Charlottesville Home Inventory Heading in the Right Direction
Inventory of homes for sale in Charlottesville generally increase in the first half of every year, with many homes coming on the market for the Spring selling season. The good news is that in 2009, we’ve seen the inventory of homes shrink – not enough to bring the market into balance, but it is heading in the right direction. Excess inventory is causing most of our local housing market problems. Until we are able to reduce the number of homes for sale, we will continue to be in a strong buyer’s market. That’s good for today’s buyers but isn’t any better for the long-term than the strong seller’s market of 2005.
Buyers Finding Incredible Value
In our market aggregate, there are 3,602 homes for sale compared to 3,761 at this time last year. This small year-over-year decrease is a positive sign, but we have a long way to go before we see more sustainable inventory levels. The most telling statistic related to homes currently on the market is that the average price per square foot is $203 compared to $143 for homes that sold in the first six months of 2009. This is a strong indicator that buyers who purchased a Charlottesville home in the first half of 2009 walked away with some incredible values.
If you need help finding your next Charlottesville home – give your local Chase Team real estate agent a call.
Until my next post.