Nov 2011

Central Virginia / Charlottesville Market Trend: Market-Wide

Regional year-over-year total sales dropped in November as compared to 2010. Total sales over the last 12 calendar months (2279) are relatively flat to the prior 12 month period (2327). That, in and of itself, is a victory in todays market. Overall median prices in November did drop about 3% from November 2010. Days on Market for sold properties has remained relatively steady over the last 12 months - typically hovering in the 100 to 120 day range. Inventory levels for the entire MSA increased from 14.81 in November 2010 to 16.84 months. While total inventory levels did drop slightly, the drop from 174 to 150 total sales forced the Months of Inventory up approximately 15%.

Three Year Trend of Sales Activity (Number of Sales)

3 Year Trend 400 350 300 250 200 150 100 50 0

Dec-08

Mar-09

Jun-09

Sep-09

Dec-09

Mar-10

Jun-10

Sep-10

Dec-10

Mar-11

Jun-11

Sep-11

Even with the drop in sales during November, the three-year sales trend is now slightly positive in Central Virginia. Total sales in all six areas dropped as compared to last November. Notably, Albemarle County sales dipped from 73 to 69 and Charlottesville City sales fell from 21 to 20. In addition, contracts written in Albemarle fell from 94 in 2010 to 75 this past month. Charlottesville City contracts increased from 25 to 26. On a positive note, condos and attached home sales in the MSA increased 40% year-over-year and Months of Inventory fell 21% to 12.97 months

MSA (Albemarle, Charlottesville, Fluvanna, Greene, Louisa, and Nelson)

Average List Price Average Sale Price $333,305 -13.0% $383,138 20% $320,279 Median Sale Price $261,500 -1% $263,797 -5% $279,000 Avg Days on Market 121 4% 116 -11% 130 Total Sales 108 -25% 144 -9% 158 Total Inventory 1693 -4% 1761 0% 1755 Months of Inventory 15.67 28% 12.22 10% 11.1

Single Family

Nov 2011 Change Nov 2010 Change Nov 2009

$352,078 -15% $415,252 25% $332,356

Attached / Condo

Average List Price Nov 2011 Change Nov 2010 Change Nov 2009 $237,014 1% $233,551 4% $224,071

Average Sale Price $234,117 4% $224,175 0% $223,840

Median Sale Price $228,250 4% $219,500 -4% $229,175

Avg Days on Market 86 -2% 88 -25% 118

Total Sales 42 40% 30 -52% 63

Total Inventory 493 -0% 495 -15% 583

Months of Inventory 12.97 -21% 16.5 78% 9.25

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Nov 2011

Albemarle County
Median Sale Price Nov 2011 Change Nov 2010 $293,175 5.78% $277,165 Avg Days on Market 100 8.70% 92 Total Sales 69 -5.48% 73 Total Inventory 1122 3.70% 1082 Months of Inventory 16.26 9.72% 14.82

Contracts Written in Nov: 75

Charlottesville City
Median Sale Price Nov 2011 Change Nov 2010 $200,000 -18.37% $245,000 Avg Days on Market 63 -14.86% 74 Total Sales 20 -4.76% 21 Total Inventory 292 -12.57% 334 Months of Inventory 14.6 -8.18% 15.9

Contracts Written in Nov: 26

Fluvanna County
Median Sale Price Nov 2011 Change Nov 2010 $160,500 -13.24% $185,000 Avg Days on Market 146 19.67% 122 Total Sales 22 -21.43% 28 Total Inventory 334 5.70% 316 Months of Inventory 15.18 34.57% 11.28

Contracts Written in Nov: 23

Greene County
Median Sale Price Nov 2011 Change Nov 2010 $300,318 36.51% $220,000 Avg Days on Market 85 -6.59% 91 Total Sales 15 -34.78% 23 Total Inventory 220 -5.58% 233 Months of Inventory 14.66 44.72% 10.13

Contracts Written in Nov: 25

Louisa County
Median Sale Price Nov 2011 Change Nov 2010 $95,000 -54.75% $209,943 Avg Days on Market 127 -3.05% 131 Total Sales 7 -30.00% 10 Total Inventory 208 -8.77% 228 Months of Inventory 29.71 30.31% 22.8

Contracts Written in Nov: 23

Nelson County
Median Sale Price Nov 2011 Change Nov 2010 $220,000 -41.33% $375,000 Avg Days on Market 188 -14.16% 219 Total Sales 17 -10.53% 19 Total Inventory 351 -8.83% 385 Months of Inventory 20.64 1.88% 20.26

Contracts Written in Nov: 20

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