I WAS RIGHT (FOR ONCE)!

Link above to an article describing the new buzz word to take over real estate discussions... "Balance"... I will (for a brief moment) ignore all my previous predictions and insights that were proven incorrect and snuggle into the warmth of having previously talked about balance coming back to real estate a couple of months ago..

All joking aside, there are a lot of signs pointing toward a more balanced marketplace. However, still cause for concern is the lack of inventory. As quoted in the article, new listings are down 12% and until inventory levels normalize the market as a whole won't fully normalize. Inventory levels won't rise until the number of new listings is greater than the number of sales (this stunningly banal observation has been brought to you by my equally banal intellect). One way for supply and demand to hit an equilibrium point, however, is for demand to shrink further due to a recession... Not ideal but perhaps already underway?

The listing above has been reduced to $455,900!
Immaculate townhome in the city!

My newest listing in Nelson County went under contract rapidly! Even in a slowing market, if you have a desirable property that is properly priced it will receive quite a bit of attention.

Also coming this week will be my new listing located in Charlottesville (just outside of Crozet and part of the Western Albemarle school system). It's a 3 acre buildable lot just off of 250 with easy access to 64 in a quiet and peaceful section of town.

Cushman Predicts a Recession

Cushman Wakefield is now predicting (in all likelihood) a mild recession. They also predict that over the next two years property values will decline about 20%. While that 20% decline sure seems scary guess what? Our homes haven't been worth what they've been going for the last two years! I look at a 20% decline the same way I look at all those tech stocks that skyrocketed in value during the pandemic only to regress to the mean over time. I don't view the 20% decline as a decline, I view it as a correction.

A NEW LISTING!

It's 285 acres located in both Albemarle and Greene Counties. The parcels (there are eight being sold collectively) are about 20 miles from UVA, boast mountain views, and have plenty of wooded acreage along with pastures and cleared portions. The property is filled with unique discoveries like a family cemetery and a stone chimney from an outbuilding overcome by time. The property also features a cottage and a church both of which can be renovated to create something special. This property is being marketed at $999,000 (What a steal! It's not even $1,000,000!). Click on the image above for the listing.

Virginia July Real Estate Data

Download the full report here. Once again the bizarre real estate market continues to surprise. Sales are plummeting state wide yet home values continue to increase (this will not last...). This is partly because reported home values generally lag a couple of months behind sales data as the contract value isn't reported until the home closes, but it's also partly because inventory levels remain so low. We still only have 1.7 months of inventory which is most definitely not a market in equilibrium.

MICHAEL BALL
REALTOR

PO Box 462
Crozet, VA 22932
434-242-2007
www.michaelball.realtor

This email was sent to <<Email Address>>
why did I get this? unsubscribe from this list update subscription preferences
Michael Ball · PO Box 462 · Crozet, VA 22932-0462 · USA