August 2012

Central Virginia / Charlottesville Market Trend: Market-Wide

Even though year-over-year August sales were basically flat (231 in 12 vs. 233 in 11), the positive three-year sales trend continues in the Charlottesville MSA. Sales of MSA single family homes continued to be strong with a 7% increase from last year. In addition, overall single family home inventory (-7%) and months of inventory (-13%) in the MSA were improved over both 2011 and 2010. Attached/condo sales were off 23%, though. August 2012 Median prices for both single family homes (-5%) and attached/condos (-10%) were down from 2011. While the inventory level for attached/condos was down 14% (from 497 to 429), Months of Inventory jumped 13% to 9.32 months.

Three Year Trend of Sales Activity (Number of Sales)

3 Year Trend 400 350 300 250 200 150 100 50 0

Sep-09

Dec-09

Mar-10

Jun-10

Sep-10

Dec-10

Mar-11

Jun-11

Sep-11

Dec-11

Mar-12

Jun-12

Contracts written in August 2012 were up year-over-year in all 6 of the MSA areas. Fluvanna continued to be on a roll with an increase from 16 contracts written in 2011 to 41 in 2012. Charlottesville Citys hot streak slowed a bit with a drop in y-o-y sales from 49 to 33. However, Charlottesville City contracts written were improved (from 23 to 31) compared to last year. With the positive showing in contracts written during August, look for sales numbers this Fall to be strong.

MSA (Albemarle, Charlottesville, Fluvanna, Greene, Louisa, and Nelson)

Average List Price Average Sale Price $362,689 8.5% $334,357 1% $331,545 Median Sale Price $260,000 -5% $273,000 -2% $278,950 Avg Days on Market 98 -6% 104 3% 101 Total Sales 185 7% 173 9% 158 Total Inventory 1699 -7% 1827 -9% 2012 Months of Inventory 9.18 -13% 10.56 -17% 12.73

Single Family

August 2012 Change August 2011 Change August 2010

$389,275 10% $353,666 2% $348,350

Attached / Condo

Average List Price August 2012 Change August 2011 Change August 2010 $232,799 7% $218,342 -10% $242,249

Average Sale Price $222,263 6% $209,508 -11% $236,332

Median Sale Price $182,500 -10% $202,632 3% $197,000

Avg Days on Market 102 12% 91 -37% 145

Total Sales 46 -23% 60 15% 52

Total Inventory 429 -14% 497 -9% 544

Months of Inventory 9.32 13% 8.28 -21% 10.46

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August 2012

Albemarle County
Median Sale Price August 2012 Change August 2011 $279,500 -4.09% $291,425 Avg Days on Market 97 1.04% 96 Total Sales 115 4.55% 110 Total Inventory 1046 -8.08% 1138 Months of Inventory 9.09 -12.09% 10.34

Contracts Written in August: 105

Charlottesville City
Median Sale Price August 2012 Change August 2011 $225,000 -10.32% $250,880 Avg Days on Market 80 -13.98% 93 Total Sales 33 -32.65% 49 Total Inventory 271 -14.24% 316 Months of Inventory 8.21 27.48% 6.44

Contracts Written in August: 31

Fluvanna County
Median Sale Price August 2012 Change August 2011 $171,250 -17.55% $207,700 Avg Days on Market 93 -30.08% 133 Total Sales 36 28.57% 28 Total Inventory 356 -6.32% 380 Months of Inventory 9.88 -27.19% 13.57

Contracts Written in August: 41

Greene County
Median Sale Price August 2012 Change August 2011 $289,445 24.23% $233,000 Avg Days on Market 100 33.33% 75 Total Sales 18 -5.26% 19 Total Inventory 208 -7.14% 224 Months of Inventory 11.55 -1.95% 11.78

Contracts Written in August: 25

Louisa County
Median Sale Price August 2012 Change August 2011 $271,975 51.10% $180,000 Avg Days on Market 52 -59.06% 127 Total Sales 12 -36.84% 19 Total Inventory 213 -9.75% 236 Months of Inventory 17.75 42.91% 12.42

Contracts Written in August: 15

Nelson County
Median Sale Price August 2012 Change August 2011 $275,000 42.16% $193,450 Avg Days on Market 134 57.65% 85 Total Sales 17 112.50% 8 Total Inventory 342 -6.30% 365 Months of Inventory 20.11 -55.92% 45.62

Contracts Written in August: 22

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