Annual Housing Report Shows Signs of Stability for Central VA Market
Jan 11, 2013 04:46 PM EST
A housing report released Friday shows the Albemarle real estate market performed well in 2012. The annual Nest Realty report says the housing market across the region is taking a step in the right direction.
According to the report, there was a 2 percent increase in the overall value of a home, and Albemarle County had a 4 percent increase.
The volume of sales and the number of written contracts both went up while inventory dropped, meaning there are fewer homes on the market.
"The number of homes on the market right now are at historically low levels," said Jim Duncan, partner with Nest Realty.
Crozet and Keswick were two areas with the strongest number of sales.
"2013 might be the year that sellers who have been reluctant to try to sell are finally going to make that jump to put their home on the market," said Duncan.
The report says the overall value of homes throughout the region is on the rise, but that doesn't mean it's no longer a buyer's market. Deborah Ku and her husband found a good deal on a home in Charlottesville last fall.
"We did do some research and trends were starting to go up price-wise, and so we thought that it was a really good time to buy," said Ku.
According to the report, in 2012 overall sales in Albemarle County went up 14 percent. One trend the report indicates is that single buyers weren't afraid to jump into the market in 2012. Single family home sales in Charlottesville were up nearly 31 percent from the 2011 levels.
"It seems that median prices seem to shift up when there's a healthier real estate market, so it's an indication that we are likely coming out of the downturn that we've been in for five or six years," said Duncan.
Duncan says he believes 2013 will be a year with even more stability in the market. He says they expect to see fewer short sales, fewer distressed sales and new construction to continue to do well.