Feb 2012

Central Virginia / Charlottesville Market Trend: Market-Wide

Though the overall three-year sales trend line continues to be downward, were starting to see the Charlottesville real estate market pick up some steam. Overall, February sales were up almost 15% from 2011 (140 vs. 122). In addition to sales being up, total inventory levels and Months of Inventory were both down. Weve been saying for while that inventory levels must come down before the real estate market can fully recover. Yet while Months of Inventory is down, levels for single family homes and attached/condos are still in the double digits - thats too high for a full recovery to take place. As for prices: both median and average prices continued to slip downward in just about every category.

Three Year Trend of Sales Activity (Number of Sales)

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

Mar-09

Jun-09

Sep-09

Dec-09

Mar-10

Jun-10

Sep-10

Dec-10

Mar-11

Jun-11

Sep-11

Dec-11

The City of Charlottesville was the most active segment of the market in February. After a dismal 2011, sales in the City have jumped over the past few months. Total Charlottesville City sales were up 73% (from 15 to 26) and it looks like the sales spike will continue: contracts written in February were up from 22 to 43 in Charlottesville. Albemarle County contracts written are up also: from 93 to 124. With buyer confidence and sales on the rise, it seems like some positive news in the Charlottesville real estate world for a change. Overall, we expect the strong spring market to continue over the next few months.

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

Average List Price Average Sale Price $287,575 -2.5% $295,000 -16% $352,610 Median Sale Price $203,700 -23% $265,000 -12% $299,500 Avg Days on Market 127 6% 120 -14% 140 Total Sales 102 7% 95 6% 90 Total Inventory 1438 -8% 1566 -4% 1633 Months of Inventory 14.09 -15% 16.48 -9% 18.14

Single Family

Feb 2012 Change Feb 2011 Change Feb 2010

$308,798 -1% $313,385 -17% $376,203

Attached / Condo

Average List Price Feb 2012 Change Feb 2011 Change Feb 2010 $196,946 -22% $251,254 12% $224,001

Average Sale Price $194,769 -18% $238,096 12% $213,303

Median Sale Price $181,125 -8% $197,000 -7% $211,500

Avg Days on Market 112 -51% 229 91% 120

Total Sales 38 41% 27 -10% 30

Total Inventory 430 -11% 482 -12% 548

Months of Inventory 11.31 -37% 17.85 -15% 21.07

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Feb 2012

Albemarle County
Median Sale Price Feb 2012 Change Feb 2011 $245,679 -8.16% $267,500 Avg Days on Market 119 -25.16% 159 Total Sales 58 1.75% 57 Total Inventory 997 1.94% 978 Months of Inventory 17.18 0.17% 17.15

Contracts Written in February: 124

Charlottesville City
Median Sale Price Feb 2012 Change Feb 2011 $200,099 -3.11% $206,513 Avg Days on Market 100 -49.24% 197 Total Sales 26 73.33% 15 Total Inventory 260 -10.65% 291 Months of Inventory 10 -48.45% 19.4

Contracts Written in February: 43

Fluvanna County
Median Sale Price Feb 2012 Change Feb 2011 $152,500 -28.72% $213,950 Avg Days on Market 107 22.99% 87 Total Sales 19 58.33% 12 Total Inventory 274 -11.04% 308 Months of Inventory 14.42 -43.80% 25.66

Contracts Written in February: 30

Greene County
Median Sale Price Feb 2012 Change Feb 2011 $196,700 -21.29% $249,900 Avg Days on Market 110 22.22% 90 Total Sales 12 -7.69% 13 Total Inventory 183 -15.28% 216 Months of Inventory 15.25 -8.19% 16.61

Contracts Written in February: 23

Louisa County
Median Sale Price Feb 2012 Change Feb 2011 $129,000 -48.02% $248,150 Avg Days on Market 89 -16.04% 106 Total Sales 15 50.00% 10 Total Inventory 169 -13.33% 195 Months of Inventory 11.26 -42.26% 19.5

Contracts Written in February: 22

Nelson County
Median Sale Price Feb 2012 Change Feb 2011 $242,500 -11.82% $275,000 Avg Days on Market 302 96.10% 154 Total Sales 10 -33.33% 15 Total Inventory 320 -9.86% 355 Months of Inventory 32 35.25% 23.66

Contracts Written in February: 14

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