NBC29Charlottesville Housing Market Breakdown
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We've all heard the housing market headlines, but as we head into a new year, how are home sales in central Virginia?
Numbers from the Multiple Listing Service show end of year home inventory has climbed from December 2005, when there was just over five months of available inventory on the market. That climbed to nine months in 2006.
Today, there are 18 months of inventory on the market. But realtors caution sellers and buyers not to buy into the mentality that there's a nationwide housing slump. Instead, they say each market, is its own.
"Even within our market it's very localized, street by street, neighborhood by neighborhood, some neighborhoods are selling more rapidly than others," said realtor Jim Duncan.
Today, the average home stays on the market for 126 days, exactly double the 63 days on the market homes averaged in December 2005.
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