Charlottesville Market Breakdown
CAAR Market Break Down
Residential Homes
2005 Compared to 2006
- Dates Compared: 1/1/2006 - 6/30/2006 vs. 1/1/2005- 6/30/2005
- Detached (2006) 1617 (2005) 1911 (difference) -294
- Attached (2006) 275 (2005) 335 (difference) - 60
- Condos (2006) 442 ( 2005) 380 (difference) + 62
- Farms (2006) 19 (2005) 21 (difference) -2
- Total (2006) 2353 (2005) 2647 (difference) -294
We are on target for the second largest year ever!
I agree that the market seems very different this year. We do have a significantly higher inventory than we have had in years. Buyers are more willing to wait before placing offers on a home. They have not been able to do that in years. They seem willing to pass on homes when the seller is not willing to make needed repairs. There have been an enormous number of price reductions, even on new construction. We are seeing more incentives being offered by sellers.
Yes, a tough market calls for a tough marketer. No longer can we (Realtors) expect to put up the sign, enter a home in the MLS, and do a few print ads and get an offer.
I am doing some very creative things for my sellers, and buyers who work with me. Coolest Kid in the Neighborhood allows families to adjust to their new home in hours instead of months. My team takes care of all the details!
We have experienced a minor correction. Property values are still excellent. Interest rates are low. I remember in the 1980's when I closed on my first house here in Charlottesville at 14% interest! I thought I really did something when I refinanced for 10% interest. Never did I think rates would be as low as they are today.
When you consider that most Americans build their personal wealth through real estate, we are doing great in Charlottesville!
posted by FineVirginiaLiving.com @ 9:18 AM
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