PENDING HOME SALES NATIONALLY

Really interesting data on what is going on with pending home sales nationally from the chart linked to above. My main take away is that pending home sales are down 20% nationally. The western part of the country is getting hit hard but it's also one of the smaller sample sizes and susceptible to overreaction if one were to analyze only based on percentage. Also, remember that the west includes California and (political affiliations / feelings / thoughts anyone may have aside!) I have always felt like California should be broken apart in national data because it is effectively a country unto its own in terms of real estate trends.

Charlottesville Q2 Data

No surprises (at least for me) here. A few takeaways most of them key but a couple just interesting to me:

11% sales decline compared to last year's Q2. I think this decline will be even larger when the Q3 report comes out.
Inventory is up 28%.
1.8 months of inventory is (despite the stat just quoted) still really, really low.
Huge jump in active listings in Louisa county in case you are trying to sell or buy in that county (p. 18 of the report).
Albemarle County inventory increased for the first time since 2019 (p.19 of the report). I actually bolded that bullet point it's such a big deal!

Well... Nothing happens as quickly as you would like... My three new listings turned into only one in July. The other two are still coming they're just delayed. This is the second of those three listings (the third should be in September). This home is going to be listed at $396,000 and is on 27 acres in Nelson County with river frontage. I've linked to the Zillow page for the home (notice it's listed for less than the current Zestimate!) and the listing should be live within 24 hours.

In the interim, if you know anyone who needs help with real estate please consider referring them to me.

A Couple of Articles

Article that tamps down market excitement over the latest news on inflation. The long and short is that many people still expect the Fed to raise rates (albeit perhaps less aggressively) and many people see a long road ahead back to 3% inflation.

Second article which talks about a possible (actual?) recession and it's impact on the housing market. The long and short of this article is "we ain't in 2008" and I tend to agree. The housing market will be impacted but we're not talking anything even in the ballpark of the financial crisis.

MICHAEL BALL
REALTOR

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

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Michael Ball · PO Box 462 · Crozet, VA 22932-0462 · USA