Monday May 3, 2010

Jeff Gaffney's Executive CHARLOTTESVILLE, VA

Summary Condos - Townhomes - TICs

This Week
Real-Time Market Profile Trend
Median List Price $ 209,000 ≠≠
Asking Price Per Square Foot $ 159 ≠≠
The median list price in CHARLOTTESVILLE, VA this week is Average Days on Market (DOM) 188 ==
$209,000.
Percent of Properties with Price Decrease 46 %
Percent Relisted (reset DOM) 31 %
Inventory has been lightening lately and the Market Action Index
has been trending up. Though days-on-market is increasing, these Percent Flip (price increased) 19 %
are mildly positive indications for the market. Median House Size (sq ft) 1310
Median Number of Bedrooms 3.0
Median Number of Bathrooms 2.0
Market Action Index Buyer's Advantage 24.1 ==

Supply and Demand

Home sales have been exceeding new inventory for several weeks. ±+ No change == Strong upward trend ≠≠ Strong downward trend
However because of excess inventory, prices have not yet stopped
falling. Should the sales trend continue, expect prices to level off = Slight upward trend ≠ Slight downward trend
soon and potentially to resume their climb from there. Watch prices
as the market transitions from a Buyer's market to a Seller's market.

Price
Market Action Index This week prices bumped up a bit but the trend of recent weeks
is generally downward. A pickup in demand will be reflected in
the Market Action Index, so watch that chart to try to identify a
change in the market.

Price Trends

7-Day Rolling Average 90-Day Rolling Average Buyer/Seller Cutoff

The Market Action Index answers the question "How's the

Market?" By measuring the current rate of sale versus the
amount of the inventory. Index above 30 implies Seller's
Market conditions. Below 30, conditions favor the buyer.

Quartiles
7-Day Rolling Average 90-Day Rolling Average

Characteristics per Quartile Investigate the market in quartiles -

where each quartile is 25% of homes
ordered by price.
Quartile Median Price Square Feet Beds Baths Age Inventory New Absorbed DOM

Top/First $ 387,000 2038 3.0 3.0 3 92 2 24 225 Most expensive 25% of properties

Upper/Second $ 245,950 1608 3.0 3.0 8 92 3 7 133 Upper-middle 25% of properties

Lower/Third $ 183,250 1220 2.0 2.0 20 92 9 4 187 Lower-middle 25% of properties

Bottom/Fourth $ 142,000 919 2.0 2.0 35 93 4 8 207 Least expensive 25% of properties

Jeff Gaffney | Real Estate III | 434-981-1882

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