CAAR December Market Indicators

This bizarre market continues. Closings and sales continue to decline which in a normal market would put downward pressure on prices. However, prices continue to rise and the reason really boils down to one issue, an inventory shortage. If you look deeper into the report on page 17 the months supply of inventory remains astonishingly low. The report has a nice summary on the first page but one of it's nicest features is it breaks down all the counties that make up the greater Charlottesville area. As an example, in Nelson County sales were down 49.2% but prices increased 41.5%!  I've been in real estate a long time and I've never seen a stat like that. Click on the headline to view the full report.

This wonderful home in Faber is my only current active listing because I've put all my other inventory under contract! As a Realtor, I rely heavily on referrals so if you are thinking of selling or know someone who is thinking of selling and you've been reading these emails and think I sometimes might sound somewhat competent and knowledgeable then please keep me in mind!

This was an interesting read. The National Association of Realtors listed out some key demographic trends in both buyers and sellers in 2021. I've definitely noticed potential buyers asking more and more questions about the ability to expand the living spaces of a property in the future to accommodate multiple generations. Also, an encouraging sign in the article was that first time home buyers are increasingly entering the market. They're still below the historical average but for the longest time those pesky millennials were really holding things back! Thus ends the old man portion of this paragraph! Click on the header above to read the full article.
Michael Ball
PO Box 462, Crozet, VA 22932

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