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Q3 CHARLOTTESVILLE AREA REPORT


Project managers always refer to a triangle of goals when undertaking a project. There's good, there's fast, and there's cheap. You can have two of those three but you can't have all three. You can have a project that's well constructed and below budget but you shouldn't expect it to progress quickly.

I thought of that axiom when I read this report. Sales are slowing, inventory is rising, and prices are rising. Those three things can't exist for long simultaneously. Something has to give. 

Also interesting to me is that sales were down across the board in all municipalities. Some were hit a bit harder than others (I think people are fed up with the high prices in the city itself) but it was a fairly uniform dip.

NEW LISTING IN NELSON COUNTY!



Check out the view from my new listing in Nelson County! The listing won't go live until later today but if you click on the images you can see the photo gallery of this beautiful property. It has a small but wonderfully constructed cabin, a tiny house, an equipment shed and a dog house with operating shutters! The attention to detail is quite special. It's located on 480 acres with over a mile and a half of roads and trails on the property and is listed at $2.5 million.

 
The real estate market statewide is overall similar to Charlottesville. One interesting little detail in this infographic is that while median sales price is up year over year it is down compared to August of this year which foreshadows changes to come...  However, still low inventory levels will keep things from being dire. A correction not a crash. Click on the image below or the link above for the full report.

SOLD!

My listing in Shipman, VA closed in November. What a memorable property. You can listen to the river from the front porch.
 
UNDER CONTRACT!

My listing in Bremo Bluff went under contract within days of going on the market and is set to close in November!

 
I am linking to the above article for only one reason. Because it's from a real news organization and it's ridiculous. The headline talks about plunging home prices but the thirty analysts polled predict a nearly 15% increase in pricing. One contributor describes pricing coming to a "screeching halt" (I guess you have to speak like Chicken Little in order to be quoted in an article). Their "experts" predict events that are in direct contradiction with the same "experts'" other predicted events to the point that the journalist feels the need to mention that fact. One "expert" claims that US housing will never be fairly priced again. Like... Ever.. Apparently that expert isn't aware that the economy works in cycles...

The lessons (as I see them) are 1) don't just read the headlines 2) no one really knows what is going to happen in real estate 3) if you want to learn more about real estate read multiple opinions in order to synthesize your own 4) we're not the rest of the country and tend to be less impacted by national trends and 5) if you're selling or buying now is the time you most need a professional to help guide you through uncertainty. I happen to know one such person.... That was a lot of lessons!

LISTING FOR SALE!

In my heart of hearts I'll always be an English major. I love stories and this property is several stories waiting to happen. It's such a unique parcel with structures and features in need of work but full of promise. Click on the image below to see the new photographs capturing the fall foliage as well as some of the many unique and interesting elements of this property.
 
MICHAEL BALL
REALTOR

PO Box 462
Crozet, VA 22932
434-242-2007
www.michaelball.realtor






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