May 2012

Central Virginia / Charlottesville Market Trend: Market-Wide
After slightly off months in March and April where year-over-year sales were down from 2011 totals, May 2012 bounced back with a bang. Total sales were up 10% year-over-year (from 231 to 254) in May. But possibly the most appealing trend continues to be a decrease in inventory and Months of Inventory. Single Family Months of Inventory fell 15% to 9.39 months and Attached/Condo fell 22% to 7.52 months. Total inventory also fell: single family inventory decreased by 6% to 1804 units for sale and Attached/Condos fell by 14% to 474 units. That’s all great news. Single Family Home median prices also performed well with an increase of 5% y-o-y. On the flip side, Attached and Condo median prices fell by 12% to $190,000.

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

Jun-09

Sep-09

Dec-09

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Mar-12

Contracts written in May 2012 were up year-over-year in 4 of the 6 MSA Areas - only Nelson and Greene saw decreases. Albemarle contracts written increased from 134 to 147 (+10%) and Charlottesville City sales continue to be strong with an increase in y-o-y contracts from 50 to 62 (+24%). Year-to-date, total contracts written are up 15% from 2011 and are at their highest levels since 2007. May 2012 contracts written (297) were their highest since May 2008 when there were 299.

MSA (Albemarle, Charlottesville, Fluvanna, Greene, Louisa, and Nelson)
Average List Price Average Sale Price $311,673 0.9% $308,887 -2% $314,735 Median Sale Price $280,000 5% $267,307 -6% $285,000 Avg Days on Market 106 -2% 108 -1% 109 Total Sales 191 10% 174 -11% 195 Total Inventory 1803 -6% 1914 -6% 2033 Months of Inventory 9.39 -15% 11 6% 10.42

Single Family

May 2012 Change May 2011 Change May2010

$321,999 -1% $324,884 -1% $327,890

Attached / Condo

Average List Price May 2012 Change May 2011 Change May2010 $232,635 6% $219,496 2% $216,192

Average Sale Price $225,545 3% $218,482 1% $215,599

Median Sale Price $190,000 -12% $216,000 2% $211,800

Avg Days on Market 95 36% 70 -29% 98

Total Sales 63 11% 57 -26% 77

Total Inventory 474 -14% 549 -6% 581

Months of Inventory 7.52 -22% 9.63 28% 7.54

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May 2012

Albemarle County
Median Sale Price May 2012 Change May 2011 $291,000 4.30% $279,000 Avg Days on Market 106 19.10% 89 Total Sales 130 0.78% 129 Total Inventory 1170 -2.34% 1198 Months of Inventory 9.06 -2.37% 9.28

Contracts Written in April: 147

Charlottesville City
Median Sale Price May 2012 Change May 2011 $222,000 1.37% $219,000 Avg Days on Market 85 -4.49% 89 Total Sales 53 51.43% 35 Total Inventory 312 -18.11% 381 Months of Inventory 5.88 -45.96% 10.88

Contracts Written in April: 62

Fluvanna County
Median Sale Price May 2012 Change May 2011 $186,000 3.33% $180,000 Avg Days on Market 132 -13.73% 153 Total Sales 31 19.23% 26 Total Inventory 350 -4.89% 368 Months of Inventory 11.29 -20.21% 14.15

Contracts Written in April: 42

Greene County
Median Sale Price May 2012 Change May 2011 $255,000 -1.92% $260,000 Avg Days on Market 75 11.94% 67 Total Sales 17 -19.05% 21 Total Inventory 218 -9.92% 242 Months of Inventory 12.82 11.28% 11.52

Contracts Written in April: 14

Louisa County
Median Sale Price May 2012 Change May 2011 $141,000 18.79% $118,700 Avg Days on Market 75 -39.02% 123 Total Sales 14 55.56% 9 Total Inventory 207 -16.87% 249 Months of Inventory 14.78 -46.57% 27.66

Contracts Written in April: 22

Nelson County
Median Sale Price May 2012 Change May 2011 $195,000 -1.02% $197,000 Avg Days on Market 161 3.87% 155 Total Sales 10 -9.09% 11 Total Inventory 336 -9.19% 370 Months of Inventory 33.6 -0.09% 33.63

Contracts Written in April: 11
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