CAAR Market Indicators - September

The market indicators report is out for our local region and as usual in this unusual market it's a bit of a mixed bag... On the down side for sellers sales and pending sales were both down year over year from last September. New listings for the month were also down (but down less than sales activity). The good news for sellers is that home prices continue to increase and months supply of inventory remains exceptionally low. Markets never move in a linear fashion, there are steps back and forward, and the thing that I would be most concerned about are declining sales. If they continue to decline that months supply of inventory (despite few homes on the market) will start to creep up. And... To show that I'm not the only one thinking this read the article linked below about the state of the overall Virginia market....

Virginia’s Housing Market Inches Closer to More “Normal” Conditions

The story remains the same as locally in the overall Commonwealth regarding sales as they declined overall as well. However, home price growth was slower than it was locally which is not surprising as we're such a desirable place to live! What I like best about the article is the title and the final paragraph. We are moving very slowly toward a normal market.
New Listing in North Garden!
  • 3 BR / 2.5 BA home perfectly located in southern Albemarle County less than a mile from Rt 29.
  • Large flat lot in a private location off the road.
  • Wraparound porch as well as a screened in porch.
  • Partial house generator that can be wired to be a whole home generator.
New Listing in Faber, VA!
  • 4BR / 3.5BA home located on 42 acres most of which are wooded in Nelson Co. directly off of 29 S.
  • Spectacular mountain views.
  • Dual master bedrooms on the first and second floors. Both bedrooms have mountain views.
  • Custom built home with only one owner.
  • Hardwood floors throughout home.
  • Two story entrance foyer.
  • Attached 3 car garage.
  • Accessory structure features a small workshop / garage and a living room.
Michael Ball
PO Box 462, Crozet, VA 22932

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Michael Ball · PO Box 462 · Crozet, VA 22932-0462 · USA