Real Estate Report Shows Fluctuating Housing Market

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Realtors are sounding optimistic as they take their first look at the mid-year numbers for house sales in the region but the numbers aren't showing positive progress in every area of real estate.

There are a lot of statistics to consider when looking at real estate but realtors around Charlottesville are hoping these numbers are a sign of even better times to come.

Some hopeful statistics for buyers and sellers in the real estate world mean things may be looking up around Charlottesville.

"We have come through the downturn with less damage than other areas," said Charlottesville Area Association of Realtors (CAAR) President Barbara McMurry.

Nest Realty Group Realtor Jim Duncan stated, "I'm hoping that this report shows that we're seeking stability, that we might be finding the proverbial bottom in the market."

CAAR just released the latest numbers on home sales in the region. The number of sales closed throughout the area is down almost 14 percent from last year. But CAAR members say other parts of the report look promising.

"We're making this market locally. We're making our market happen with one buyer and one seller at a time," explained McMurry.

When looking at inventory, the report shows 6 percent fewer houses on the market compared to last year. Some realtors say that could be a sign of low seller confidence, not necessarily more sales. Nowadays, buyers are being a little pickier before settling on a new home.

"One of the trends that we're really picking up on is that buyers are being much more deliberate. They're being more cautious. And the buyers are buying what they want to buy rather than what they need to buy," stated Duncan.

Realtors say each hopeful homeowner needs to take a look at their own situation before making a decision.

Duncan said, "It used to be a really good time to buy for anybody, and now it can be a great time for some."

"Make the decisions that you're going to make," expressed McMurry.

Another interesting take-away from this report is that the number of days houses are staying on the market is down from this time last year. That means it's taking two weeks less, on average, to get homes sold across the region.