Jan 2011

Central Virginia / Charlottesville Market Trend: Market-Wide
After a slow Fall, the year has gotten off to a decent start. Sales in January were up year-over-year as compared to the last 2 years and 2011 represented the most January sales since 2008. In fact, every Area - with the exception of Fluvanna County - was up over January 2010. Along those same lines, Months of Inventory - one of the most important numbers when considering the market’s health - are down in just about every category. The three-year trend line for total sales shows a slight downward trend, which is not a surprise.

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

Feb-08

May-08

Aug-08

Nov-08

Feb-09

May-09

Aug-09

Nov-09

Feb-10

May-10

Aug-10

Nov-10

The most positive aspects from the below charts relate to Months of Inventory. For both Single Family and Attached/ Condos, inventory levels have been declining since 2009. That being said, levels are still in the double digits and are still at historically high levels. The reduction in Months of Inventory is due to a combination of the rise in sales and also a decrease in total inventory. While the Average Price has increased, Median Prices (a better gauge of values) have declined.

MSA (Albemarle, Charlottesville, Fluvanna, Greene, Louisa, and Nelson)
Average List Price Average Sale Price $385,135 32% $291,753 -22% $376,222 Median Sale Price $254,500 6% $239,390 -26% $325,000 Avg Days on Market 127 14% 111 2% 109 Total Sales 96 16% 83 69% 49 Total Inventory 1523 -2% 1559 -16% 1858 Months of Inventory 15.86 -16% 18.78 -50% 37.91

Single Family

Jan 2011 Change Jan 2010 Change Jan 2009

$418,131 37% $304,177 -22% $391,804

Attached / Condo

Average List Price Jan 2011 Change Jan 2010 Change Jan 2009 $193,910 -25% $257,143 -4% $266,516

Average Sale Price $185,913 -23% $239,946 -8% $261,454

Median Sale Price $180,000 -22% $229,447 -9% $252,825

Avg Days on Market 145 17% 124 103% 61

Total Sales 31 3% 30 20% 25

Total Inventory 448 -18% 548 -8% 598

Months of Inventory 14.45 -21% 18.26 -24% 23.92

NestRealtyGroup.com

1 of 2

Jan 2011

Albemarle County
Median Sale Price Jan 2011 Change Jan 2010 $225,000 -9.51% $248,647 Avg Days on Market 134 -6.94% 144 Total Sales 62 24.00% 50 Total Inventory 942 1.73% 926 Months of Inventory 15.19 -17.98% 18.52

Contracts Written in January: 96

Charlottesville City
Median Sale Price Jan 2011 Change Jan 2010 $228,682 8.90% $210,000 Avg Days on Market 116 30.34% 89 Total Sales 22 46.67% 15 Total Inventory 264 -19.02% 326 Months of Inventory 12 -44.78% 21.73

Contracts Written in January: 21

Fluvanna County
Median Sale Price Jan 2011 Change Jan 2010 $210,000 0.48% $209,000 Avg Days on Market 113 79.37% 63 Total Sales 11 -56.00% 25 Total Inventory 289 -9.69% 320 Months of Inventory 26.27 105.23% 12.8

Contracts Written in January: 26

Greene County
Median Sale Price Jan 2011 Change Jan 2010 $195,000 -22.62% $252,000 Avg Days on Market 167 60.58% 104 Total Sales 7 -12.50% 8 Total Inventory 214 13.83% 188 Months of Inventory 30.57 30.09% 23.5

Contracts Written in January: 16

Louisa County
Median Sale Price Jan 2011 Change Jan 2010 $94,000 -68.08% $294,500 Avg Days on Market 89 -49.43% 176 Total Sales 9 28.57% 7 Total Inventory 218 -10.29% 243 Months of Inventory 24.22 -30.22% 34.71

Contracts Written in January: 28

Nelson County
Median Sale Price Jan 2011 Change Jan 2010 $325,000 14.04% $285,000 Avg Days on Market 163 77.17% 92 Total Sales 16 100.00% 8 Total Inventory 344 -10.18% 383 Months of Inventory 21.5 -55.09% 47.87

Contracts Written in January: 14
2 of 2

NestRealtyGroup.com