Posts in category 'Real Estate News'

Congratulations to our 2019 1st Quarter Top Producers!

Some are attempting to compare the current housing market to the market leading up to the "boom and bust" that we experienced a decade ago. They look at price appreciation and conclude that we are on a similar trajectory, speeding toward another housing crisis.

However, there is a major difference between the two markets. Last decade, while demand was being artificially created by extremely loose lending standards, a tremendous amount of inventory was coming to the market to satisfy that demand. Below is a graph of the inventory of homes available for sale leading up to the 2008 crash.

A normal market should have approximately 6 months supply of housing inventory. As we can see, that number jumped to over 11 months supply leading up to the housing crisis. When questionable mortgage practices ceased, and demand d...

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Greater Charlottesville Area 2018 Second Quarter Highlights:

• Home sales climbed 7.5% (1,290) compared to Q2 2017 (1,200), led by an increase (23.6%) in attached homes. 

• Greater Charlottesville median sales price rose slightly to $314,500 (1.6%) compared to this time last year ($309,500).

• The median days on the market in the 2nd Quarter was 45, 10-days lower than in Q2 2017. 

• New listings increased 7.5% (1,691) compared to Q2 2017 (1,573), as pending sales also improved by 12.8% (1,238) compared to this time last year (1,098). 

• Inven...

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Greater Charlottesville Area 2018 First Quarter Highlights:

• Home sales climbed 13.7% (691) compared to Q1 2017 (608), led by an increase (28.3%) in attached homes.

• Greater Charlottesville median sales price rose to $309,145 (13.8%) compared to this time last year ($271,629).

• The median days on the market in the 1 st Quarter was 70, 11-days lower than in Q1 2017.

• Pending sales increased 8.8% (1,134) compared to this time last year (1,042), as new listings declined slightly (1.7%).

• Inventory of homes for sale declined -13.9%, resulting in 3.5 months supply of inventory compared to 4.3 months supply in Q1 2017.

National O...

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