| Is now the best time to buy? Are prices going to | | | | In 2006 there were 484 homes sold in the city. They |
| keep falling in Charlottesville? How does the | | | | sold for an average price of $274,365 with an |
| Charlottesville Real Estate Market compare to the | | | | average DOM of 75 days. |
| rest of the nation? Well, let's see. | | | | In 2007, there have been 387 homes sold for an |
| We all know by now that home prices are falling | | | | average price of $279,464 with an average DOM of |
| nationally. The NY Times reported today that the | | | | 88 days. |
| troubled housing sector reached a new low this | | | | Summary: There have been 97 less homes sold in |
| summer. | | | | Fluvanna in 2007 (down 25%), and the average sales |
| Prices of single-family homes in the third quarter fell | | | | prices has gone up 1.85% and the average DOM has |
| 4.5 percent nationwide compared to a year ago, | | | | gone up 13 days. |
| according to the Standard & Poor's/Case-Shiller | | | | OVERALL SUMMARY AND ANALYSIS |
| National Home Price Index. It was the largest drop | | | | In 2006 the average home sale price was $323,324 |
| since the index began in 1988. But is that what is | | | | with an average DOM of 65.66 days. In 2007 the |
| truly happening in our local market??? Let's take a | | | | average home sale price was $330,566 with an |
| look and see. | | | | average DOM of 84.33 days. This shows an average |
| We will take a look at data from 01/01/2006 through | | | | INCREASE in price by 2.2%! |
| 11/27/2006 and compare it to the data from 01/01 | | | | So, why is our inventory not turning over rapidly? |
| 2007 through 11/27/2007. We will use three different | | | | Well, there are a couple of reasons: |
| areas: the City of Charlottesville, Albemarle County, | | | | 1. A steady rise in foreclosures along with the |
| and Fluvanna County. | | | | struggling mortgage market has weighed down |
| City of Charlottesville | | | | housing demand and boosted business inventories. |
| In 2006 there were 723 homes sold in the city. They | | | | Tightened lending standards have also made it more |
| sold for an average price of $274,869 with an | | | | difficult for Americans to procure the loans needed |
| average Days on Market (DOM) of 66 days. | | | | to purchase homes. |
| In 2007, there have been 566 homes sold for an | | | | 2. The decline in the housing sector (nationally) and |
| average price of $308,355 with an average DOM of | | | | the upheaval in the credit markets have also dragged |
| 73 days. | | | | down consumer sentiment. An index of consumer |
| Summary: There have been 157 less homes sold in | | | | confidence reached 87.3 in November, its lowest level |
| the city in 2007 (down 27%), but the average sales | | | | since October 2005, the Conference Board said |
| prices has gone up 12% and the average DOM has | | | | today. |
| gone up only 7 days. | | | | 3. Consumers have faced pressures from rising oil |
| Albemarle County | | | | prices and the difficulties in the mortgage and lending |
| In 2006 there were 1573 homes sold in the city. | | | | markets, leading businesses to fear a steep drop-off |
| They sold for an average price of $420,758 with an | | | | in spending over the usually lucrative holiday season |
| average DOM of 56 days. | | | | The BOTTOM LINE |
| In 2007, there have been 1272 homes sold for an | | | | If you are looking to buy a house, and can afford to |
| average price of $403,880 with an average DOM of | | | | do so, it's best you do it now. Charlottesville's prices |
| 92 days. | | | | are still rising while the nation is struggling; just |
| Summary: There have been 301 less homes sold in | | | | imagine what is going to happen when the national |
| the city in 2007 (down 23%), and the average sales | | | | home prices go up...will they skyrocket in |
| prices has gone down 4.1% and the average DOM | | | | Charlottesville?? They did in 2005. It's only a matter |
| has gone up 36 days. | | | | of time before it happens again. |
| Fluvanna County | | | | |