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

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 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