,893 $248,000 Fluvanna $245,000 $253,000 $242,000 $200,450 $205,250 Greene $294,975 $314,900 $262,500 $307,000 $251,500 Louisa $212,000 $238,000 $254,500 $218,825 $254,000 Nelson $339,000 $249,000 $285,000 $299,900 $219,000 Orange $280,750 $321,525 $245,000 $161,400 $134,500 Area Median* $289,900 $262,500 $274,500 $255,000 $235,500 Central Valley** $192,428 $187,363 *includes sales outside the counties listed **numbers courtesy of the Greater Augusta MLS (note: these are average prices, not median) Median Sales Price (Entire Area) $350,000 $300,000 $274,500 $262,500 $289,900 $255,000 $235,500 $250,000 $200,000 $150,000 $100,000 $50,000 $0 2006 2007 2008 2009 2010 Price per Square Foot (Finished) Another indicator that allows us to see what is happening to home prices is the price per square foot numbers. The average price per square foot of finished space in homes is not an exact science, but a downward trend over the years clearly indicates a decrease in prices (and vice versa). For the first time in the last three years, the first quarter numbers indicate that the prices have stopped declining and held their own year-over-year. Page 3 of 7
  • 4. Price Per Finished Square Foot (Year to Date) County 2006 2007 2008 2009 2010 Albemarle 174 174 175 154 150 Charlottesville 186 186 192 158 159 Fluvanna 141 135 137 122 119 Greene 148 157 147 134 137 Louisa 146 142 153 114 109 Nelson 232 206 196 170 169 Orange 175 195 129 110 87 Area Average* 169 166 163 140 140 Central Valley** 144 123 *includes sales outside the counties listed **based on CAAR MLS data Inventory of Homes for Sale The inventory of homes for sale in the Charlottesville area has continued to decline. As we have reported for the past year, the excess of inventory is causing many of the problems with our local housing market. The decline in inventory is very encouraging, but we will still have too many homes on the market for the current demand. As of this writing, we have 3,353 homes on the market, compared to 3,608 at this time last year. This is the largest year-over-year decrease in several years, but we are still above a balanced inventory level in the 2,000 to 2,500 range. The median price of homes currently for sale is $289,900, which is $8,100 less than last year. The average DOM (days on market) of these homes is 151 days, which is 4 days less than last year and 13 days more than homes that sold in the first quarter. The most telling statistic related to homes currently on the market is that the average price per square foot is $228 compared to $140 for homes that sold in the first quarter. Housing affordability is the positive aspect of this market. There are 903 homes for sale $200,000 or less with an average DOM of 145 and an average price per square foot of $141. There are 242 homes currently on the market priced at a million dollars or more with an average DOM of 240. Days on Market (DOM) In this market, the average days (DOM) a property stays on the market is less important than it would be in a more balanced market. There are many variables in the marketplace – excess inventory, foreclosures, short sale, and financing issues – that affect the length of time a property is on the market. This quarter shows a reflection of that, as the average days on market went up by 5. We are still in a buyer’s market, which means the best way to shorten the days your property is on the market is to price it correctly. Page 4 of 7
  • 5. Average Days on Market (1st Quarter) County 2006 2007 2008 2009 2010 Albemarle 70 116 135 114 146 Charlottesville 62 75 141 165 97 Fluvanna 79 108 135 127 96 Greene 76 99 90 84 136 Louisa 119 158 110 50 134 Nelson 83 118 152 158 181 Orange 83 95 125 163 121 Area Average* 80 107 132 133 138 Central Valley** 144 167 *includes sales outside the counties listed **numbers courtesy of the Greater Augusta MLS New Construction Continues to Decline It is important to note that many “new” homes are not included in CAAR MLS statistics. Some buyers work with a builder directly to custom build a home. With that said, the historical perspective of the pace of new home sales gives us a reasonably good picture of the market for new construction. As the chart below shows, new home sales are still struggling and until the inventory of re-sale homes declines more, new construction will lag. New Home Sales (First Quarter) 250 196 200 150 150 117 98 100 54 50 0 2006 2007 2008 2009 2010 Page 5 of 7
  • 6. Condos and Townhomes (Attached Homes) The sale of attached homes is only reported in Charlottesville and Albemarle because very few properties in this category are located in other counties, except Nelson. Since the condos in Nelson are primarily in the Wintergreen Resort market, we have decided not to include them in this report. One of the more interesting numbers in this report is the small increase in the sale of attached homes in Albemarle in 2010 compared to the same period last year. The Albemarle median sold price dropped significantly, from $224,295 to $198,000 and the days on market was 132. In Charlottesville, there were only 15 attached home sales compared to last year’s 28. The median price was down from $273,344 to $169,000 and days on market was 112. Townhome and Condo Sales Albemarle Charlottesville 140 126 120 96 100 80 57 54 46 46 47 60 40 28 40 15 20 0 2006 2007 2008 2009 2010 Conclusions and Predictions The good news is that the winter weather is behind us. It is impossible to quantify how much the record snow fall hurt real estate sales in the first quarter, but there is little doubt that it was a significant impact. The good news is that the pent-up demand from the first quarter appears to have moved into the second quarter. Reports from agents in the field indicate that there has been above normal activity since the weather improved in mid-March. Only time will tell if this activity turns into sales for the second quarter market report. CAAR is also watching the inventory of homes for sale to see if it continues to decline. A reduction in inventory will help take pressure off home prices and indicate that the market is becoming more balanced. Price sensitivity is still the key factor in this market and if you are looking to put your house on the market, be sure to have a REALTOR® or appraiser prepare a comparative market analysis (CMA) for your property so that you can price it to sell. And, if you are looking to buy, a REALTOR® can help you understand the current market place so you can buy what is right for you. Page 6 of 7
  • 7. This Quarterly Market Report is produced by the Charlottesville Area Association of REALTORS® using data from the CAAR MLS and the Greater Augusta MLS where noted. For more information on this report or the real estate market, pick up a copy of the CAAR Real Estate Weekly, visit www.caar.com, or contact your REALTOR®. Page 7 of 7