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Q3 2013 Charlottesville Nest Report

Q3 2013 Charlottesville Nest Report

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Published by Jonathan Kauffmann
An overview of the Q3 2013 Charlottesville area real estate market
An overview of the Q3 2013 Charlottesville area real estate market

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Published by: Jonathan Kauffmann on Oct 25, 2013
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11/06/2013

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NestRealty.com
 
Q3 2013Charlottesville / Central Virginia Region
 
NestRealty.com
 
The sales trend for the Charlottesville MSA continues in a positive direction. For the 9th straight quarter, total year-over-year sales were up.Overall Q3 sales were up 19% from Q3 2012 (859 vs. 722). Single family home sales in the Charlottesville MSA continue to perform well with a14.9% increase from Q3 2012. Attached and condo sales performed even better, with an increase of 31.5%. Days on market levels droppedacross the board: -21.7% to 83 days for single family homes and -12.2% to 86 days for attached and condominiums.
Central Virginia/Charlottesville MSA Real Estate Market Snapshot
Median prices in Q3 rose fairly significantly in the major Charlottesville MSA housing segments. Single family home median prices rose by 10% to$294,000. Attached/condo median prices increased by 19.5% to $221,000. After seeing 5-year lows in inventory during the 2nd half of 2012,inventory levels have continued to increase in 2013. Q3 was no different. Single family home inventory rose by 6.5% to 1660 units. Attached andcondominium inventory also rose by 4.7% to 403 units.
5 YEAR TREND
AverageList PriceAverageSale PriceMedianSale PricePrice perSquare FootAvg Dayson MarketTotalSalesTotalInventoryMonths of Inventory
Q3 2013$367,427 $353,904 $294,000 $142.00 83 625 1660 8.85
Change
-7.2% -0.5% 10.0% 7.6% -21.7% 14.9% 6.5% -5.7%Q3 2012$395,749 $355,753 $267,250 $132.00 106 544 1558 9.38
Change
15.8% 9.2% -1.2% -1.5% 11.6% 20.1% -13.6% -33.3%Q3 2011$341,680 $325,721 $270,500 $134.00 95 453 1803 14.06
AverageList PriceAverageSale PriceMedianSale PricePrice perSquare FootAvg Dayson MarketTotalSalesTotalInventoryMonths of Inventory
Q3 2013$238,945 $234,121 $221,000 $145.00 86 234 403 5.77
Change
11.3% 12.0% 19.5% 4.3% -12.2% 31.5% 4.7% -29.5%Q3 2012$214,625 $209,006 $185,000 $139.00 98 178 385 8.19
Change
3.1% 4.9% -1.0% -0.7% -14.0% 13.4% -23.6% -33.4%Q3 2011$208,171 $199,197 $186,900 $140.00 114 157 504 12.29
   A   t   t  a  c   h  e   d   /   C  o  n   d  o
Five Year Trend of Sales Activity (Number of Sales)MSA (Albemarle, Charlottesville, Fluvanna, Greene, Louisa, and Nelson)
01252503755006257508751,000Q4 08Q1 09Q2 09Q3 09Q4 09Q1 10Q2 10Q3 10Q4 10Q1 11Q2 11Q3 11Q4 11Q1 12Q2 12Q3 12Q4 12Q1 13Q2 13Q3 13
   S   i  n  g   l  e   F  a  m   i   l  y
 
NestRealty.com
 
0100200300400500600Q4 08Q1 09Q2 09Q3 09Q4 09Q1 10Q2 10Q3 10Q4 10Q1 11Q2 11Q3 11Q4 11Q1 12Q2 12Q3 12Q4 12Q1 13Q2 13Q3 13
Five Year Trend of Sales Activity (Total Number of Sales)
Albemarle County home sales were up 16% (413 vs. 356) as compared to Q3 2012. This marks the second consecutive quarter of increased homesales after a disappointing Q1 2013. Single family home sales (+12.1%) and attached (+45.2%) were both up, but condominiums (-22.5%) weredown double digits. Median prices were also mixed among the three housing categories: single family (+16.2%), condominiums (-4.6%), andattached (+14.6%).
Albemarle County Real Estate Market Snapshot
AverageList PriceAverageSale PriceMedianSale PriceAvg Dayson MarketAvg$ PSFTotalSales #
Q3 2013489,894 473,468 397,500 70 $157 260
Change
-0.3% 0.6% 0.6% -27.1% 0.6% -18.0%Q2 2013491,323 470,448 395,000 96 $156 317Q3 2013489,894 473,468 397,500 70 $157 260
Change
-15.3% -5.7% 16.2% -29.3% 6.8% 12.1%Q3 2012578,662 502,021 342,032 99 $147 232
   S   i  n  g   l  e   F  a  m   i   l  y
AverageList PriceAverageSale PriceMedianSale PriceAvg Dayson MarketAvg$ PSFTotalSales #
Q3 2013268,657 266,110 248,137 82 $140 122
Change
0.6% 0.2% 3.3% 24.2% -0.7% -1.6%Q2 2013267,059 265,638 240,122 66 $141 124Q3 2013268,657 266,110 248,137 82 $140 122
Change
8.4% 9.3% 14.6% -8.9% 6.9% 45.2%Q3 2012247,821 243,412 216,432 90 $131 84
   A   t   t  a  c   h  e   d
AverageList PriceAverageSale PriceMedianSale PriceAvg Dayson MarketAvg$ PSFTotalSales #
Q3 2013161,662 155,935 115,000 120 $134 31
Change
-23.3% -22.8% -10.9% 9.1% 0.0% 47.6%Q2 2013210,826 202,011 129,050 110 $134 21Q3 2013161,662 155,935 115,000 120 $134 31
Change
-8.9% -7.0% -4.6% 64.4% 3.9% -22.5%Q3 2012177,540 167,695 120,500 73 $129 40
   C  o  n   d  o  s
Contracts Writte
Q3 2012 Q3 2013 ChangeSingle Family 183 21416.9%Attached 94 95 1.1%Condos 35 23-34.3%
Single family and attached homes were the best performing segments of the Albemarle County real estate market. Contracts written in Q3 werepositive for single family homes (+16.9%) and attached (+1.1%). Contracts written for condominiums were down 34.3% (from 35 to 23) in Q3.Based on the sales numbers and contracts written in Q3, condominiums again clearly struggled with sales down (-22.5%), median prices down(-4.6%) and contracts written down significantly.
5 YEAR TREND

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