April 2012

Central Virginia / Charlottesville Market Trend: Market-Wide

After a very strong first quarter, sales numbers leveled off a bit in April. Overall, total sales in Central Virginia in April totaled 213, down slightly from last Aprils count of 220. Median prices across the region fell slightly: from $255,000 in April 2011 to $245,000 in April 2012. While those numbers are not spectacular, inventory levels continue to drop. Total year-over-year inventory fell from 2714 units to 2530 units (a reduction of almost 7%). Months of inventory in Central Virginia also fell from 12.33 months in April 2011 to 11.87 months in April 2012. This reduction of inventory is becoming a trend not only in the Charlottesville region, but also throughout many parts of the country. Its vital that inventory levels continue to fall in order for the housing recovery to continue.

Three Year Trend of Sales Activity (Number of Sales)

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

May-09

Aug-09

Nov-09

Feb-10

May-10

Aug-10

Nov-10

Feb-11

May-11

Aug-11

Nov-11

Feb-12

The City of Charlottesville continued to steal the show in April. Total year-over-year sales were up 38.71% in the City. In addition, months of inventory fell 39.21% from last April to 7.41 months. Lastly, contracts written in the City were up 34% from April 2011. Albemarle County overall sales and statistics were relatively flat from April 2011: median prices were down 5.84%, sales were off 2%, but inventory levels also fell ever-so-slightly.

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

Average List Price Average Sale Price $334,108 -10.7% $373,943 5% $355,508 Median Sale Price $268,750 -2% $275,000 2% $269,000 Avg Days on Market 127 -7% 136 5% 129 Total Sales 163 -11% 183 6% 172 Total Inventory 1737 -5% 1838 -8% 1993 Months of Inventory 10.65 6% 10.04 -13% 11.58

Single Family

April 2012 Change April 2011 Change April 2010

$357,368 -9% $391,555 4% $375,758

Attached / Condo

Average List Price April 2012 Change April 2011 Change April 2010 $206,981 15% $180,189 -21% $229,222

Average Sale Price $200,044 17% $171,434 -24% $224,744

Median Sale Price $187,000 17% $160,000 -16% $189,900

Avg Days on Market 97 13% 86 -14% 100

Total Sales 50 35% 37 -18% 45

Total Inventory 474 -8% 517 -12% 588

Months of Inventory 9.48 -10% 10.55 -19% 13.06

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April 2012

Albemarle County
Median Sale Price April 2012 Change April 2011 $286,289 -5.84% $304,052 Avg Days on Market 104 -20.61% 131 Total Sales 110 -1.79% 112 Total Inventory 1158 -2.69% 1190 Months of Inventory 10.52 -0.94% 10.62

Contracts Written in April: 135

Charlottesville City
Median Sale Price April 2012 Change April 2011 $211,500 -12.24% $241,000 Avg Days on Market 95 -20.83% 120 Total Sales 43 38.71% 31 Total Inventory 319 -15.61% 378 Months of Inventory 7.41 -39.21% 12.19

Contracts Written in April: 67

Fluvanna County
Median Sale Price April 2012 Change April 2011 $158,000 -18.56% $194,000 Avg Days on Market 82 -33.87% 124 Total Sales 27 12.50% 24 Total Inventory 329 -4.36% 344 Months of Inventory 12.18 -15.00% 14.33

Contracts Written in April: 40

Greene County
Median Sale Price April 2012 Change April 2011 $169,900 -30.37% $244,000 Avg Days on Market 128 7.56% 119 Total Sales 13 -18.75% 16 Total Inventory 201 -9.05% 221 Months of Inventory 15.46 11.95% 13.81

Contracts Written in April: 18

Louisa County
Median Sale Price April 2012 Change April 2011 $190,000 41.22% $134,540 Avg Days on Market 131 63.75% 80 Total Sales 7 -53.33% 15 Total Inventory 196 -9.68% 217 Months of Inventory 28 93.64% 14.46

Contracts Written in April: 15

Nelson County
Median Sale Price April 2012 Change April 2011 $192,500 -24.95% $256,500 Avg Days on Market 188 16.05% 162 Total Sales 13 -40.91% 22 Total Inventory 327 -10.16% 364 Months of Inventory 25.15 52.06% 16.54

Contracts Written in April: 10

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