What has been going on in the Charlottesville Albemarle Real estate market? And even more importantly where is the Charlottesvile VA real estate market heading?
Last week the Charlottesville Area Association of Realtors had the opportunity to hear Barry Merchant of VADA speak about the Virginia housing market and where it is going. We have permission to share the Economic Market Update on our blogs and websites.
Mr Merchant concludes that:
Charlottesville's market will likely continue to correct into 2010.
•Home sales are still declining, but may be nearing bottom.
•The price correction is still ongoing, and will likely continue until inventories are reduced-prices must fall further to reflect the significant shift in demand.
•The impact of loan defaults will depend on how much unemployment rises and the magnitude of further price declines.
So although the Charlottesville VA real estate market has been seeing an upturn of activity over the summer, according to Mr. Merchant we are not totally out of the woods yet.
