Charlottesville/Albemarle and surrounding counties
Statistics for December '08:
Active Listing Inventory: 3,215
Number of Listings Sold: 135
Median price of Listings Sold: $260,000
Average Days on Market for Listings Sold: 121
And for January '09 to date:
Active Listing Inventory: 3,077
Number of Listings Sold: 4
Median price of Listings Sold: $409,500
Average Days on Market for Listings Sold: 73
It's too early to make a sound prediction on the coming year, but I've already seen an increase in activity since the holidays. Buyers are relaxing some and making offers. Sellers have a better sense of pricing and what the market will bear. I anticipate the maket in Charlottesville stabilizing within the first half of the year, with a recovery from the unpredictable challenges of 2008. In the next post I'll look at mortgage rates, a very compelling argument for purchasing now.