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2012 CAAR 1st Quarter Market Report
(published by the Charlottesville Area Association of Realtors)

INTRO from Cynthia ...

Although prices continued to decline from this time last year, the number of units sold was up, thereby reducing inventory, & days on market was down (see local market report attached). This doesn't take us into a seller's market by any stretch of the imagination. But, it does improve this buyer's market for the sellers out there who are willing & able to price their properties well enough & prepare their property to be in excellent condition to compete with distressed sales.

Compared to the rest of the country, at just under 20% of real estate sales, our area is still better than most regarding distressed sales. See more about short sales & foreclosures on http://bit.ly/J4szB8 . In the last quarter of 2012, I expect to see a large number of foreclosures hit the market. This will probably cause prices to drop again. Hopefully, we won't see consumer confidence decline again, because this is still a great time to buy. Prices are low. Interest rates are at an all time low & the Feds plan not to increase rates until 2014. Go here http://bit.ly/J8NqGm to do your own property searches, opening up the entire MLS (multiple listing service) to you.

The luxury market continues to be slow & it is still a cold buyer's market (see attached nationwide report). Find out more about the luxury market on http://bit.ly/HPawDe . 1583 properties are on the market under $500k. There are 552 active listings over $500k in Albemarle, Charlottesville, Fluvanna, Greene, & Louisa. Still a saturated market.

Please let me know if I can help with your real estate needs or those of your friends & family. Contact me for regular sales or distressed sales, buying or selling.

Charlottesville Area 1st Quarter 2012 Highlights:

Median sales price for Greater Charlottesville is down 2.7% from Q1-2011 to $230,000
Overall sales in the region are up 9.2% over the first quarter last year.
Homes sold eight days faster on average compared to Q1-2011, down to 167 days on market (DOM) from 175.
Top three areas for sales in Q1-2012 were Albemarle, Charlottesville and Fluvanna counties.

Days on Market (DOM)

Homes sold eight days faster on average in the 1st Quarter than Q1-2011, down from an average days on market (DOM) of 175 to 167 days. Louisa homes had an average DOM of 112 for the quarter, the lowest in the region. Charlottesville had the largest decrease in average DOM for the quarter, down 44 days from the Q1-2011 level to 125 days.

Half of the homes sold in March were on the market for 108 days or less, consistent with the 106 median DOM in March 2011. Charlottesville had the lowest median DOM for March, with half the homes sold being on the market for 33 days or less. Louisa County had the second lowest median DOM, with half sold listings in March being on the market for 59 days or less. Fluvanna homes sold in March were on the market longest, with half taking 217 days or longer to sell. In a market such as this, with over 12 months of supply, real estate professionals understand the critical role pricing plays.

Home Prices

The $230,000 median sale price in the 1st Quarter declined 2.7% from the Q1-2011 level. Albemarle, however, experienced a 16.6% increase, up to $252,000 last year. Half of all the areas experienced a significant gain in median sale price in March - Nelson ($231,500) was up 30.8% over March 2011, Albemarle ($305,000) was up 21.3% and Louisa ($240,000) was up 14.8% year-over-year. Fluvanna's median sale price was flat year-over-year at $185,000 in March, while Greene ($241,000) was down 6.1%. Charlottesville experienced the most significant decline, down 11.1% to $200,000 in March 2012.

The average sale price for all homes sold in Greater Charlottesville in the 1st Quarter was down 7.5% year-over-year. The average sale price for attached homes was down a nominal 1.6% versus Q1-2011 to $209,304; the average sale price for detached homes dipped a more substantial 9.3% year-over-year to $302,614.

To see full report with color graphs, please click here.

To see the full report from ILHM, please click here.

This 2012 1st Quarter 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, visit www.caar.com, or contact your REALTOR®.

If you would like more information on the housing market in your area or are in the market to buy or sell a home, contact Cynthia Hash at hash@kw.com or call (434) 531-5351.