May 2011

Central Virginia / Charlottesville Market Trend: Market-Wide
Regional sales in May 2011 were down significantly from May 2010. But this was expected. There were a flood of closings in May 2010 because of the expiration of the Homebuyer Tax Credit, so many 2010 purchasers were motivated to close in the May timeframe to take advantage of the credit. Inventory across all parts of Central Virginia seems to be stabilizing, which is positive. Median prices are down in most areas also. Although we are not glad prices have declined, this does signify that we are moving towards a market recovery. However, sales were down in May 2011 from April 2011 - this raises a bit of concern. Historically, May sales are higher than April sales in our region because of the seasonality of homebuyer demand. Likewise, June sales should be higher than May - so we’ll hope for that in next month’s report.

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

Jun-08

Sep-08

Dec-08

Mar-09

Jun-09

Sep-09

Dec-09

Mar-10

Jun-10

Sep-10

Dec-10

Mar-11

The sales trend in Central Virginia is on a slight downward decline. Total May 2011 sales in our MSA were almost identical to sales in May 2009. Historically, sales peak in the spring and summer months in our region. We expect this trend to continue this year. The combination of low interest rates and declining prices have motivated some buyers to purchase in 2011. We are hopeful that there will not be as steep of a drop in sales during the second half of ‘11 like there was in ‘10.

MSA (Albemarle, Charlottesville, Fluvanna, Greene, Louisa, and Nelson)
Average List Price Average Sale Price $316,306 0.5% $314,735 -16% $374,918 Median Sale Price $272,000 -5% $285,000 -8% $308,750 Avg Days on Market 107 -2% 109 -12% 124 Total Sales 157 -19% 195 35% 144 Total Inventory 1986 -2% 2028 -3% 2094 Months of Inventory 12.64 22% 10.4 -28% 14.54

Single Family

May 2011 Change May 2010 Change May 2009

$332,739 1% $327,890 -17% $397,075

Attached / Condo

Average List Price May 2011 Change May 2010 Change May 2009 $219,547 2% $216,192 -2% $219,874

Average Sale Price $219,092 2% $215,559 1% $213,917

Median Sale Price $215,500 2% $211,800 9% $195,000

Avg Days on Market 73 -26% 98 21% 81

Total Sales 47 -39% 77 20% 64

Total Inventory 545 -6% 578 -11% 649

Months of Inventory 10.61 41% 7.5 -26% 10.14

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May 2011

Albemarle County
Median Sale Price May 2011 Change May 2010 $279,572 3.40% $270,375 Avg Days on Market 91 -20.18% 114 Total Sales 118 -17.48% 143 Total Inventory 1273 2.99% 1236 Months of Inventory 10.78 24.77% 8.64

Contracts Written in May: 145

Charlottesville City
Median Sale Price May 2011 Change May 2010 200000 -15.79% $237,500 Avg Days on Market 96 9.09% 88 Total Sales 30 -34.78% 46 Total Inventory 407 -4.68% 427 Months of Inventory 13.56 46.12% 9.28

Contracts Written in May: 49

Fluvanna County
Median Sale Price May 2011 Change May 2010 $183,500 -8.25% $200,000 Avg Days on Market 140 68.67% 83 Total Sales 24 -31.43% 35 Total Inventory 379 -2.57% 389 Months of Inventory 15.79 42.12% 11.11

Contracts Written in May: 16

Greene County
Median Sale Price May 2011 Change May 2010 $265,264 15.84% $229,000 Avg Days on Market 65 -15.58% 77 Total Sales 19 -9.52% 21 Total Inventory 244 3.83% 235 Months of Inventory 12.84 14.75% 11.19

Contracts Written in February: 31

Louisa County
Median Sale Price May 2011 Change May 2010 $140,350 -38.58% $228,500 Avg Days on Market 105 -26.06% 142 Total Sales 8 -46.67% 15 Total Inventory 250 0.81% 248 Months of Inventory 31.25 89.05% 16.53

Contracts Written in May: 36

Nelson County
Median Sale Price May 2011 Change May 2010 $204,500 -38.54% $332,750 Avg Days on Market 159 6.00% 150 Total Sales 10 -16.67% 12 Total Inventory 372 -6.53% 398 Months of Inventory 37.2 12.18% 33.16

Contracts Written in May: 16
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