Home sales, compared to 2008, showed improvement in the 3rd Quarter. At mid-year, sales were down 28%, but after the first 9 months of the year, sales are only 19% below the 2008 levels. In the third quarter, sales (845) were only down 6.2% from the same period in 2008 (901). This is the smallest year over year decline we have seen in several quarters in the Charlottesville area. July and August monthly sales were very close to 2008 levels, but September fell back a bit. As reported in the CAAR Mid-Year Market Report, significantly lower home prices (down 20% or more) are driving the pick-up in sales. In addition, the $8,000 tax credit for first time buyers has supercharged the sale of starter homes (below $300,000). 65% of home sales in the third quarter were in this starter home category, which is consistent with the overall trend for the entire year. The surge in first-time buyers is also a national trend. Home Sales for the First Nine Months There were 2,001 homes sold in the Charlottesville area during the first nine months of 2009, which was down 19.1% (-471 sales) from 2008. All local areas are still down from last year: Albemarle -5.4%, Charlottesville -27.4%, Fluvanna -25.3%, Greene -7.7%, Louisa -28.9%, Nelson -25.8%, and Orange -25.5%. Monthly sales for the region had improved slightly each month since November 2008, but that string was broken in August due to normal seasonal swings.
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Location Characteristics: Location Characteristics: Albemarle County is centrally located in Virginia, 110 miles southwest of Washington,D.C.; 70 miles west of Richmond; 115 miles northeast of Roanoke. Albemarle County surrounds the City of Charlottesville, which has been cited as one of America's 100 best retirement towns, citing the Univeristy of Virginia, the Blue Ridge Mountains and the city's historic Downtown Mall among local attractions. Charlottesville has gained repeated recognition as one of Money Magazine's "Best Places in America". The climate (four seasons) is terrific. The topography, the environment, the charm, make this a most desirable area. 2009 FIRST QUARTER REPORT Where Are We Now? The Charlottesville area real estate market improved in the first quarter compared to the 4th quarter of 2008, but still remains slow in terms of sales. The previous quarter will go down as one of the weakest real estate markets in history, so the improvement in the first quarter of 2009 is easy to understand, especially considering the seasonal upswing the market generally experiences this time of year. Even if the market activity is somewhat seasonal and relative to a dismal 4th quarter in 2008, it feels great to see market activity again. Open houses are seeing a lot of traffic and the number of buyers "looking" right now is strong. We should see this activity transform the market numbers into something we can enjoy reading by the second quarter. The market will not rebound to 2008 levels for a few more quarters, but the activity and the number of pending sales are encouraging. For the past several months, CAAR has explained that "the market is the market," meaning that buyers and sellers have to understand the current conditions and not live in the past. This means that sellers have to accept that their home has probably decreased in market value and if they want to sell, they need to agree to a listing price that will attract buyers. For buyers, the market has a few short-term opportunities to think about. First, interest rates, thanks to actions by the feds to shore up the financial markets, are very low right now. We do not know how long rates will stay this low. Second, first-time buyers can get an $8,000 tax break if they close on a home by the end of November. If a buyer is interested in taking advantage of this incentive, they should not wait until the fall to start the process. Buyers now have another market condition to be informed about - short sales and bank owned properties. A short sale is when the seller has to bring money to the closing table because the proceeds of the sale did not cover the outstanding mortgage(s). In some cases, the seller may not have the assets to cover the "short" and this would cause a distressed short sale situation. In such a case, the bank or mortgage company (and sometimes an investor) would have to approve the short sale. This third party approval can take weeks and even months to secure. Buyers need to understand this market condition and discuss options and opportunities with their buyer's agent. The Ups and Downs of Home Sales There were 403 homes sold in the Charlottesville area during the first three months of 2009, which was down 33.9% (-207 sales) from 2008. All local areas were down from last year: Albemarle -18.7%, Charlottesville -40%, Fluvanna -32.4%, Greene -50%, Louisa -59.6%, Nelson -51.2%, and Orange - 36.7%. Monthly sales for the region have improved slightly each month since November 2008, but much of that can be attributed to seasonal swings. 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 down in the Valley by 28.4% compared to last year.
About Marina E. Ringstrom:
Marina Ringstrom knows Charlottesville ...."IT'S MY HOME!" ....my local market knowledge may very well be the Key to YOUR NEW HOME. As a former real estate marketing director and copy writer I know what attracts buyers..... in addition, I believe in creativity and hard work.
My family and I love the Charlottesville area and have called it home since 1996. Since relocating from Manhattan by way of Stockholm, Sweden, I understand the meaning of home and will be delighted to assist you in finding yours.
Whether it's New Construction, a previously owned property, golf course homesite , land with views, or a trendy condominium downtown, beautiful Charlottesville has it all!
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
