Median sales price for the region is down 0.4% over last quarter and 3.6% from the Q4-2010 to $240,000
New listings were down 20.3% from the same period last year.
Homes took an average 9 days longer to sell compared to Q4-2010 with average Days on Market (DOM) of 161.
Pending sales rose 19.3% over same time 2010 from 456 in Q4 2010 to 544 in Q4 2011.
The median sales price for 4th Quarter sales year-over-year declined 3.75% from $249,000 to $240,000.
Charlottesville Area 2011 Year-End Highlights:
Top three areas for sales in 2011 were Albemarle, Charlottesville, and Fluvanna counties.
The most affordable areas in our market were Greene, Louisa, and Fluvanna counties.
Overall sales were down a nominal 1.5% from 2010, though up slightly from 2009 levels.
Active inventory to close 2011 is down 7% from year-end 2010.
Days on Market stable since 2010, half of homes sold in 86 days or less in 2011 and average DOM was 149 in 2011.
Median Sales price for 2011 of $245,000 was down 3.9% from year-end 2010.
2011 Market Overview – Home Sales for 2011
There were 2,300 homes sold in the Charlottesville area in 2011, which was down 1.5% (-36 sales) from 2010. Albemarle (+2.7%) and Charlottesville (+5.3%) showed an increase in sales for the year. All other areas were down from last year: Fluvanna (-15.1%), Louisa (-12.0%), Nelson (-6.1%), and Green (-3.3%).
Sales of detached homes in the area were down 1.4% from 2010 to 1,733. This is 3.8% higher than the 1,669 detached homes sold in 2009. There were 567 attached homes (condos and townhomes) sold in 2011, 1.4% lower than 2010 and 13.0% off the 5-year average levels.
Foreclosed property sales were up 10.4% to 328 compared to 297 sales in 2010. Foreclosures represented a 14.3% share of all sales in 2011, up from a 12.7% share last year. Short sales nearly doubled year-over-year, from 76 sales in 2010 to 112 in 2011. Fortunately in the interest of pricing stabilization, short sale transactions only represented 3.3% of the market while traditional sales, or those transactions not involving a foreclosure or short sale, accounted for 80.9% of MLS sales.
Days on Market (DOM)
The length of time a property is on the market before sale is very much affected by the amount of supply compared to demand, and real estate professionals understand the critical role pricing plays. While the market has varied throughout the past several years, the average days on market (DOM) prior to sale has remained relatively stable the past two years, increasing only one day from the 2010 average to 148 days. Half of the homes sold in 2011 were on the market for 86 days or less, up slightly from the 82 median DOM of 2010. Attached homes sold an average 10 days faster than detached homes, with a DOM of 140 in 2011.
Home prices declined somewhat in 2011, with the amount of the decline varying from significant to nominal depending upon the county. The median prices listed below are the middle of the market of properties that sold, indicating what buyers were willing/able to pay. Overall, the $245,000 median home price (including attached homes) represented a 3.9% decrease compared to last year. The areas with higher sales volume like Fluvanna (-2.5%), Albemarle (-4.0%), and Charlottesville (-6.1%) saw more moderate decreases, while the remaining counties experienced slightly higher pricing drops: Greene (-8.6%), Nelson (-13.5%), and Louisa (-15.6%).
The median price for detached homes in Greater Charlottesville fell 3.6% from 2010 to $270,000 while the median price for attached homes was down 10.1 % year-over-year to $191,000. Foreclosed listings had a median price of $130,000, or half the $265,000 median for traditional property sales. The traditional sale median price was down only 2.8% from 2010 and actually represents an increase of 1.2% from the 2009 level. The $211,000 median price for short sales represents a 9.0% year-over-year increase.
Lower Inventory of â¨Homes for Sale
At year end, inventory is down to the lowest level since year-end 2006 and 7.0% down from the year-end 2010 level, signaling what could be a positive trend for the Charlottesville market. While the 4,802 new listings added throughout 2011 (irrespective of where they ended up in the transaction process) represents a 12.9% decrease from the 5,512 new listings added in 2010, we remain a buyer’s market. The 2,020 active units to close the year represent 11.6 months of supply if the 2011 absorption rate continues into 2012.
The 433 active attached properties for sale represent a decrease of 2.0% from year-end 2010 while the 1,586 detached properties for sale are 7.6% lower than last year’s level. The 74 foreclosed properties for sale to begin 2012 are 31.5% lower than last year, while the 1,874 traditional listings on the market are only 4.7% lower than year-end 2010.
Sold Price Per Square Foot (Finished) – Affordability and Bargains Remain
The area average of $140 per finished square foot is the lowest number since 2004, indicating true “pockets of value” for buyers. Prices are down $6 per square foot on average from last year and $42 since peaking for buyers in 2006.
The most affordable markets are outlying localities of Fluvanna ($108) and Louisa ($100). The relative stability in price per finished square foot in Charlottesville ($167), Albemarle ($145), and Greene ($118) supports the strength and stability of these markets.
There is remarkably little variance between the price per square foot for attached homes ($141) vs. detached homes ($139). During the peak year 2006, detached homes averaged $15 more than attached homes, $192 and $177 respectively. Housing affordability is a positive aspect of this market. 596 homes, or 30% of the active listing market, were for sale at $200,000 or less to begin 2012. The average sold price per square foot for foreclosed properties in 2011 was $88, nearly 60% lower than the $151 average for traditional sales! The price per square foot for short sales was in the middle of these two figures, averaging $107.
Price sensitivity is still a key factor in this market and if you plan to sell a home in 2012, be sure to have a REALTOR® prepare a comparative market analysis (CMA) so that you can price it to sell. And, if you are looking to buy, a REALTOR® can help you understand the current market and evaluate your options.
This 2011 Year-End Market Report is produced by the Charlottesville Area Association of REALTORS® using data from the CAAR MLS. For more information on this report or the real estate market, pick up a copy of the CAAR Real Estate Weekly, â¨visit www.caar.com, or contact your REALTOR®.
The Virginia Film Festival has announced the schedule for 2015, which will run from November 5-8. This marks the festival’s 27th year and the anticipation is a testament to the growth that Jody Kielbasa has forged since taking the executive role in 2010. The festival will again showcase
Beginning September 28, expect nightly closures of the Rio Road crossover at U.S. 29, as a part of a grade-separated intersection project involving excavation and construction of abutments on which bridge beams will rest when they are placed next summer, according to VDOT. During the closure,
Nearly six years after 20-year-old Virginia Tech student Morgan Harrington disappeared from a Metallica concert at John Paul Jones Arena, her parents sat within feet of the man accused of abducting and killing her. Jesse Leroy Matthew Jr., 33, was arraigned September 16 in Albemarle Circuit
Best of C-VILLE is on stands now! Find out who made your list of the top people, places and things in Charlottesville—from coffeehouse and consignment shop to day trip and dog trainer. Click here to see an online list of winners.
Real estate agent Sasha Farmer Runner-up: Jamie White Honorable mention: Bob Hughes They say, once you step into a house, you know within 60 seconds whether or not you’re interested in making it your home. We wonder if the same can be said of hiring a realtor. It certainly seems that way for
Music act Sons of Bill Runner-up: Love Canon Honorable mention: Chamomile & Whiskey They’ve been called Charlottesville “sonic royalty,” and nearly a decade after the Wilson brothers Sam, Abe and James formed the Americana band and named it in honor of their father, retired UVA theology
Restaurant Mas Runner-up: The Local Honorable mention: Lampo We always thought “Mas” meant “more” in Spanish, until we realized it doesn’t have a crucial accent mark. Owner Tomas Rahal clues us in that’s it’s an abbreviation of his name—and a double entendre on “more.” Which makes sense,
Yoga studio Hot Yoga Runner-up: ACAC Honorable mention: Bend Yoga To the uninitiated, exertion of any kind in a room heated to 105 de-grees might sound like a maso-chistic exercise, but don’t tell that to the hordes who say there’s nothing as invigorating as a 90- minute session of hot yoga at
As anyone who has ever worked in a professional kitchen—or any aspect of the restaurant industry—will adamantly testify: The life of a chef is by no means for the faint of heart. The hours are long and strange. The work relentlessly demanding, ulcer-inducingly stressful. And yet, we’re assured,
The July issue of Abode is on stands now! Here’s what you’ll find inside: A Q&A with architect Julie Dixon, whose firm Rosney Co. designed this year’s Southern Living Idea House at Bundoran Farm. The 250 interchange (better known as Meadow Creek Parkway) was not without
Summer can mean many things. Camping, festivals, vacations—camping at a festival while on a vacation. But for the kid in us all, summer is the season of ice cream. Whether you savor it indoors by the pint or revel with a dripping cone in the afternoon sun, ice cream can warm even the coldest of
In the air The ground’s the limit It doesn’t matter how hot it is on the ground, when you’re up in a plane going close to 100mph at several thousand feet, you’ll cool right down. Then, when you leap from that plane and plummet toward the earth at (more or less) 9.81 m/s, the chill […]
The Flat’s new owners promise same tasty food What happens when one of the smallest restaurants in Charlottesville puts a small sign in its small window saying it’s closed for renovation? We hear that behind the tiny façade of The Flat on Water Street, big things are happening. Former owner
In Charlottesville, incumbency is no guarantee of retaining a seat on City Council, even if you’re vice mayor. Just ask Meredith Richards, ousted by her own party in 2004, or Julian Taliaferro, who didn’t get the Dems’ nod in 2009. It happened again June 9, when Vice Mayor Dede
Orange is the new Black History Month flashpoint following a March 12 high school program titled “Black Lives Matter.” An anonymous deputy called the event “anti-police” and “political” in a Facebook message that went viral, and by Monday, March 16, parents were keeping their children home
Now that it’s out of fashion to put your boombox on your shoulder and parade up and down the street, how are you supposed to force your superior music taste down the ear canals of passersby? Sadly, just about the only way to spread your song-selecting genius these days is to lure folks into
This story is part of a feature examining UVA’s sexual assault policies. Read a companion piece about the legal reviews of those policies here. Sabrina Rubin Erdely’s now-discredited Rolling Stone story of a rape at UVA was written to shock and horrify. What it failed to do was show what
The boomers are retiring, ready for the good life, and they’re not all heading to Florida. Senior citizens make up 14 percent of the population in our area, a number that will more than double between 2000 and 2020 – and is it any wonder? Named by the AARP as one of the top ten […]
Aerial photographs taken for C-VILLE Weekly by photographer Skip Degan confirm an intensive investigative effort is underway at 3193 Old Lynchburg Road, the property first identified by journalist Coy Barefoot at Insidecville.com as the likely location of human remains found during the search
As police search for a person of interest in the Hannah Graham case after losing track of him on Saturday, September 20, details about his employment history are emerging. “On Saturday, we became aware that several years ago Jesse Matthew worked at Yellow Cab,” said Yellow Cab of