Memorial Day is approaching and school is almost out for the summer. Another year seems to be flying by. By the end of May we will be past this year’s “Spring Market” and by July, we will have half a year’s sold data to analyze. In the meantime, I wanted to share the April report to continue the conversation of how this local real estate market is performing.
Here are some key takeaways from the data year to date:
1. Price your home correctly. 56% of the sales in 2012 were on the market less than 60 days. 70% were on the market less than 120 days.
2. With the City of Charlottesville as the exception, the pace of contracts pulled back to levels similar to April 2011.
3. Inventory levels continue to decline slowly and we saw a slight year over year decrease in median price.
4. New construction demand seems relatively constant.
5. Short sales and foreclosures as a percentage of activity declined in Albemarle, remained flat in Cville, and increased slightly in Fluvanna and Greene.
In general, it is looking like the warm weather brought an early spring market. Well priced properties are selling, but the fast pace that started the year has leveled off. We will be able to understand 2012 much better after we have 6 months of sold data to review. That should shed some light on what has really happened in this nearly complete spring market.