A Quick Look at the Charlottesville Area Market

Most all of the agents I’ve spoken with recently have the same thing to say about our market. Activity is up. Showings are up. Contracts are up. Multiple offers are occurring. Things feel better in general. I took a look at some of the MLS stats for January and February and thought I would share some of the key data points.

1. Overall, contracts for JAN/FEB are up year over year. For Albemarle, Charlottesville, Fluvanna, and Greene contracts for 2012 so far are 409 versus 308 for the same period last year. That’s 33% more. Charlottesville is showing the biggest increase (80%). Albemarle is up 35%. Fluvanna is up 18% and Greene is down 13%.

2. Of these contracts, each of these areas are showing anywhere from 30-40% of the listings having been on the market for less than 60 days. That is, these were homes listed since the beginning of the year. To me, this means it is very important to list your home at the right price from the start to have the best chance of selling.

3. Last year in Albemarle, 21% of the contracts for this period were short sale or foreclosure. This year that number has decreased to 13%. New home sales are roughly the same. No significant change in percentages for Charlottesville. New home sales are down, but I would attribute this to lack of new home opportunity in the city.

4. In Fluvanna and Greene, things are a bit different. Short sales and foreclosure transactions are on the rise and were 50% of the sales in the first 60 days of 2012 in these area. That’s up from 20% last year for Greene and 31% last year for Fluvanna. We will need to watch this going forward.

5. The inventory available right now across these areas is lower than it has been since 2006. As of today March 5th, there are 1278 listings on the MLS for these four areas. Last year this number was 1530. That’s 16% less. It will be important to watch this as well.

This is just a very small snaphsot of the leading edge of our market. These transactions still need to close to become a part of the sold data story we rely on to understand this market.

Feel free to contact me if I can be of assistance.