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CAAR 2010 Year End Report

CAAR 2010 Year End Report

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Published by Betsy Gunnels
Charlottesville Area Association of Realtors 2010 Year End Market Report
Charlottesville Area Association of Realtors 2010 Year End Market Report

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Published by: Betsy Gunnels on Jan 12, 2011
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Page 0 of 6
The voice for real estate in Central Virginia
MARKET REPORT
2010 Year-End
Published by:Charlottesville Area Association of REALTORS® 550 Hillsdale DriveCharlottesville, VA 22901434.817.2227www.caar.com
 
 
 
Page 1 of 5
CAAR Market Report
2010 Year-End
Published by the Charlottesville Area Association of REALTORS®
Where Are We Now?
2010 in home sales and activity ended much like 2009. At mid-year, home sales were up 19.2% but byyear end sales settled near 2009 sales levels at 2,707 units—just 1.5% below end of year 2009. Spring2010 marked the end of the $8,000 federal tax credit for first time buyers, resulting in a nationwideslowdown in sales. A positive growth marker in the Charlottesville market is the continued pace of sales in the starter home category. In 2010, starter home sales accounted for 66.3% of total salescompared to 57.3% for 2009, an increase of 9%.Listing inventory for the area was down 5% for the year and we are still in a buyer’s market. The floatdown in the number of properties on the market allowed for inventory absorption, paired with fewernew listings in 2010. The Charlottesville market recovery is tempered by a continuing supply of bank-owned properties which we expect to continue to see through the second quarter 2011. Greg Slater,2010 CAAR President cautions that, “until the inventory reaches and maintains level we considerhistorically level, there will continue to be uncertainty in predicting the pace of sales and stability of pricing.”
 
Home Sales for 2010
There were 2,707 homes sold in the Charlottesville area in 2010, which was down 1.5% (-42 sales)from 2009. Albemarle (+.5%), Fluvanna (+10.7%), Greene (+8.4%), and Nelson (+34.3%) showed anincrease in sales for the year. All other areas were down from last year: Charlottesville (-18.9%),Louisa (-7.3%), and Orange (-25.7%).Sales in the Central Valley region were generated from the Greater Augusta MLS, which has morecomplete data on the Valley market than the CAAR MLS. Sales were down in the Valley by 9 %compared to last year.
Residential Sales
County 2006 2007 2008 2009 2010
Albemarle
1680144099310581063
Charlottesville
764644562450365
Fluvanna
523423318272301
Greene
291203171191207
Louisa
217208209178165
Nelson
259194158140188
Orange
128122857052
Area Total*
44123768299127492707
Central Valley**
1063905824
*includes sales outside the counties listed **numbers courtesy of the Greater Augusta MLS
 
 
Page 2 of 5
105810634503652723011912071781651401887052020040060080010001200
Albemarle Charlottesville Fluvanna Greene Louisa Nelson Orange
Year-End Sales by County
2009 2010
`
 
Home Prices Have Remained Steady
Home prices remained steady in the second half of 2010, a signal of possible price stabilization. Themedian prices listed below are the middle of the market of properties that sold, indicating what buyerswere willing/able to pay. Experience shows that a steady hold in the median price is an indicator of stabilizing prices, also representing what the market will be able to sustain moving forward.Overall, there was not much change in the median home price (including attached homes) compared tolast year with a slight increase of 1.2%. Albemarle, (+1. 9%), Fluvanna (+1.9%), Greene (+1.2%),Louisa (+2.4%) all saw an increase in median home prices, while the remaining localities saw adecrease: Charlottesville (-1.1%), Nelson (-4.7%), Orange (-.3%).
2009-2010 Median Sales Price
$0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000AlbemarleCharlottesvilleFluvannaGreeneLouisaNelsonOrangeArea Median*20092010
 *includes sales outside the counties listed 

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