1st Quarter Area Market Reports

I haven’t had time to share anything here in a while. I wish I had more time, as there is a lot I would like to share. Regardless, being too busy this time of year is not a bad thing. I’ll share links to a couple of different reports below, but I wanted to comment on the market in general.

It’s really important to breakdown the market into segments. When you look at our area as a whole, you may miss something that is going on in smaller segments of the market. What’s happening in Louisa or Nelson is often irrelevant to someone trying to make a decision about real estate in Charlottesville or Albemarle.

For example, take a look at Glenmore in the Keswick area of Albemarle County. Contracts in the 1st quarter of 2012 are up. Way up. There were 22 contract written this year. That’s more than 2009-2011 combined. That’s the most since 2004. You won’t find data points like this looking at brief summaries of the market. You have to dig deeper in the your segment of the market.

The stats are encouraging for the first time in a while. I wasn’t expecting sold data to show an increase in sales just yet, but they did in some areas. I think the 2nd quarter will show some more significant increases as this sold data will show the results of the contracts being written now, in what we consider the Spring market.

CAAR MARKET REPORT

NEST REALTY REPORT (This report is easy to read and summarizes things nicely.)

I look forward to watching this data develop throughout the year.  It is too early to tell where this is all going. If you are thinking of buying or selling in this market, make sure you get some specific data related to your segment of the market and follow it for a while.

I love to talk real estate, feel free to contact me if you would like to talk.