Market Reports Archives

Virginia Real Estate Predictions 2021

In a normal year as part of local real estate association leadership, I would be attending the Virginia Association of Realtors Legislative Conference in Richmond. This year, due to the pandemic, that event has been held via zoom. Although the value of face to face interaction has been missing, there has been the interchange of timely information.

One of the meetings that I most appreciated was the opportunity to listen to the VAR economist Lisa Sturtevant speak about the state of real estate in Virginia.

One easy way to look at what is going on is to consider what is ‘IN’ and what is ‘OUT’.

OUT Total work from home.		IN Expect to see a shift to a hybrid model. Some days a week at home and some in the office.
OUT Open floor plan.		IN Flexible floor plan with separate spaces for different activities.
OUT Home renovations.		IN Second home purchases (beach, mountain, lake) If there is good internet you can work from home anywhere. The increase in sales has not been consistent across different localities. The shift to the country is real. By the numbers sales have increased unevenly in the following areas: Urban by 3.7%; Suburban by 11.7%; and Rural by 17.9%.
OUT Zooming with family members.		IN Living with multigenerational and extended family
OUT Extremely low inventory.		IN Very low inventory. In December listings were down 38.3% from the same time a year ago. Statewide there are 30,000 fewer listings than a year ago. The demand for housing remains strong with low inventory continuing to be the primary constraint.

Virginia is currently at 95% of Pre-Recession job totals which is better than many states. But full recovery could take years.

New construction has gained. If we see the tariffs on Canadian lumber reduced or removed, it will be good for East coast new home prices. The West coast has decreased lumber supply as a result of the fires.

The savings rate spiked in 2020 as a result of people staying home with fewer opportunities to spend money. The increased savings have allowed many new buyers to enter the market.

Job losses have been mainly concentrated among renters and as such do not impact housing sales. Mortgage rates are historically low. Pre-Covid housing demand was strong and this demand will continue. Improvement will be related to vaccine availability.

Low inventory + low mortgage rates + high demand = rising prices.

CLICK HERE FOR MORE DETAILS OF THE 2021 VAR ECONOMIC AND HOUSING PREDICTIONS

*** These are statewide numbers and may not reflect the specific Central VA information given in our local market updates. ***

Autumn 2020 Real Estate Forecast

It continues to be an interesting year, and today’s real estate market is no different. In Central Virginia, we are seeing the spring market in the fall, with strong sales continuing due to pent up demand. At the current purchase rate, there is about a 3 month’s supply of inventory in the Charlottesville area. A 6 months supply is considered a Balanced market and below that number is a Seller’s market. As you can see, we are in a strong seller’s market.

LOCAL HOUSING TRENDS

The move to the suburbs is real and in our Charlottesville area the counties of Nelson, Louisa and Buckingham saw an increased number of sales in July of 2020 as compared to July 2019. As a result of the pandemic, we saw a shift of more people moving out of cities across the country. Many people are working from home and even as we recover, many will continue to work from home. This shift also has changed how we live in our homes. New home sizes had been falling for the past 4-5 years, but we are now seeing an increase in home size.

NATIONAL HOUSING TRENDS

I had the opportunity to listen to Dr Robert Dietz, economist for The National Association of Home Builders, speak last week. According to Dr Dietz, the latest prediction is calling for a 2-year period for economic recovery, and housing is leading this recovery with 16% of GDP.

FINANCING AND PRICING

We are also seeing gains for mortgage purchase applications. However, increased Refinance activity due to the low interest rates helps keep inventory low as more people are staying in their homes and remodeling instead of selling. Due to the low inventory and high demand, we are seeing prices up by about 3%.

NEW CONSTRUCTION IMPACT

Since there is a shortage of resale homes coming onto the market, it will be necessary to have a strong new construction industry. However, there are several headwinds for new construction. Until there is a vaccine or treatment, there is the risk of renewed lockdowns. There continues to be a shortage of skilled construction workers, and although we are seeing an increase in trade schools, training takes time. There has been a 170% increase in lumber prices since April. This adds about $16,000-$20,000 to a new build.

GLOBAL IMPACT ON NEW CONSTRUCTION

New home prices and the cost of remodeling will gradually go up as builders go through the current stock of lumber. Since we get about 1/3 of our lumber from Canada, we will want to watch what happens with the tariff. Another impact on new construction, is the fact that the global supply chain has been disrupted because of Covid and the natural disasters. For new construction, you can expect higher prices and delays.

As you can see, there is cause for optimism, but one thing that we have learned this year is that things can change quickly.

Covid and Local Real Estate

I hope that everyone is doing well in these unusual times. The market report that is featured below offers a snapshot of the first quarter 2020. This shows what was going on right before Covid hit. The year started off with a strong economy, an extremely strong real estate market and the expectation that we were off to an outstanding year. I expect that the second quarter market report will show quite different figures. The coronavirus has changed everything. Many sellers have taken their homes off the market or are waiting to put their home on the market. There are fewer buyers actively looking right now. Sold numbers are just starting to decline, but it is important to remember that those solds went under contract in March before the pandemic hit. Moving forward the sold figures will drop since they will be indicative of sales during the current crisis. The important number to look at is the homes with contracts pending, since that is a more accurate indicator of what is going on right now.

We are hopeful that we will see figures start to trend upward again in the third quarter, with the anticipation of pent up demand leading to a positive fall real estate market.

However, if you need to buy or sell now there is opportunity. For sellers, since there are fewer homes on the market right now, there is less competition for your home. And if you are a buyer, you can take advantage of the fact that there are fewer buyers actively looking for you to compete with over the home that you want. It is a very personal decision, whether you are comfortable looking at homes right now or having people go through your home. We are all trying to keep everyone as safe as possible while continuing to do business. It is helpful if sellers turn all the lights on and open doors, closets and cabinets to minimize people touching anything. Also, we are requesting everyone to wear gloves and masks, and sellers are wiping down surfaces and disinfecting frequently.

If you do decide to wait to put your home on the market, this is a good time to de-clutter, make updates and repairs, and get your landscaping ready to make a good first impression. Then you will be ready to take advantage of the pent-up demand when restrictions ease up in the 3rd or 4th quarter. One type of property that I have been getting a lot of inquiries on are retreat and/or sustainable farmette type properties. As a result of the pandemic we are seeing more people looking for private properties on about 10-30 acres where they can have a big garden, chickens, critters and shelter at home. Many people are interested in moving out of more crowded living conditions to a property with more space.

If you are a seller and your home will be vacant, you may still decide to put your home on the market, but if you are living in the home, it may be the best choice for your family to wait. There are people who need to buy or sell now, and as much as possible we will try to accommodate their needs. With people sheltering at home with time on their hands, anyone who is considering a move will be online searching listings. Good photographs and plenty of information will be more important than ever before.

Going forward I expect that we will continue to come up with creative ways to serve our clients while keeping everyone as safe as possible.

CAAR 1ST QUARTER MKT REPORT

Charlottesville Horse Farms | Market Report for October 2018

Dreaming of the day where you could wake up, make a cup of coffee, go out, and care for your own horses?

Turn it into a reality when you buy a horse farm in Charlottesville VA! The city of Charlottesville is a beautiful area that is full of rich history and gorgeous landscapes. Located in West Central Virginia, it is approximately 100 miles southwest of Washington, D.C. and 70 miles northwest of Richmond, Virginia.

Charlottesville is home to the University of Virginia. The institution was founded in 1819 by Thomas Jefferson and has been consistently listed among the top ten public universities nationwide. The University of Virginia serves as the city’s focal point for cultural and sporting events.

The city also takes pride in having raised three former presidents — Thomas Jefferson, Woodrow Wilson, and James Madison. Moreover, their former residences are now historic sites and architectural wonders that draw thousands of visitors yearly.

Fall in love with America’s favorite mountain town!

Nestled in the foothills of the beautiful Blue Ridge Mountains, you’ll never run out of things to enjoy in this city. Hiking, kayaking and horseback riding are popular during summer, while the winter offers skiing and snow-tubing.

Agriculture is also prominent in the area. You’ll find nearly 200,000 acres of orchards, vineyards, and cattle farms. The grape business is one of the fastest growing industry in the region. Wines and vineyards in Charlottesville are nationally recognized and the area is regarded as among the country’s top wine producers.

Horse farming is another significant industry in the city. In fact, there are more than 13,000 horses stabled in the community and the surrounding county.

Charlottesville Horse Farms

Charlottesville has some beautiful horse farms. In fact, the area is well known for being the haven of grand equestrian estates. It is the go to for anyone that is an avid fan of horses and consider it as a hobby. You’ll also find hundreds of miles of beautiful, scenic trails, designed specifically for horseback riding.

The horse farms in Charlottesville are surrounded by breathtaking scenic views. Many of the properties are also equipped with all the space and infrastructure needed for the proper care and maintenance of horses.

If you are looking for the excitement of the equestrian lifestyle, Charlottesville is certainly a place you would want to call your home.

Market Report for January 2018

There are currently 76 Charlottesville farms for sale. The prices range from $219,900 to $27,000,000. Spaces vary from as much as 15 to 915 acres.

For this report we are focusing on farms in Albemarle County immediately surrounding the city of Charlottesville.

Horse Farms for Sale in Charlottesville VA

76 Horse Farms for Sale -76 Traditional Sales
0 Short Sale
0 Bank-Owned/REO Property

The median listing price of these horse farms is $ 1,620,000.

Click here for the current list of horse farms for sale in Charlottesville.

Call me, Pam Dent, at 434-960-0161. With my extensive knowledge of the Charlottesville area and the real estate market, I can help you find the best equestrian property that suits your lifestyle.

In case you cannot view this video here, please click the link below to view Charlottesville Horse Farms | Market Report for October 2018 on my YouTube channel: https://youtu.be/WfjXaJ_klyo

Charlottesville Horse Farms | Market Report for February 2018

Your own country getaway and horse farm is waiting!

If you’ve been longing for a peaceful and tranquil life in the country where you can enjoy the company of your horses, then you should come and see the desirable city of Charlottesville VA.

This charming town is situated within the upper Piedmont Plateau, in the foothills of the Blue Ridge Mountains and at the headwaters of the Rivanna River. It is approximately 100 miles southwest of Washington D.C. and 70 miles northwest of Richmond, Virginia.

It was established as a town in 1762 by the Virginia General Assembly and was incorporated as an independent city in 1888.

Residents and tourists alike love Charlottesville because of its rich cultural, natural, and artistic history showcased in a selection of first-rate museums, galleries, wineries, shops, and parks dispersed throughout the area. The city was also home to Thomas Jefferson, James Madison, and James Monroe.

Some of the historic attractions include Monticello, the Grounds of the University of Virginia, Ash Lawn-Highland, Historic Court Square, and Michie Tavern, ca. 1784. There are tours, special events, and educational programs aimed at maintaining the vibrant spirit of the past.

What makes Charlottesville horse farms so desirable?

Charlottesville is home to the most beautiful houses, peaceful farmlands, horse properties, and estates in the country. There are also many rivers and lakes that provide the perfect setting for aquatic pursuits, such as swimming, fishing, kayaking, canoeing, and tubing.

The city of Charlottesville boasts of a rich equestrian history, dating back to colonial times. It’s no surprise then that equestrian buyers from all over the world are drawn to this town.

With plenty of grass in the area, horses can graze in open pastures. They are free to run and live with enough space to get adequate exercise.

This town provides opportunities to attend horse shows year round within a short drive of Charlottesville. You’ll also find hundreds of miles of beautiful, scenic trails, designed specifically for horseback riding. James River State Park, nestled in the foothills of the nearby Blue Ridge Mountains, has 20 miles of many different types of riding trails.

Are you thinking of expanding your investment portfolio?

If you love horses and would like to own a countryside escape, the equestrian properties in Charlottesville are what you are looking for.

You’ll definitely find well-planned properties on the market that have everything that a horse farm buyer could ask for.

Market Report for February 2018

There are currently 161 Charlottesville and Albemarle County Virginia farms for sale. The prices range from $325,000 to $19,780,000. Spaces vary from as much as 20 to 870 acres.

Horse Farms for Sale in Charlottesville VA

161 Horse Farms for Sale – 161 Traditional Sales
0 Short Sale
0 Bank-Owned/REO Property

The median listing price of these horse farms is $ 1,695,000.

Click here for the current list of horse farms for sale in Charlottesville.

Call me, Pam Dent, at 434-960-0161. With my extensive knowledge of the Charlottesville area and the real estate market, I can help you find the best equestrian property that suits your lifestyle.

In case you can not view this video here, please click the link below to view CHARLOTTESVILLE HORSE FARMS | MARKET REPORT FOR FEBRUARY 2018 on my YouTube channel: https://youtu.be/lue0IrZPS9I.

Charlottesville Horse Farms | Market Report for January 2018

Come and discover what sets this city apart!

Charlottesville is an attractive city in west Central Virginia situated within the upper Piedmont Plateau, at the foothills of the Blue Ridge Mountains and at the headwaters of the Rivanna River. It is approximately 100 miles southwest of Washington D.C. and 70 miles northwest of Richmond, Virginia.

The City of Charlottesville has consistently made the list of best places to live for over a decade.

It has become a favorite home for young professionals, families, and retired people. Tourists often flock to Charlottesville for beer tours, ballooning, and hiking. People are drawn to the city’s college-town vibe, great restaurant scene, vineyards, history, and cultural life.

Charlottesville is a small city surrounded by beautiful country and comes with all the things you’d want from a big city.

Charlottesville’s downtown is Albemarle County’s center of business. The area is home to the Downtown Mall, one of the longest outdoor pedestrian malls in the entire nation. The downtown mall has shops, restaurants, bookstores, boutiques, music venues, and even a speakeasy tucked away in an unmarked alley.

A few blocks from the Downtown Mall is the Court Square. Court Square, just a few blocks from the Downtown Mall, is the original center of Charlottesville and several of the historic buildings there date back to the city’s founding in 1762.

Charlottesville is also home to the University of Virginia, a public research university and the flagship for the Commonwealth of Virginia. It is a community of undergraduate, medical, business, and law students as well as the faculty and staff.

The city has a spectacular four-season climate, superb arts and recreational activities, and beautiful places to explore.

Experience a lively area ripe with vineyards and breweries, as well as shops, restaurants and parks. In summer, you’ll enjoy hiking, kayaking, and horseback riding. In winter, you can go skiing and snow-tubing.

There are also many rivers and a few lakes which provide the perfect setting for aquatic pursuits, such as swimming, fishing, kayaking, canoeing and tubing. The lovely parks offer wonderful settings for sports, picnics, relaxation, and adventure.

If you want to take your adventure to the sky, you can try a hot air balloon or you can also para-glide over the scenic countryside.

You will love its temperate climate, comprehensive public health facilities, good food, and sophisticated cultural resources. In addition, it’s just two hours from Washington DC.

Golfers will surely love the spectacular sceneries and championship courses designed by some of the industry’s top architects.

You will be comfortable and welcomed in the Charlottesville horse community!

Charlottesville is rich in equestrian history. There are many horse farms and equestrian properties throughout Charlottesville. They are popular property choices because of the area’s gently rolling hills, lush green pastures, and the proximity to horse shows and fox hunting. Horses graze in open pastures with plenty of grass.

There are also hundreds of miles of beautiful, scenic trails, designed specifically for horseback riding.

James River State Park, nestled in the foothills of the nearby Blue Ridge Mountains, offers 20 miles of many different types of riding trails. If you prefer wooded riding along wooded trails, pay a visit to the George Washington National Forest.

Market Report for January 2018

There are currently 65 Charlottesville farms for sale. The prices range from $300,000 to $12,300,000. Spaces vary from as much as 10 to 870 acres.

For this report we are focusing on farms in Albemarle County immediately surrounding the city of Charlottesville.

Horse Farms for Sale in Charlottesville VA

Horse Farms for Sale – 65 Traditional Sales
0 Short Sale
0 Bank-Owned/REO Property

The median listing price of these horse farms is $ 1,430,000.

Click here for the current list of horse farms for sale in Charlottesville.

Call me, Pam Dent, at 434-960-0161. With my extensive knowledge of the Charlottesville area and the real estate market, I can help you find the best equestrian property that suits your lifestyle.

In case you can not view this video here, please click the link below to view Charlottesville Horse Farms | Market Report for January 2018 on my YouTube channel: https://www.youtube.com/watch?v=LJ1vIzTSkDs&feature=youtu.be

Charlottesville Horse Farms | Market Report for July-August 2017

Live in one of the happiest and healthiest places in the US!

Charlottesville is an attractive city in west Central Virginia situated within the upper Piedmont Plateau, at the foothills of the Blue Ridge Mountains and at the headwaters of the Rivanna River.

It is approximately 100 miles southwest of Washington D.C. and 70 miles northwest of Richmond, Virginia.

Tourists often flock to Charlottesville for beer tours, ballooning, and hiking. The city was home to Thomas Jefferson, James Madison, and James Monroe.

Discover what Charlottesville has to offer!

Charlottesville’s downtown is Albemarle County’s center of business. The area is home to the Downtown Mall, one of the longest outdoor pedestrian malls in the entire nation, with stores, restaurants, and civic attractions.

You’ll find good schools and great amenities in the place Thomas Jefferson once called home.

Experience a lively city ripe with vineyards and breweries, as well as shops, restaurants, and parks. In summer, you’ll enjoy hiking, kayaking, and horseback riding. In winter, you can go skiing and snow-tubing.

There are also many rivers and lakes which provide the perfect setting for aquatic pursuits, such as sailing, swimming, fishing, kayaking, canoeing, and tubing. The lovely parks offer wonderful settings for sports, picnics, relaxation, and adventure.

If you want to take your adventure to the sky, you can try a hot air balloon or you can also paraglide over the scenic countryside.

You will love its temperate climate, comprehensive public health facilities, good food, and sophisticated cultural resources. In addition, it’s just two hours from Washington DC.

Golfers will surely love the spectacular sceneries and championship courses designed by some of the industry’s top architects.

Charlottesville offers quiet country retreats and horseback rides.

There are many horse farms and equestrian properties throughout Charlottesville. They are popular property choices because of the area’s gently rolling hills, lush green pastures, and the proximity to horse shows and fox hunting.

There are also hundreds of miles of beautiful, scenic trails, designed specifically for horseback riding.

Market Report for July-August 2017

There are currently 7 Charlottesville horse farms for sale. The prices range from $409,000 to $15,800,000. Spaces vary from as much as 1,160 sq. ft. to 500 acres.

Horse Farms for Sale in Charlottesville VA

7 Horse Farms for Sale — Traditional Sales
0 Short Sale
0 Bank-Owned/REO Property

The median listing price of these horse farms is $499,000.

Click here for the current list of horse farms for sale in Charlottesville.

Call me, Pam Dent, at 434-960-0161. With my extensive knowledge of the Charlottesville area and the real estate market, I can help you find the best equestrian property that suits your lifestyle.

In case you can not view this video here, please click the link below to view Charlottesville Horse Farms | Market Report for July-August 2017 on my YouTube channel: https://www.youtube.com/watch?v=S-Q5b3JlAdM&feature=youtu.be

Albemarle County Real Estate Market News

As soon as someone knows that I am in real estate, they always ask me what is happening in the local real estate market.

Traditionally we think of the real estate market being dead during the time between Thanksgiving and Christmas. However that is definately not what I am seeing so far this year. I have lots of people looking at property right now and have gotten several new clients this week who are ready to start their home search. Actually last year, I got really busy two weeks before Christmas and that kept on through January and February. Is this the new normal? If we have a bad winter with a lot of snow we may see a halt to the activity.

If you are planning on listing your home to sell, you may think that its a good idea to wait until spring when there are more buyers. While the spring is normally when we see the largest amount of sales, there will also be the most competition from additional homes, since other sellers may be waiting to pur their homes on the market. In addition, the people who are looking at homes during the holidays are usually serious, or they would be Christmas shopping instead of shopping for a house.

Here is an illustration of what has been going on in the Albemarle County real estate market. The rise in the new pendings during October shows the increase in sales activity that we have been seeing this fall.

Fluvanna County VA Real Estate Market Report – May 2012

This Fluvanna County VA real estate market report will examine the sale of single family detached homes during May 2012.

May 2011 average list price $216,498.
May 2012 average list price $209,593.

May 2011 average sale price $199,725.
May 2012 average sale price $195,721.

May 2011 median sold price $180,000.
May 2012 median sold price $182,000.

May 2011 %sold/list 92.25%.
May 2012 %sold/list 93.38%.

May 2011, 26 Fluvanna County homes sold.
May 2012, 32 homes sold on the Fluvanna County real estate market.

Graph of Fluvanna County May Sales

1/1/2011 – 5/30/2011, 94 homes sold in Fluvanna County.
1/1/2012 – 5/30/2012, 122 Fluvanna County homes sold.

There is a lot to like about these numbers. While prices continue to fall, Fluvanna County home sales are up considerable this year. This May saw the largest number of home sales in one month since June 2010. In addition we are seeing a drop in inventory, although we have a ways to go before we can call it a balanced market. Like we are seeing across Central Virginia price continues to be one of the most important factors inflluencing which home are the ones to sell. Also these numbers have a lot to say about the price range of the homes that buyers are comfortable purchasing. Homes under $200,000 are the majority of the sales. Homes over $300,000 are particularly slow to sell.

If you are considering selling your Fluvanna County home, it is important to price your home correctly. Be sure to contact a real estate professional to get expert help with your home sale.

Charlottesville Real Estate Market Report – May 2012

This Charlottesville real estate market report will examine the sales of single family detached homes in the city of Charlottesville.

May 2011 average list price $399,592.
May 2012 average list price $326,951.

May 2011 average sale price $317,828.
May 2012 average sale price $316,986.

May 2011 median sold price $245,000.
May 2012 median sold price $293,250.

May 2011 %sold/list 93.59%.
May 2012 %sold/list 96.95%.

1/1/2011 – 5/30/2011, 91 Charlottesville homes sold.
1/1/2012 – 5/30/2012, 124 homes sold on the Charlottesville real estate market.

graph of Charlottesville sales and inventory

We have seen a welcome increase in sales over last year. However although May figures are reflecting an increase in the median sold price as compared with last year that is not true for the year to date. Overall we have seen a slight decline in the median sold price. In addition, as a result of the sales increase we have experienced a reduction in inventory.

Hopefully we will continue to see an improving Charlottesville real estate market throughout the year.

Virginia Real Estate Predictions 2021