Charlottesville Real Estate

Old Trail Market Update

Beights Corporation, the Developer of Old Trail Village in Crozet, Virginia, is pleased to announce another year of record-setting home sales.  With 84 homes sold or placed under contract in 2011, Old Trail Village experienced sales totaling $37.30M – nearly $7M more than in 2010.  Additionally, the Average Sales Price and Median Sales Price increased over 2010, $444,081 and $423,590, respectively.  These figures reflect a 12% increase in Average Sales Price and 16% increase in Median Sales Price – figures outstanding in a real estate market still in recovery.

 

Old Trail Village continues to out-perform the area market as a whole.  According the Charlottesville Area Association of REALTORS®, the Average Sales Price for the Greater Charlottesville Area is just under $300,000, far below that of Old Trail Village.  The average cumulative days on market (ACDOM) is just 66 in Old Trail – roughly half that reported for the Greater Charlottesville area.  The ratio of sold price to original list price for the Charlottesville MSA is 95% for 2011.  Old Trail Village experienced an increase in this statistic, which was 100% in 2010 to 101% for 2011.  This is due largely in part to the high volume of new home sales (72 of the 84 units), which often experience a slight increase in sales price as buyers select finishes and customize their homes during the construction proce ss.

 

Another positive note is that the rental market in Old Trail Village remains strong.  With nearly 100% occupancy of the Developer-owned apartments in the Village Center and few available rental units in the subdivision as a whole, investor purchases are again rising as the demand for rental housing continues to outpace supply in Western Albemarle.

 

Old Trail Village is a mixed-use development located in Crozet, Virginia, Albemarle County.  Designed following the principles of New Urbanism, residents experience life within walking distance of a commercial Village Center offering a coffee shop, restaurants, medical, dental, and a fitness center.  Additional amenities include a County nature park, athletic field, cross country trails, and fishing ponds, as well as the Old Trail Swim Club and the Old Trail Golf Club, both open to the public.

For information on Old Trail, contact Todd today!

Tags: Crozet, Old Trail, Old Trail Village, Virginia

Charlottesville Real Estate 2011 Market Report

 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  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.

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 was149 in 2011. 

 Median Sales price for 2011 of $245,000 was down 3.9% from year end 2010.

Top three areas for sales in 2011 were Albemarle, Charlottesville, and Fluvanna counties. 

Tags: Charlottesville market update, Charlottesville Real Estate

Charlottesville Real Estate Market Update

The Charlottesville Area Association of Realtors just released their quarterly market update. Highlights include:
Mid-Year (2011) Market Highlights:

• Top three areas for sales in 2011 are Albemarle, Charlottesville and Fluvanna.
• The most affordable areas in our market remain Fluvanna, Louisa, and Orange.
• Overall sales are down by 5.9% year to date from 2010.

Quarterly Highlights:
• Active inventory is down at 3,626 which is down nearly 6% year to date from 2010.
• Median sales price for the region is up 9.8% this quarter over last quarter from $219,465 to
$241,000.
• Buyer activity in the second quarter is picking up, with Pending sales up 20.1% over first
quarter, an increase from 758 to 910.
• The Days on Market (DOM) for homes decreased since the first quarter by 13.5%
from 133 to 115 days on average.

Have a question about home sales in your neighborhood? Contact me today!

Tags: Charlottesville market update, Charlottesville Real Estate, Charlottesville Real Estate makret update

Charlottesville Real Estate Market Update

The Charlottesville Area Association of Realtors just released their first quarter market report for 2011.
Here are the highlights:

• Results in our local market are in line with national figures.
• The numbers indicate we are continuing to work toward a sustainable and saleable market.

• Overall, pricing rules the day. Median sales price for the region is $19,000 less than the median for the first quarter
of 2010 refl ecting continual declines, making homes more affordable. The most affordable markets remain in the
outlying localities of Fluvanna, Louisa,and Orange.

• Home sales increased by 23 homes over this same time last year, and is only 11% below the five-year average.
• Active listing inventory is at 3,239 which is 114 lower than active listings this same time last year, and 156 below the
five-year average. Pending sales is at 217.

• The Days on Market (DOM) for homes has been essentially flat for the first quarter each year.

It is important to remember these figures are averages for the entire region. All real estate is local and facts and figures for your neighborhood could be different. Have a question about our local housing market or your neighborhood, contact me today–there is no obligation and I am happy to help!

Tags: Charlottesville market update, Charlottesville real estate market update

2010 Charlottesville Real Estate Update

 2010 in home sales and activity ended much like 2009. At mid-year, home sales were up 19.2% but byyear end sales settled near 2009 sales levels at 2,707 units—just 1.5% below end of year 2009. Spring 2010 marked the end of the $8,000 federal tax credit for first time buyers, resulting in a nationwide slowdown in sales. A positive growth marker in the Charlottesville market is the continued pace ofsales in the starter home category. In 2010, starter home sales accounted for 66.3% of total sales compared to 57.3% for 2009, an increase of 9%.  Listing inventory for the area was down 5% for the year and we are still in a buyer’s market. The float down in the number of properties on the market allowed for inventory absorption, paired with fewer new listings in 2010. The Charlottesville market recovery is tempered by a continuing supply of bankowned properties which we expect to continue to see through the second quarter 2011.  

There were 2,707 homes sold in the Charlottesville area in 2010, which was down 1.5% (-42 sales) from 2009. Albemarle (+.5%), Fluvanna (+10.7%), Greene (+8.4%), and Nelson (+34.3%) showed an increase in sales for the year. All other areas were down from last year: Charlottesville (-18.9%),Louisa (-7.3%), and Orange (-25.7%). 

The results in our local market are in line with national figures. Home prices have remained steady andpockets of value are still attractive for buyers. The gradual float down of listing inventory and the stability in Days on Market all support the move towards a sustainable and saleable market. For now, we will continue to watch the inventory of homes for sale and the number of foreclosures coming into our local market. 

 

 

 

 

Tags: Charlottesville Homes, Charlottesville market update, Charlottesville Real Estate