With the release of theCharlottesville Area Association of REALTORS (CAAR) 2010 year end Market Report to the news media, I wanted to provide you with the report and some comments! As always, if you have questions about the report and how it relates to your real estate, please call or e-mail. I love discussing Central Virginia real estate!
Overall the Central Virginia 2010 real estate market looked at lot like the 2009 real estate market. Our Buyer’s Market (more homes for sale than buyers) continues into 2011. For sellers this means pricing your home correctly and having the home in top showing condition remain important for attracting a ready, willing and able buyer over the competition. For buyers the report shows that your home buying dollar goes further than several years ago making now a good time to buy a home if you will be in that home for a while.
2010 home sales were down in Louisa County 7.3%, Orange County 25.7% and the City of Charlottesville 18.9% with other area counties seeing an increase in sales. Please take a look at the report yourself for specifics and dollar/square foot of home sales statistics. The good news remains we did have 2,707 home sales in 2010. Though down from the 2009 tally of 2,749 sales and the 2006 high of 4,412 sales, we did have home sales in 2010! When I am out at social functions, shopping or meetings, I am continually surprised by the number of people who comment that no homes are selling. With over 2,700 homes selling in 2010, Central Virginia buyers took advantage of the low home mortgage rates and reduced price to purchase 2,707 homes. The CAAR report also showed that 66.3% of the 2010 area home sales were starter homes up 9% from 57.3% in 2009. Solid buys remain in our 2011 market for 1st Time Home Buyers (even without last year’s tax credit) and others looking to buy a home this year.
No data has been released for land sales, but I have seen an increase in interest in land with several parcels that have been on the market for years selling. Most home buyers are taking advantage of lower existing home prices instead of buying land and building. I am seeing clients who will be retiring in the next five to fifteen years, looking for and buying land on which to build their dream retirement home. Central Virginia also remains a top destination for retirees with some buying land and building. We still have some beautiful parcels of land for sale in Central Virginia and like the housing market I am seeing good buys on land.
The Virginia Assocition of REALTORS just released their 2010 market report so I wanted to include that info as well.
Overall I feel 2011 with provide buyers of homes, farms and land with great opportunities and sellers will need to price their homes appropriately (always a good idea to review a Comparative Market Analysis – CMA when selling with updates throughout the process!) while having the home for sale in top condition. Competition amongst sellers for the home buyers in the market will remain through 2011 since our Buyers Market will remain. If you are interested in looking for a home, farm or land for sale in today’s market; tracking homes for sale in your neighborhood; or just carouse what homes similar to yours are going for in today’s market, please use the FREE Home Buyers Scouting Report track the Central Virginia Real Estate Market. If you have questions or concerns, I am here to help, so let’s talk!
Yours in Service,
James Friend Dickerson, GRI, e-PRO
Inducted into the RE/MAX Hall of Fame 2007
Please visit my blog www.VirginiaHomesFarmsLand.com
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943 Glenwood Station Lane Suite 202
Charlottesville, Virginia 22901
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