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    Market Update: Jeff Gaffney's

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    The median list price in CHARLOTTESVILLE, VA this week is $364,475. The 694 properties have been on the market for an average of 117 days. As supply and demand trends continue, the market moves into the seller's zone, and we are likely to see upward pressure on pricing.

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    Market Update: Jeff Gaffney's

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    The median list price in CHARLOTTESVILLE, VA this week is $364,475. The 694 properties have been on the market for an average of 117 days. As supply and demand trends continue, the market moves into the seller's zone, and we are likely to see upward pressure on pricing.

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    The median list price in CHARLOTTESVILLE, VA this week is $364,475. The 694 properties have been on the market for an average of 117 days. As supply and demand trends continue, the market moves into the seller's zone, and we are likely to see upward pressure on pricing.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    48 views6 pages

    Market Update: Jeff Gaffney's

    Uploaded by

    api-26934540
    The median list price in CHARLOTTESVILLE, VA this week is $364,475. The 694 properties have been on the market for an average of 117 days. As supply and demand trends continue, the market moves into the seller's zone, and we are likely to see upward pressure on pricing.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 6

    Jeff Gaffney's

    MARKET UPDATE
    CHARLOTTESVILLE, VA

    · Current Real Estate Market Conditions for Single Family Homes


    · Trends in Pricing
    · Current Levels of Supply and Demand
    · Value Metrics

    · Report for the week of


    May 03, 2010

    · Presented by Jeff Gaffney


    Better Homes and Gardens Real Estate III
    http://www.realestateiii.com/getagent/show.php?aid=009100079& -
    JeffGaffney@RealEstateIII.com
    434-981-1882

    Powered by Altos Research LLC | www.altosresearch.com | Copyright © 2005-2010 Altos Research LLC
    City Overview Single Family Homes in

    Jeff Gaffney | Real Estate III | 434-981-1882


    CHARLOTTESVILL
    E, VA

    This Week Real-Time Market Profile Trend


    The median list price in Median List Price $ 364,475 ≠≠
    CHARLOTTESVILLE, VA this week is Average List Price $ 647,873
    $364,475. The 694 properties have Asking Price Per Square Foot $ 173 ≠≠
    been on the market for an average of Average Days on Market (DoM) 117 ≠≠
    117 days. Inventory of Properties Listed 694 ==

    Most Expensive Listing $ 17,000,000


    Inventory is up and Market Action is Least Expensive Listing $ 106,500

    trending down recently. While days- Average Age of Listing 34


    on-market appears to be trending Percent of Properties with Price Decrease 30 %
    lower, the overall conditions are Percent Relisted (reset DOM) 7%
    weakening a bit. Percent Flip (price increased) 2%
    Median House Size (sq ft) 2262
    Median Lot Size 0.25 - 0.50 acre
    Median Number of Bedrooms 4.0

    Supply and Demand


    Median Number of Bathrooms 3.0

    Altos Research Value Statistics


    Home sales have been exceeding Market Action Index Buyer's Advantage 25.7 ≠≠
    new inventory for several weeks. The Market Action Index answers the question "How's the Market?" By measuring
    the current rate of sale versus the amount of the inventory. Index above 30
    Since this is a Buyer's market prices implies a seller's advantage. Below 30, conditions give the advantage to the
    are not yet moving higher as excess buyer.
    inventory is consumed. However,
    the as supply and demand trends Trend Key: == Strong upward trend ≠≠ Strong downward trend
    continue, the market moves into the ±+ No change = Slight upward trend ≠ Slight downward trend
    Seller's zone, and we are likely to
    see upward pressure on pricing.

    Characteristics per Quartile

    Quartile Median Price Sq. Ft. Lot Size Beds Baths Age Inventory New Absorbed DOM

    2.5 - 5.0
    Top/First $ 949,000 3859 acres 4.0 4.0 20 173 15 11 132 Most expensive 25% of properties

    0.25 - 0.50
    Upper/Second $ 435,000 2667 acre 4.0 3.0 13 173 9 13 108 Upper-middle 25% of properties

    0.25 - 0.50
    Lower/Third $ 319,900 2029 acre 3.0 3.0 21 174 42 13 103 Lower-middle 25% of properties

    0.25 - 0.50
    Bottom/Fourth $ 229,000 1409 acre 3.0 2.0 48 174 41 21 125 Least expensive 25% of properties

    Page 2 of 6 Monday May 3, 2010


    Single Family Homes in
    City Overview
    Jeff Gaffney | Real Estate III | 434-981-1882
    CHARLOTTESVILL
    E, VA

    Median Price
    This week prices bumped up a bit but the trend of recent weeks is generally downward. A pickup in demand will be reflected in
    the Market Action Index, so watch that chart to try to identify a change in the market.

    7-day Average 90-day Average

    Quartile Prices
    Price weakness is evident across the board. Quartiles 1, 2, and 4 have been in price decline in recent weeks, with Quartile 3
    remaining basically flat. Look to the Market Action Index as a leading indicator of the bottom of the market.

    First/Top Second/Upper Third/Lower Fourth/Bottom

    Page 3 of 6 Monday May 3, 2010


    Single Family Homes in
    City Overview
    Jeff Gaffney | Real Estate III | 434-981-1882
    CHARLOTTESVILL
    E, VA

    Price per Square Foot


    The market's downward trends are shared across both price and value. People are recently placing less value on homes (you can
    see the recent declines in price per square foot as evidence.) Look for significant changes in the Market Action Index as a
    precursor to price and value changes, possibly as inflection points for good investment opportunities.

    7-day Average 90-day Average

    Inventory of Properties Listed for Sale


    Inventory has been climbing lately. Note that rising inventory alone does not signal a weakening market. Look to the Market
    Action Index and Days on Market trends to gauge whether buyer interest is keeping up with available supply.

    7-day Average 90-day Average

    Page 4 of 6 Monday May 3, 2010


    Single Family Homes in
    City Overview
    Jeff Gaffney | Real Estate III | 434-981-1882
    CHARLOTTESVILL
    E, VA

    Market Action Index


    The CHARLOTTESVILLE market is currently in the Buyer's Advantgae zone (below 30), though not strongly so. The 90-day Market
    Action Index stands this week at 25.72 so buyers should expect find reasonable levels of selection.

    90-day Average Buyers/Sellers Cutoff

    Market Action Index per Quartile


    Not surprisingly given the overall Market Action Index, all quartiles are in the Buyer's Market zone with several months of
    inventory given the current rate of demand for homes in the quartile. Watch the quartile for changes before the overall market
    shifts. Often one end of the market (e.g. the low end) will improve and signal a strengthening market before the whole group

    First/Top Second/Upper Third/Lower Fourth/Bottom

    Buyers/Sellers Cutoff
    Residential house prices are a function of supply and demand, and market conditions can be characterized
    by analyzing those factors. Watch this index for sustained changes: if the index falls into the Buyer’s
    Advantage zone (below 30) for a long period, prices are likely in for a downward correction.

    The Market Action Index (MAI) illustrates a blance between supply and demand using a statistical function
    of the current rate of sale versus current inventory.

    Page 5 of 6 Monday May 3, 2010


    Single Family Homes in
    City Overview
    Jeff Gaffney | Real Estate III | 434-981-1882
    CHARLOTTESVILL
    E, VA

    Days on Market
    The properties have been on the market for an average of 117 days. Half of the listings have come newly on the market in the
    past 70 or so days.

    7-day Average 90-day Average

    Days on Market per Quartile


    It is not uncommon for the higher priced homes in an area to take longer to sell than those in the lower quartiles.

    First/Top Second/Upper Third/Lower Fourth/Bottom

    Page 6 of 6 Monday May 3, 2010

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