Charlottesville Virginia Real Estate

Charlottesville Area Year End Report

Charlottesville Area Association of Realtors recently released the year end figures for the Charlottesville area. “For the seventh year in a row, the local real estate market set a record for closed sales of residential properties.”

Sales in Albemarle County increased dramatically compared to 2004. Some of this is from the Hessian Hills and Carriage Hill condo conversions. I would expect the number to be high in Albemarle County again in 2006 as Carriage Hill sells off their remaining condos, and River Run and Walker Square beef up their sales. Carriage Hill may turn over the 2nd half of their units to Condos, this year. Another condo conversion on the horizon is Old Salem, on Barracks Rd. They have recently changed hands and will start to sell their units off in a year or two.

What will the spring market bring for other types of housing? Nationally the housing market seems to be leveling out. Here in Charlottesville I think sellers will still want to take advantage of the past few years of higher prices, trying to take advantage of spring demand. March is usually a big month, with a lot of new inventory coming onto the market.