Check out our December 2010 Charlottesville Real Estate Market Snapshot. Overall, sales dropped again (down 32%) in November 2010 from November 2009. This marks the fifth straight month of year-over-year sales declines. Surprisingly enough, although sales were down 32%, the volume of deals was down much less (about 15%). Several large purchases pushed the average sales price up significantly from last year (similar to what happened last month). In a similar trend, the median sales increased to $261,000 – up by almost $7,000 from last month and by $1,000 from last November. Total inventory of homes in the Charlottesville MSA dropped by about 5% from October, something that is not uncommon for this time of year. The DOM of sold homes stayed pretty steady at 109 Days. Over the last two years, the Days of Market in Charlottesville has stayed very steady – proving that if a home is priced well, it usually sells. Finally, Months of Inventory jumped higher from last November to 17.49 months. However, that is a slight decrease from last month’s 18.89 months. Stay tuned to The Nest Report online for more analysis. We will also be releasing our 4th Quarter 2010 Market Report the first week of January. In our Quarterly Reports, we take a deeper look into sub-segments of the Central Virginia real estate market.
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