MARKET REPORT

CHARLOTTESVILLE

2013 is the kind of year in real estate that we all
wish could be repeated over-and-over. Low interest
rates, strong consumer confidence, a fairly balanced
inventory, and relatively positive economic indicators
all contributed towards an extremely strong year for
the Charlottesville real estate market.
After a stretch of ‘the sky is falling’ quarters from
2008 to 2010, the local real estate market is now in
full-on recovery mode. 2012 marked the first year
since 2007 that we had the welcome news of solid
numbers in almost every quarter. But 2013 closed
out with positive trends across the board. Total
sales were up. Median prices were up. Inventory has
reduced and Days on Market for sold properties were
down.
With those four key indicators all trending in a
positive direction in 2013, most signs point toward
another active market in 2014. However, a rising
interest rate environment and some changes to
mortgage lending rules may serve as speed bumps
towards the continued recovery of our local market.
That being said, we believe the Charlottesville-area
market seems to have enough strength to handle
those potential concerns in 2014.
At Nest, we continue to be fortunate to have the
trust of a growing number of amazing clients. In
2013, we helped our clients with more than 800 real
estate transactions in Central Virginia and saw our
closed sales volume more than double from 2012.
As always, we will continue to work hard to provide
our clients with the highest level of service and most
relevant information to help you make informed real
estate decisions.
Thanks again for your trust in Nest.

Nest Realty Charlottesville:
2013 in Review

I started looking at houses with very little knowledge of what it would
take to become a home owner, and my Nest agent could not have
been more helpful as I navigated the process.

- Margaret Grundy
Did you know,

Named #882
in the annual

in 2013,
1 OUT OF EVERY 5
transactions in the

fastest-growing
private American
companies list

City of Charlottesville
involved a
Nest agent?

#1

in
Charlottesville
and Albemarle
for total sales

#1

MOST
PRODUCTIVITY
PER
AGENT

TOTAL CLOSINGS: 811

TOTAL SALES
$298,500,000
ANNUAL TOTAL SALES VOLUME
$275,000,000
$250,000,000
$225,000,000
$200,000,000
$175,000,000
$150,000,000
$125,000,000
$100,000,000
$75,000,000
$50,000,000
$25,000,000

$298,500,000

$147,500,000

$71,500,000
$28,000,000

2009

$48,000,000

2010

2011

2012

2013

SEE PAGE 16-18 FOR A SAMPLING OF HOUSES SOLD IN 2013

AREA ANALYSIS FOR CHARLOTTESVILLE, ALBEMARLE, AND MSA
2013

%

2012

%

2011

2,926

8.57%

2,695

15.86%

2,326

263,000

6.26%

247,500

0.95%

245,175

Price per Sq. Ft. $

141

3.68%

136

-2.86%

140

Days on Market

95

-12.04%

108

-5.26%

114

Avg. List Price $

344,976

4.73%

329,381

3.04%

319,649

Avg. Sale Price $

328,050

6.28%

308,665

1.52%

304,056

9.01

-8.15%

9.81

-25.11%

13.1

959,875,612

15.39%

831,851,952

17.62%

707,234,853

Total Sales
Median Price $

Months of Inventory
Total Volume $

SALES BY TYPE 2013

Single Family 2232
Condo 231
Attached 463

SALES BY PRICE POINT $0-199,999 $200,000-399,999 $400,000-599,999 $600,000-799,999 $800,000+
2013

32%

2012

36%

2011

45%

14%

45%

12%

31%

59%

0%

25%

50%

4% 4%

3% 3%

7%

75%

3% 0%

100%

CHARLOTTESVILLE AREA MSA
TOTAL SALES
2,926

2,750
2,695

2,500

2,000

2,289

MEDIAN PRICE

INVENTORY LEVELS

14

$270,000

2,700

14.5
13.97

13

2,225
2,341

MONTHS OF INVENTORY

2,326

1,750

$260,000

13.10

12

$250,000

11

$240,000

10

1,250

9

1,750

8
2009

TREND

2010

2011

2012

2013

263,000
258,400

9.01

2009

2010

2011

2012

TREND

* The Charlottesville Area MSA consists of the City of Charlottesville, Albemarle, Fluvanna, Greene, Louisa, and Nelson. Data as of 1/13/14

245,175

2,300
2,200

$200,000

2,100
2009

TREND

2010

2011

2012

2,567

2,400

247,500

$220,000

2013

2,727

2,600
2,500

255,000

$230,000
9.81

2,766

2013

2,204

2009

TREND

2010

2011

2012

2,199

2013

Charlottesville

2013

%

2012

%

2011

Total Sales

500

-0.40%

502

24.88%

402

250,000

7.53%

232,500

1.09%

230,000

Price per Sq. Ft. $

171

5.56%

162

-2.41%

166

Days on Market

60

-38.78%

98

-6.67%

105

Avg. List Price $

298,201

-0.82%

300,677

1.92%

295,012

Avg. Sale Price $

287,120

0.93%

284,483

2.29%

278,124

4.99

-10.73%

5.59

-39.57%

9.25

143,560,459

0.52%

142,810,868

27.73%

111,806,088

Median Price $

Months of Inventory
Total Volume $

SALES BY TYPE 2013

Single Family 344
Condo 80
Attached 76

SALES BY PRICE POINT $0-199,999 $200,000-399,999 $400,000-599,999 $600,000-799,999 $800,000+
2013

55%

28%

13%

2%2%

2012

39%

45%

10%

3% 3%

2011

38%

47%

9%

3% 3%

0%

25%

50%

75%

100%

CITY OF CHARLOTTESVILLE
TOTAL SALES
500
450
400

502

500

450
377

350

MONTHS OF INVENTORY

MEDIAN PRICE

14

$250,000

12

$240,000

12.03

10

402

8

300

4

200

2
2009

TREND

2010

2011

2012

2013

FLAT

400
246,750

250,000

245,000

$230,000
9.81

9.25

5.59

2009

TREND

2010

2011

230,000

$220,000

6

250

INVENTORY LEVELS

2012

4.99

$200,000

150

$190,000

100

TREND

2010

2011

310

250
200

2009

378

300

232,500

$210,000

2013

368

350

2012

2013

234

2009

TREND

2010

2011

2012

208

2013

Albemarle

2013

%

2012

%

2011

Total Sales

1,415

10.03%

1,286

14.51%

1,123

319,500

10.17%

290,000

3.71%

279,620

Price per Sq. Ft. $

151

4.86%

144

-1.37%

146

Days on Market

89

-11.00%

100

-5.66%

106

Avg. List Price $

437,592

7.72%

406,232

8.28%

375,157

Avg. Sale Price $

412,932

9.80%

376,085

5.23%

357,381

8.12

-10.57%

9.08

-22.33%

11.69

Median Price $

Months of Inventory
Total Volume $

584,299,961 20.81%

SALES BY TYPE 2013

Single Family 962
Condo 86
Attached 367

483,645,942 20.51% 401,338,953

SALES BY PRICE POINT $0-199,999 $200,000-399,999 $400,000-599,999 $600,000-799,999 $800,000+
2013

45%

20%

2012

48%

25%

2011

7%

20%

17%

48%

26%

0%

25%

16%

50%

7%

5%

5%

6%

5%

75%

100%

ALBEMARLE
TOTAL SALES

MONTHS OF INVENTORY

MEDIAN PRICE

1,500

14

$325,000

1,400

1,415

1,300

12.78

1,286

1,100
1,058

1,086

900
2009

TREND

2010

2011

2012

2013

$275,000

11.69

8

1,123

1,150

$300,000

12.37

10

1,200

1,000

12

INVENTORY LEVELS
319,500

285,000

290,000
279,620

1,100

1000

6

$225,000

950

4

$200,000

900

2

$175,000

850

2009

TREND

2010

2011

2012

8.12

2013

2009

TREND

2010

2011

2012

1,120
1,094

1050

290,000

$250,000

9.08

1,127

2013

974

2009

TREND

2010

2011

2012

958

2013

CROZET

IVY
TOTAL SALES

Crozet

2013

%

2012

Total Sales

256

4.92%

244

250

360,000

13.54%

317,074

200

Median Price $

72

-12.20%

82

Avg. List Price $

421,430

11.40%

378,310

Avg. Sale Price $
Months of Inventory
Total Volume $

411,337

13.63%

361,985

9.04

1.57%

8.90

105,302,362

19.22%

88,324,550

$340,000

50
0
2009

10

$320,000

8

TREND

2011

2012

2013

317,074
310,000
304,252

299,950

2011

2012

2013

2012

158

31.67%

120

150

Median Price $

620,000

10.32%

562,000

140

Days on Market

130

-16.13%

155

Avg. List Price $

829,683

-6.94%

891,546

Avg. Sale Price $

774,902

-4.16%

808,506

8.65

-36.40%

13.60

122,434,558

26.19%

97,020,751

Total Sales

Months of Inventory

$675,000
12.14

11.54

12.12

8.90

9.04

TREND

2012

2013

620,000

607,500

15
10

2012

2013

562,500

562,000

2011

2012

16.95
14.15

15.84
13.60
8.65

5
0

2009

TREND

2011

30

$525,000
2011

2010

112

TREND

20

$550,000

109

2009

$625,000

4

120

117

100

25

$575,000

2010

110

MONTHS OF INVENTORY

685,000

$600,000

158

120

$650,000

6

2009

160

130

MEDIAN PRICE

2
2010

%

Total Volume $

14
12

2009

2010

TREND

$330,000

$290,000

190

MONTHS OF INVENTORY
360,000

$350,000

$300,000

164

183

100

MEDIAN PRICE

$310,000

244

256

TOTAL SALES

2013

300

150

Days on Market

Ivy

2010

2013

2009

TREND

2010

2011

2012

2013

BARRACKS
Barracks
Total Sales

2013

EARLYSVILLE
2012

%

TOTAL SALES
90

89

-13.59%

103

85

Median Price $

177,900

-28.84%

250,000

80

Days on Market

95

-23.39%

124

70

249,893

-19.59%

310,789

Avg. Sale Price $

237,075

-16.61%

284,295

7.41

-5.00%

7.80

Total Volume $

21,099,700 -27.94%

29,282,441

MEDIAN PRICE
$225,000
213,942

65
60
2009

2010

2011

2012

2013

204,350

10

$175,000

177,900

2012

Total Sales

73

30.36%

56

70

Median Price $

415,000

18.57%

350,000

60

Days on Market

124

-9.49%

137

488,896

14.65%

426,429

Avg. Sale Price $

468,150

15.97%

403,695

9.20

-36.86%

14.57

34,174,961

51.17%

22,606,957

$425,000

14.16

8
7.80

6

$125,000

4

$300,000

$100,000

2

$275,000

2009

TREND

2010

2011

2012

2013

415,000
392,500

2009

TREND

2010

2011

2012

7.41

29

2010

2011

2012

2013

TREND

28.55

25
20.12
15.91

14.57

10

9.20

5
292,000

2009

TREND

2009

15

350,000

$325,000

2013

31

20

20

$350,000

$150,000

30

46

30

427,500

$375,000

10.94

56

MONTHS OF INVENTORY

$400,000
11.6

73

40

Avg. List Price $

Months of Inventory

80

50

MEDIAN PRICE

12

224,500

%

Total Volume $

TREND

14

250,000

2013

72

MONTHS OF INVENTORY

$250,000

$200,000

89

80

75

Avg. List Price $

Months of Inventory

90

TOTAL SALES

Earlysville

103

2010

2011

0
2012

2013

2009

TREND

2010

2011

2012

2013

2 Copperfield Ridge Road $517,500

152 Turkey Trot Lane $381,000

329 Bear Ridge Trail $440,000

417 Heritage Court $410,000

500 Ivy Farm Drive $625,000

2611 Fernleaf Drive $405,000

680 Ivy Lane $2,050,000

770 Walker Square $148,300

949 Marsh Lane $650,650

956 Devon Spring Road $262,000

1222 Redfields Road $391,000

1592 Sawgrass Court $526,940

A SAMPLING OF OUR 2013 SOLD PROPERTIES

1651 Shady Grove Court $285,000

1766 Old Trail Drive $525,000

2059 Avinity Loop $300,855

2211 Dominion Drive $162,500

2265 Ambrose Commons Dr $762,887

609 Lyons Avenue $455,000

3641 Worchester Lane $633,500

5687 Upland Drive $516,520

5779 Advance Mills Rd $310,000

5846 Westhall Drive $265,000

6782 Welbourne Lane $815,000

7141 Jarmans Gap Road $1,210,000

Our Nest Agent took the time to really get
to know us, before we took one step inside a
house. All the hard work upfront combined
with her market knowledge helped us find our
perfect home on our very first day looking!

- Jane and Roberto Ka mide
704 Belmont Avenue $407,000

827 Monticello Avenue $269,000

902 Rosser Lane $720,000

1325 Rugby Road $1,450,000

1805 Barefoot Court $396,185

2293 Whittington Drive $282,450

A SAMPLING OF OUR 2013 SOLD PROPERTIES

2295 Camargo Drive $1,484,048

2519 White Hall Road $750,000

3585 Morgantown Road $601,000

3881 Solaris Drive $462,500

1041 St. Charles Avenue $220,000

3224 Timberwood Pkwy $330,000

KESWICK

RIO
TOTAL SALES

Keswick

2013

%

2012

Total Sales

207

-5.05%

218

225

Median Price $

360,000

19.57%

301,091

200

Days on Market

104

0.97%

103

Avg. List Price $

533,405

30.90%

407,499

Avg. Sale Price $

491,840

27.15%

386,805

Months of Inventory
Total Volume $

150

10.19%

9.52

101,811,032

20.74%

82,323,503

MEDIAN PRICE

156

159

125
100
2009

2010

2011

2012

2013

360,000

$325,000
312,317
290,000

14

15.66

$250,000

10.49
9.52

4
2009

2010

2011

2012

2013

33.87%

124

150

Median Price $

295,000

27.87%

230,700

140

Days on Market

72

- 1 1 .1 1 %

81

Avg. List Price $

320,946

16.21%

276,169

Avg. Sale Price $

311,951

15.16%

270,875

6.43

-16.93%

7.74

51,783,988

54.17%

33,588,608

Months of Inventory

$325,000

13.58

6

$225,000

166

TREND

2010

2011

2012

120
110

2009

2010

2011

2012

2013

TREND
MONTHS OF INVENTORY

279,000

288,500

240,000

295,000

12

12.61

10

230,700

8

$275,000

6

$250,000

4

11.3

7.62

7.74

2011

2012

6.43

2
2009

TREND

124

121
118

100

$300,000

2013

166
160

130

$225,000
2009

160

14

$350,000

8

283,050

Total Sales

MEDIAN PRICE

15.23

10

301,091

2012

$300,000

12

$300,000

%

Total Volume $

TREND

16

$350,000

TREND

167

MONTHS OF INVENTORY

$375,000

$275,000

207

1 75

10.49

2013

250

218

TOTAL SALES

Rio

2010

2011

2012

2013

2009

TREND

2010

2013

NORTHERN ALBEMARLE

SOUTHSIDE
TOTAL SALES

Southside

2013

%

2012

Total Sales

247

22.28%

202

225

Median Price $

265,000

16.77%

226,950

200

Days on Market

89

-10.10%

99

Avg. List Price $

369,967

-0.30%

371,071

Avg. Sale Price $

332,309

8.69%

305,749

7.82

-22.03%

10.03

Months of Inventory
Total Volume $

82,080,503 32.90%

150

MEDIAN PRICE

$250,000

223
202
175
146

125
100
2009

2010

2011

2012

2013

260,000

265,000

16

12

$230,000

10
226,950

$220,000
$210,000
2009

2010

2011

2013

0.00%

219

225

Median Price $

279,300

0.83%

277,000

200

Days on Market

63

-16.00%

75

Avg. List Price $

306,910

-2.86%

315,952

Avg. Sale Price $

229,602

-1.69%

304,738

5.97

7.96%

5.53

65,612,857

-1.69%

66,737,749

Months of Inventory

$260,000

12.75
10.86

10.03
7.82

6
2012

219

Total Sales

2009

TREND

2010

2011

2012

250

175

2012

2013

196
178

100
2009

2010

2011

TREND

272,500

277,000

279,300

FLAT

9.42

8

8.56

7

265,000

6

$240,000

5

$230,000

4

$220,000

7.24

5.53

5.97

3
2009

TREND

219

125

$250,000

2013

219

150

9
269,500

245

MONTHS OF INVENTORY

$270,000

16.02

8

220,000

2012

$280,000

14

256,750

%

MEDIAN PRICE

18

TOTAL SALES

2013

Total Volume $

TREND

$240,000

TREND

247

MONTHS OF INVENTORY

$270,000
$260,000

250

175

61,761,383

Northern Albemarle

2010

2011

2012

2013

2009

TREND

2010

2011

2012

2013

FLUVANNA
Fluvanna
Total Sales

2013
350

GREENE
2012

%

343

2.04%

Median Price $

175,000

-3.85%

182,000

Days on Market

102

-0.97%

103

Avg. List Price $

217,727

1.60%

214,300

Avg. Sale Price $

212,182

3.29%

205,425

Months of Inventory
Total Volume $

MEDIAN PRICE
$200,000

-1.05%

10.46

74,263,918

5.40%

70,461,004

343

325
300

305

272

263

225
200
2009

2010

2011

2012

2013

$180,000

182,000

$175,000

175,000

$170,000
2011

2012

2013

2012

%

209

215

-2.79%

Median Price $

221,000

-3.91%

230,000

Days on Market

106

-5.36%

112

Avg. List Price $

238,969

-3.68%

248,102

Avg. Sale Price $

232,036

-3.50%

240,444

11.82

12.68%

10.49

48,495,622

-6.19%

51,695,653

Months of Inventory

$240,000

190

180
2009

245,000

14
226,500

10

TREND

2011

2012

2013

FLAT

221,000

$190,000

2013

13.25
12.87

12

11.82
10.49

9
2009

TREND

2012

14.7

13

230,000

$200,000

2010

2011

15
247,500

11

2009

2010

TREND

$210,000

10

191

185

12
10.35

209
205

195

$220,000

10.46

210

200

13

11

215

210

MONTHS OF INVENTORY

$230,000

14.12

TOTAL SALES
205

MEDIAN PRICE

15.87

15

$185,000

2013

$250,000

16.05

14

Total Sales

Total Volume $

TREND

16
197,500

2010

350

MONTHS OF INVENTORY

205,000

$190,000

TREND

350

250

201,200

2009

Greene

275

10.35

$195,000

TOTAL SALES

2010

2011

2012

2013

2009

TREND

2010

2011

2012

2013

LOUISA

NELSON
TOTAL SALES

Nelson

2013

%

2012

Total Sales

230

27.07%

181

225

Median Price $

245,950

7.92%

227,900

200

Days on Market

187

-13.43%

216

Avg. List Price $

287,318

2.64%

279,935

Avg. Sale Price $

267,318

3.35%

258,650

17.16

-18.83%

21.14

61,445,161

31.25%

46,815,820

Months of Inventory
Total Volume $

$275,000

184

181

150
125

140

100
2009

2010

2011

2012

2013

30
260,000

225,000

$200,000

227,900

245,950

2012

Total Sales

222

32.14%

168

225

Median Price $

181,950

-0.41%

182,700

200

Days on Market

97

6.59%

91

Avg. List Price $

220,151

0.47%

219,122

Avg. Sale Price $

215,362

-0.66%

216,801

10.64

-21.59%

13.57

47,810,491

31.27%

36,422,665

Months of Inventory

20

23.47

$200,000

21.14

15

17.16

10

$180,000

$150,000

5

$170,000

$125,000

TREND

2010

2011

2012

2013

2009

TREND

2010

2011

2012

209,900

TREND

100
2009

2010

2011

2012

2013

TREND

19.01

16

17.17

17.79

14
181,400

182,700

181,950

12

13.57
10.64

10
8
2009

2013

149

125

18

215,000

$160,000

0
2009

168

167

MONTHS OF INVENTORY

$190,000

$175,000

178

20

$210,000
24.24

222

150

$220,000

33.59

250

175

MEDIAN PRICE

25

$225,000

%

Total Volume $

TREND
MONTHS OF INVENTORY

276,750

$250,000

196

175

MEDIAN PRICE

2013

250
230

TOTAL SALES

Louisa

2010

2011

2012

2013

FLAT

2009

TREND

2010

2011

2012

2013

NEW CONSTRUCTION
Here’s a look
at the area’s 4
largest builders
in 2013.
BUILDER
TOTAL SALES

ESTATES AND FARMS

TOTAL VOLUME

57

133

74 81

$26,563,140

$42,264,000

$25,000,000 $37,276,069

TOTAL NUMBER OF SALES
2013 % 2012 % 2011

$800,000 - $1MM

Charlottesville

Albemarle

6

-14.29%

7

16.67%

6

$1MM - $1.5MM

3

-50.00%

6

0.00%

6

> $1.5MM

0

N/A

1

N/A

0

$800,000 - $1MM

37

15.63%

32

45.5%

22

$1MM - $1.5MM

43

95.45%

22

10.0%

20

> $1.5MM

24

50.00%

16

45.5%

11

TOTAL DOLLAR VOLUME OF SALES
2013 % 2012 % 2011

Charlottesville

$800,000 - $1MM

$5,499,000

-11.61%

$6,221,500

17.58%

$5,291,500

$1MM - $1.5MM

$3,625,000
0

-50.42%

$7,331,000

5.27%

$6,945,000

N/A

$1,750,000

N/A

0

$800,000 - $1MM

$32,475,008

15.08%

$28,218,909

46.86%

$19,214,300

$1MM - $1.5MM

$51,738,348

93.09%

$26,795,352

7.57%

$24,910,060

> $1.5MM

$66,771,250

20.56%

$55,382,500

68.17%

$32,933,306

> $1.5MM

Albemarle

MONTHS OF INVENTORY
2013 % 2012 % 2011

Charlottesville

By Area:

16.00

86.70%

08.57

-52.39%

18.00

With Hardwood Floors

380

91%

$1MM - $1.5MM

12.00

200.00%

04.00

-66.67%

12.00

Albemarle

With Granite Countertops

326

78%

0

N/A

0

N/A

0

Charlottesville City

34

With Gas Fireplace

231

55%

Fluvanna

3 1 7%

14.27

-20.68%

17.99

-37.75%

28.90

In HOA

371

89%

Greene

25 6%

29.90

With Basement

277

66%

Louisa

39 9%

Sold in < 10 Days

261

62%

Nelson

With Garage

341

81%

> $1.5MM

Total New Home Sales: 419 %

$800,000 - $1MM

$800,000 - $1MM

Albemarle

$1MM - $1.5MM
> $1.5MM

14.51
35.00

-49.79%
-35.19%

28.90
54.00

-3.34%
-34.86%

82.90

Total Sales

%

287 68%
8%

3 1%

LIVE WHERE YOU LOVE

800-325-6378 (NEST)

www.NestRealty.com

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