| |
2004/2005 Virginia Home Buyers Report
First Quarter Market Report for 2005According to figures from the CAAR Multiple Listing Service, 819 homes were sold in the Charlottesville market area (including the counties of Albemarle, Fluvanna, Greene, Louisa, Nelson and the City of Charlottesville) in the first quarter compared to 691 in the same period last year. (Note: total figures include all properties reported to the MLS even if they were outside the main market areas.) That’s a whopping 18.5% increase in the number of closed sales for the quarter. As stated above, the first quarter saw a large increase in closed sales from last year. A strong increase in Albemarle (up 47 sales) let the way with Nelson (up 16) and Greene (up 11) also having significant increases. Albemarle was the top sales area with 331 sales for the quarter, (up 16.5% from last year). Fluvanna is the second largest market with 112 sales (down 7%), followed by the city of Charlottesville with 95 (up 6.7%), Nelson 89 (up 21.9%), Greene 57 (up 23.9%) and Louisa 35 (up 25%). In the first quarter of 2005, for instance, 23 transactions were closed for over one million dollars (1,000,000.00). Year-End Market Report for 2004For the sixth year in a row, home sales in the Charlottesville market area have set a new record. According to figures from the CAAR Multiple Listing Service, 4,050 homes were sold in the Charlottesville market area (including the counties of Albemarle, Fluvanna, Greene, Louisa, and Nelson and the City of Charlottesville) for the year 2004. Sales in 2004 were up an astonishing 15.1% from last year’s record pace. As stated above, 2004 was the sixth year in a row that we set a new record for transactions closed in the Charlottesville area. CAAR had forecasted that 2004 would be another record year, but the amazing increase of 15.1% was not predicted. All market areas showed double-digit growth except Nelson that was up a solid 6.7%. Albemarle was the top sales area with 1660 sales for the year, which was an increase of 11.3% (169 total sales) from last year. The city of Charlottesville saw the sharpest increase in sales for the second year in a row with 533 (up 24.2% or 104 sales). Closed sales figures for other areas were Fluvanna 651 sales (up 17.3% or 96 sales), Greene 301 (up 18% or 46 sales), Louisa 178 (up 13.4% or 21 sales) and Nelson 382 (up 6.7% or 24 sales). The median sales price is a better indicator of what the “average” home in our area sells for than is the average sales price. Our area is blessed with many estates and homes that often sell for more than a million dollars. In 2004, for instance, 68 transactions were sold for over one million dollars. Such properties distort the average sales price figures dramatically. The median sales price, on the other hand, is the number that represents the middle of the market. 50% of the homes in our area sold for more than this price and 50% sold for less than this price. The median sales price for the entire market area in 2004 was $247,250, which is $18,000 more than the previous year’s figure. In 2004, the average DOM for all sales reported in the Multiple Listing Service was 78 days, which is 16 days longer than 2003 (62). For the first time Fluvanna was the fastest selling market with a DOM of 69. The average DOM for other areas is as follows: Albemarle (74), Charlottesville (77), Greene (94), Louisa (97), and Nelson (82). Nelson County, fueled by strong resort sales, was the only area in this category that showed improvement by dropping from 90 DOM in 2003 The inventory shortage should have eased in 2004 with 5607 new listings hitting the market (362 more new listing than in the previous year), but sales were up substantially. As of mid-January, 2004, our database has just over 1,000 homes actively listed for sale which is down around 15% from last year. Historically, we expect around 200 homes to be purchased in January. That means that there are roughly five homes available for every buyer in the entire market area (down from 5.86 in 2003). back to central Virginia resources
|