A September 16, 2004 article in the Washington Post said that Charlottesville was not only the best place to live, but it was also the best place to shop. In this excerpt quoted from the article, read why...

The city's reputation as a great place to raise a family has brought new customers with cash and class.

"Young professionals have chosen to live in Charlottesville looking for a certain quality of life," says Carla Mullen, who opened her urban chic home furnishings store, Lush Life, on West Water St. two years ago. "There are lots of people both from the East Coast and West Coast who have settled here. We're giving them some great choices."

Courteney Stuart is senior editor of the Hook, a weekly local newspaper that energetically covers the changing retail climate. "It's a very boutiquey scene here," she says. "We don't have a lot of big chains." Indeed, in two days of checking out Charlottesville shopping options, we found nary a sign of Pottery Barn or Crate & Barrel. "The little independently owned kind of shop is expanding beyond the borders of downtown," says Stuart. "Now people don't have to go to Richmond or Washington to shop."

In fact, Richmond and Washington shoppers are coming here."

Except quoted from article by Jura Koncius, Washington Post Staff Writer, Thursday, September 16, 2004; Entitled: From Fabrics and Finials to Antiques and Ostrich Eggs. You must register on the Washington Post Web site, but please click here for the story, until it is archived.

Mid-Year Market Report –2004
Area Sales Post Record Mid-Year Mark
By Dave Phillips, CAE

In the Charlottesville area, REALTORS® call it the “Spring Market.” To many, the Spring Market starts on January 2nd, grows steadily through June and then gradually slows until Labor Day which marks the start of the Fall Market. The 2nd quarter of the year (April – June) is the heart of the Spring Market and in 2004, the 2nd quarter was beating stronger than ever. In fact, the Charlottesville market area, propelled by a remarkable 2nd quarter, posted the highest home sales total ever for the first half of the year. According to the CAAR MLS, the Mid-Year mark for homes sold was 1832, which is well ahead of 2003’s record pace of 1,618. The primary Charlottesville market area includes the counties of Albemarle, Fluvanna, Greene, Louisa, and Nelson, and the City of Charlottesville.

Each month, CAAR publishes market statistics on the number of transactions closed, the number of listings that went under contract, the median sales price, average days on market, and the number of new listings. These figures are tallied on a monthly and year-to-date basis and are compared to the same information from the previous year.

Transactions Closed
As stated above, the first half of this year was the highest total of transactions closed ever in the Charlottesville area. All areas showed a significant increases in sales except Nelson which showed a very slight decrease. Albemarle was the top sales area with 737 sales during the first six months compared to 710 last year (+3.8%). Fluvanna was the second hottest market with 324 sales (up 91 or +39.1%), followed by the city of Charlottesville 257 (up 54 or +26.6%), Nelson 163 (down 3 or –1.8%), Greene 140 (up 17 or +13.8%), and Louisa 81 (up 19 or 30.6%). Nelson County had posted significant sales records in the first half of 2003, so the slight drop in sales for 2004 is not reflective of the true strength of that segment market.

Under Contract (Pending)
Properties that are “under contract” are ones that have a ratified sales contract that have not yet closed. This is, of course, an important indicator of how the closed transaction market will be doing in the coming months. Thanks to a strong spring season, the mid-year “under contract” figures for 2004 were slightly ahead of the same period last year. 2223 listings went “under contract” in the first half of 2004 compared to the previous year when 2126 went “under contract” during the same period.

Median Sales Price
The median sales price is a better indicator of what the “average” home in our area sells for than is the average sales price. Our area is blessed with many estates and homes that often sell for more than a million dollars. In the first six months of 2004, for instance, 28 transactions were closed for over one million dollars. Such properties distort the average sales price figures dramatically. The median sales price, on the other hand, is the number that represents the middle of the market. 50% of the homes in our area sold for more than this price and 50% sold for less than this price. The median sales price for the entire market area for the first half of 2004 was $214,900 which is $30,000 (or +16%) more than the previous year’s figure. Albemarle led the way with a median price of $261,200 (up $21,250 or +9%) followed by Nelson $232,000 (up $75,000 or an amazing +48%), Charlottesville $204,500 (up $32,750 or +19%), Fluvanna $170,250 (up $15,250 or +10%), Greene $170,000 (up $13,550 or +9%) and, Louisa $168,450 (up $24,150 or +17%).

Days on Market (DOM)
The best indicator of a hot market is found in this category. After a significant and unexplainable rise in the DOM in the first quarter, the numbers in all areas have returned to closer to the numbers we’ve seen over the past few years. In the first half of 2004, the average DOM for all sales reported in the MLS was 83 days. All areas, except Nelson reported slightly higher numbers than last year. Fluvanna lead the way with an average of just 71 days. DOM for other areas include: Albemarle (79), Charlottesville (74), Nelson (92), Greene (99), and Louisa (107).

New Listings
One factor that affects the DOM statistic is inventory. If the inventory of homes on the market is low, then there are fewer properties for buyers to consider and properties sell more quickly. CAAR tracks the number of new listings that come on the market each month to help us monitor the inventory of available homes. For the past several years, our area has seen a significant inventory shortage. There were a total of 3074 homes that came on the market in the first six months of 2004 which was up 211 or 7% from the same period last year. If you consider that 217 more homes were sold in 2004, then the inventory actually went down slightly compared to last year. Since we average around 250 homes purchased each month, we have roughly 4.5 homes available for every buyer in the entire market area (down from 4.9 in 2003).

Price per Square Foot
New to the market report this year is a look at the average price per square foot of the properties that have already closed. There are too many variables in this number to rely on its accuracy, but this category will help us track the general affordability of housing across jurisdictions in our area. Since this is the first year we have tracked this number, it is too early to draw major conclusions, but over time, this will be an interesting category to watch. The most expensive area per square foot was Nelson at $154 (up 19.4% from last year). The other areas were as follows: Albemarle $143 (up 11.7%), Charlottesville $141 (up 12.8%), Greene $113 (up 13%), Louisa $107 (down 13.7%), and Fluvanna $103 (up 8.4%).

Conclusions and Forecasts
At the beginning of the year, I predicted that 2004 would show a slight increase in sales over the 2003 record level. So far, it looks like I was a little low on my estimates. Interest rates are forecasted to increase slightly, but the local economy is thriving, so we should have no trouble reaching my prediction and setting another record for home sales in 2004. Inventories are still low, so prices are continuing to rise rapidly. If you are planning to buy, the sooner you do, the better your investment. It may not be easy for buyers to find a home to purchase, but it is not expected to get any easier over the next few years (or longer). *** If you have any questions on these market statistic or other aspects of the local market, please contact me at 434-817-2393 or Dave@caar.com.

By Dave Phillips, CAE
Re-printed with permission from the Charlottesville Area Association of Realtors.

Trying to keep up with what's going on in the country's number one city? Well we are too, because that's what we do. Not only do we want to keep you up-to-date with Charlottesville's premiere real estate Web site, namely launching our Wintergreen Featured Listing section, but we also want to make sure you have the latest news:

After having one long-standing commercial station, NBC Channel 29, in a matter of months, Charlottesville has added two network affiliates as well as plans for a new community channel.

Channel 19, a CBS affiliate owned and operated by Atlanta-based Gray Television Inc., is now on the air. Gray also owns the Harrisonburg, Virginia-based ABC affiliate, WHSV Channel 3.

Channel 19 will focus specifically on Charlottesville and the immediate vicinity, while Channel 3 will remain dedicated to Valley coverage.

Gray Television Inc. has also launched ABC affiliate Channel 16, while an independent company promises an additional new station launching 24 hours of "all Charlottesville, all the time."

Lest we forget the Idea Station, WHTJ PBS, and there's enough variety in Charlottesville television for the entire family.

And for those who don't want to watch too much TV, well no worries because the Paramount Theater has that problem solved, because as of September 17, 2004, Charlottesville's historic theater announced its grand re-opening along with the inaugural season line-up.

From opera, drama, classical, bluegrass and contemporary sounds to broadway, legends, nostalgia, comedy and family fun, the Paramount Theater [located on the downtown mall] is certain to generate excitement and entertainment for everyone.

There is definitely a lot going on in this town, and that includes the latest developments at Frank Hardy Properties. Leading the way in offering expanded real estate services...

Virginia Estates has added a featured listings page for Wintergreen, Nelson County and Stoney Creek homes. Talk about beauty and tranquility that is truly unique to Charlottesville, central Virginia and Nelson County, well, that's Wintergreen and Stoney Creek. But don't let me ramble on, just see for yourself: Browse our Wintergreen featured homes for sale in Virginia.

Virginia Estates, Frank Hardy Properties would like to introduce our principal broker, agent and realtor, Natt Hall. A Graduate of the Realtor Institute, Mr. Hall is also and Accredited Buyer Representative and a Seniors Real Estate Specialist.

With the GRI designation, Mr. Hall "has made the commitment to provide a high level of professional services by securing a strong educational foundation. REALTORS® with the GRI designation are highly trained in many areas of real estate to better serve and protect their clients."

According to the National Association of Realtors, the Accredited Buyer Representative (ABR®) designation is the benchmark of excellence in buyer representation, which is awarded to real estate agents, brokers and practitioners by the Real Estate Buyer's Agent Council ("REBAC") of the National Association of REALTORS® who meet the specified educational and practical experience criteria.

Click here to read the five major requirements to attain and use the ABR® designation.

Adding to the team of in-house Internet and Web specialists at Virginia Estates.com, Hall is an e-Pro Internet Fluent Certified Virginia Realtor.

REALTOR e-PRO® is a revolutionary training program that certifies real estate agents and brokers as Internet Professionals. The NATIONAL ASSOCIATION OF REALTORS® is the first major trade group to offer certification for online professionalism, but it's not just about technology because it teaches real estate professionals how to enhance the Internet experience via personalized service.

As a Seniors Real Estate Specialist, Mr. Hall is qualified to meet the special needs and concerns of maturing Americans. This specific designation, SRES®, identifies Mr. Hall as having successfully completed the education program along with other perquisites that demonstrates the requisite knowledge and expertise to counsel senior clients through major financial and lifestyle transitions involved in relocating, refinancing, or selling the family home.

A 1969 graduate of the Citadel and having attended the University of North Carolina School of Law, Mr. Hall brings an experienced background that benefits the entire staff as well as the clientele at the Virginia Estates, Frank Hardy Properties realty firm.

Natt is active in the community as President of President of the Nelson County Rotary Club and Vice Chairman of the Economic Development Authority of Nelson County, while specializing in Wintergreen and Stoney Creek real estate, as well as homes, farms, land and residential properties in Nelson County, Augusta County, Albemarle County, Amherst County, and Rockbridge County, Virginia.

To contact Natt Hall, click here.