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Charlottesville Real Estate Market Update: November 2012

Charlottesville Real Estate Market Update: November 2012

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Published by Jonathan Kauffmann
Sales activity continues to plug along in a positive direction for the entire Charlottesville MSA. Overall, year-over-year sales
in November were up 15.7% (from 165 to 191) from last November. The three-year sales trend also continues to be
positive...more proof that consumers have increased confidence in housing. Post-election activity has been brisk in the
Charlottesville region as sales and activity is higher than in year’s past. In addition, inventory levels continue to fall and
Months of Inventory has kept on a path to lower levels. This decreased inventory and increased demand has translated into
multiple offer situations in the marketplace...an oddity for the late fall real estate market in this region.
Sales activity continues to plug along in a positive direction for the entire Charlottesville MSA. Overall, year-over-year sales
in November were up 15.7% (from 165 to 191) from last November. The three-year sales trend also continues to be
positive...more proof that consumers have increased confidence in housing. Post-election activity has been brisk in the
Charlottesville region as sales and activity is higher than in year’s past. In addition, inventory levels continue to fall and
Months of Inventory has kept on a path to lower levels. This decreased inventory and increased demand has translated into
multiple offer situations in the marketplace...an oddity for the late fall real estate market in this region.

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Published by: Jonathan Kauffmann on Dec 11, 2012
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November 2012

Central Virginia / Charlottesville Market Trend: Market-Wide
Sales activity continues to plug along in a positive direction for the entire Charlottesville MSA. Overall, year-over-year sales in November were up 15.7% (from 165 to 191) from last November. The three-year sales trend also continues to be positive...more proof that consumers have increased confidence in housing. Post-election activity has been brisk in the Charlottesville region as sales and activity is higher than in year’s past. In addition, inventory levels continue to fall and Months of Inventory has kept on a path to lower levels. This decreased inventory and increased demand has translated into multiple offer situations in the marketplace...an oddity for the late fall real estate market in this region.

Three Year Trend of Sales Activity (Number of Sales)
3 Year Trend 400 350 300 250 200 150 100 50 0

Dec-09

Mar-10

Jun-10

Sep-10

Dec-10

Mar-11

Jun-11

Sep-11

Dec-11

Mar-12

Jun-12

Sep-12

Contracts written in November 2012 were up in 4 of the 6 regions of the Charlottesville MSA. While Charlottesville City contracts were down from 36 to 30 in November, inventory is sparse. In fact, the 207 active homes for sale in the City is the lowest inventory level since there were 195 homes for sale in July 2005. Sales in Fluvanna County were up again (from 28 to 36) as that market continues to bounce back. To date, December sales activity has been strong and we expect that 2012 will finish on a positive note.

MSA (Albemarle, Charlottesville, Fluvanna, Greene, Louisa, and Nelson)
Average List Price Average Sale Price $390,953 13.9% $343,233 -10% $383,138 Median Sale Price $320,815 22% $263,000 -0% $263,797 Avg Days on Market 121 3% 118 2% 116 Total Sales 149 27% 117 -19% 144 Total Inventory 1486 -9% 1633 -8% 1768 Months of Inventory 9.97 -29% 13.95 14% 12.27

Single Family

November 2012 Change November 2011 Change November 2010

$415,870 15% $360,248 -13% $415,252

Attached / Condo

Average List Price November 2012 Change November 2011 Change November 2010 $233,551 1% $230,916 -2% $235,680

Average Sale Price $224,175 -1% $227,341 0% $227,277

Median Sale Price $219,500 -1% $221,365 -3% $228,890

Avg Days on Market 88 -2% 90 -47% 169

Total Sales 30 -38% 48 14% 42

Total Inventory 361 -22% 465 -6% 496

Months of Inventory 8.59 -11% 9.68 -41% 16.53

NestRealty.com

1 of 2

November 2012

Albemarle County
Median Sale Price November 2012 Change November 2011 $350,000 25.00% $280,000 Avg Days on Market 115 18.56% 97 Total Sales 86 8.86% 79 Total Inventory 960 -9.86% 1065 Months of Inventory 11.16 -17.21% 13.48

Contracts Written in November: 80

Charlottesville City
Median Sale Price November 2012 Change November 2011 $299,000 57.37% $190,000 Avg Days on Market 185 184.62% 65 Total Sales 34 47.83% 23 Total Inventory 207 -26.86% 283 Months of Inventory 6.08 -50.57% 12.3

Contracts Written in November: 30

Fluvanna County
Median Sale Price November 2012 Change November 2011 $212,000 32.09% $160,500 Avg Days on Market 95 -34.93% 146 Total Sales 22 0.00% 22 Total Inventory 308 -6.10% 328 Months of Inventory 14 -6.04% 14.9

Contracts Written in November: 31

Greene County
Median Sale Price November 2012 Change November 2011 $275,135 -8.39% $300,318 Avg Days on Market 125 47.06% 85 Total Sales 18 20.00% 15 Total Inventory 186 -10.14% 207 Months of Inventory 10.33 -25.14% 13.8

Contracts Written in November: 16

Louisa County
Median Sale Price November 2012 Change November 2011 $260,862 174.59% $95,000 Avg Days on Market 90 -29.13% 127 Total Sales 13 85.71% 7 Total Inventory 203 -1.46% 206 Months of Inventory 15.61 -46.94% 29.42

Contracts Written in November: 18

Nelson County
Median Sale Price November 2012 Change November 2011 $232,500 27.75% $182,000 Avg Days on Market 185 -2.12% 189 Total Sales 18 -5.26% 19 Total Inventory 318 -8.09% 346 Months of Inventory 17.66 -3.02% 18.21

Contracts Written in November: 24
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NestRealty.com

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