Feb 2011

Central Virginia / Charlottesville Market Trend: Market-Wide

Overall sales for Central Virginia increased slightly in February 2011 as compared to last February. Single Family sales were steady with 91 sales - up one from last year. Attached and condo sales were relatively steady - dropping slightly from 26 to 24. In addition, inventory levels decreased slightly - down 2% for single family homes and down 12% for attached/ condominiums. Therefore, Months of Inventory dropped from February 2010 levels.

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

Mar-08

Jun-08

Sep-08

Dec-08

Mar-09

Jun-09

Sep-09

Dec-09

Mar-10

Jun-10

Sep-10

Dec-10

While the overall sales trend for the Central Virginia MSA continues on a downward trend line, February 2011 saw a slight improvement in market health - inventory was down and Months of Inventory was also down. However, it seems as though buyers are being attracted to lower priced homes - median prices are down quite significantly from last February.

MSA (Albemarle, Charlottesville, Fluvanna, Greene, Louisa, and Nelson)
Average List Price Average Sale Price $295,907 -16% $352,610 -15% $413,988 Median Sale Price $263,000 -12% $299,500 12% $267,000 Avg Days on Market 124 -11% 140 -3% 145 Total Sales 91 1% 90 17% 77 Total Inventory 1605 -2% 1633 -12% 1864 Months of Inventory 17.63 -3% 18.14 -25% 24.2

Single Family

Feb 2011 Change Feb 2010 Change Feb 2009

$313,998 -17% $376,203 -14% $439,477

Attached / Condo

Average List Price Feb 2011 Change Feb 2010 Change Feb 2009 $257,257 15% $224,001 -23% $290,456

Average Sale Price $244,979 15% $213,303 -28% $295,551

Median Sale Price $193,000 -9% $211,500 -19% $262,188

Avg Days on Market 255 113% 120 -12% 137

Total Sales 24 -8% 26 -19% 32

Total Inventory 478 -12% 546 -17% 655

Months of Inventory 19.91 -5% 21 3% 20.46

NestRealtyGroup.com

1 of 2

Feb 2011

Albemarle County
Median Sale Price Feb 2011 Change Feb 2010 $267,500 -15.75% $317,499 Avg Days on Market 164 8.61% 151 Total Sales 55 -1.79% 56 Total Inventory 854 -11.04% 960 Months of Inventory 15.6 -8.98% 17.14

Contracts Written in February: 88

Charlottesville City
Median Sale Price Feb 2011 Change Feb 2010 200000 -20.40% $251,250 Avg Days on Market 259 250.00% 74 Total Sales 11 -8.33% 12 Total Inventory 296 -17.32% 358 Months of Inventory 26.9 -9.82% 29.83

Contracts Written in February: 20

Fluvanna County
Median Sale Price Feb 2011 Change Feb 2010 $213,950 1.88% $210,000 Avg Days on Market 87 -29.27% 123 Total Sales 12 -7.69% 13 Total Inventory 316 -8.14% 344 Months of Inventory 26.33 -0.49% 26.46

Contracts Written in February: 24

Greene County
Median Sale Price Feb 2011 Change Feb 2010 $249,900 -4.42% $261,450 Avg Days on Market 90 -18.92% 111 Total Sales 13 30.00% 10 Total Inventory 213 8.67% 196 Months of Inventory 16.38 -16.43% 19.6

Contracts Written in February: 23

Louisa County
Median Sale Price Feb 2011 Change Feb 2010 $241,300 -12.89% $277,000 Avg Days on Market 111 -7.50% 120 Total Sales 9 12.50% 8 Total Inventory 202 -16.18% 241 Months of Inventory 22.44 -25.50% 30.12

Contracts Written in February: 30

Nelson County
Median Sale Price Feb 2011 Change Feb 2010 $275,000 12.24% $245,000 Avg Days on Market 154 -3.75% 160 Total Sales 15 -11.76% 17 Total Inventory 355 -6.08% 378 Months of Inventory 23.66 6.43% 22.23

Contracts Written in February: 16
2 of 2

NestRealtyGroup.com