Thursday, April 03, 2008

Charlottesville Real Estate Market Update

Currently Active Properties: 2,372
Median Price of Active Properties: $324,995
Average Days on Market for Active Properties: 148

Sold in February: 141
Median Price of Solds: $260,000
Average Days on Market for Solds: 138
Total Volume of Sold Property: $54,527,788

What can we derive from these numbers? Well, there was over 54 million dollars of sold property in the month of February in the Charlottesville Area (which includes Charlottesville, Albemarle, Green, Louisa, Fluvanna, and Orange). We can obtain the months of inventory by taking the number of sold properties in February and dividing that into the number of active properties. So 2372/141 = 16.8 months of inventory in the Charlottesville Area. The good news is that this number is down from 20.1 months of inventory that we had at the end of January. This show the market is slowly inproving on a monthly basis.

There could be a number of reasons for this. First, its an election year, and history shows that during election years, intrest rates drop, and there is generally a boost in the economy. This year is no different. Interest rates did drop and after they hit rock bottom and started to slightly rise again, real estate picked up. Also, it seems like the standoff for sellers is coming to an end and they are starting to get more realistic about the market and what they can get for their home.

We'll see if this trend remains.


Browse Charlottesville Real Estate at http://www.robsellscharlottesville.com/
The statistics used came directly from CAAR (The Charlottesville Area Association of Realtors). The public may browse a version of the CAAR MLS at mycaar.com.

Rob Alley
Roy Wheeler Realty Co. - The Avery Group
http://www.robsellscharlottesville.com
roballey@roywheeler.com

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