2009 After 3 Quarters

Published by the Charlottesville Area Association of REALTORS®

Home sales, compared to 2008, showed improvement in the 3^rd Quarter. At mid-year, sales were down 28%, but after the first 9 months of the year, sales are only 19% below the 2008 levels. In the third quarter, sales (845) were only down 6.2% from the same period in 2008 (901). This is the smallest year over year decline we have seen in several quarters in the Charlottesville area. July and August monthly sales were very close to 2008 levels, but September fell back a bit.

As reported in the CAAR Mid-Year Market Report, significantly lower home prices (down 20% or more) are driving the pick-up in sales. In addition, the $8,000 tax credit for first time buyers has supercharged the sale of starter homes (below $300,000). 65% of home sales in the third quarter were in this starter home category, which is consistent with the overall trend for the entire year. The surge in first-time buyers is also a national trend.