Todays market is much different than it was a year ago. Supply is
exceeding demand which is the classic definition for a Buyer's Market.
There are 2669 listings on the market as compared to 1368 last year.
The supply of inventory is evidenced by the increase of the days on the market, which is also putting a downward pressure on listing price. Basically, we are seeing that the houses that are not priced "right" are lingering on the market much longer, as buyers are not willing to pay above market prices as they once did.
The increse in the supply of inventory is also a result of the massive quantities of condos coming on the market . There have been numerous condo projects as well as apartment conversions. This has been a result of the high prices we have been experiencing over the last few years as well as the area answering the need for luxury condos for the retiring baby boomers.
Second Quarter 2006 Transactions Closed |
|||
|---|---|---|---|
| Area | Total Sales | Compared to 2005 | % Change |
| Albemarle | 481 | -96 | -16.6% |
| Charlottesville | 221 | +119 | +82.6%e |
| Fluvanna | 163 | -25 | -13.3% |
| Greene | 82 | -1 | -1.3% |
| Louisa | 58 | -19 | -24.7% |
| Nelson | 64 | -34 | -34.7% |
| Second Quarter 2006 | ||
|---|---|---|
| Area | Median Price | % Change |
| Albemarle | $315,000 | +14% |
| Charlottesville | $245,000 | 0% |
| Fluvanna | $240,000 | +5% |
| Greene | $264,348 | +20% |
| Louisa | $256,200 | +33% |
| Nelson | $272,000 | +1% |
Gayle Harvey Real Estate, Inc.
154 Hansen Rd.
Charlottesville, Va 22911
434.589.5340
1.888.8Va.Land
E-mail
us
Licensed to sell real estate in Virginia