News
By Maura O'Keefe and Marisa Roman
|
April 27, 2006
During the first quarter of 2006, the Charlottesville housing market recorded significant changes, according to a report issued by the Charlottesville Area Association of Realtors.
Last quarter, the number of housing units on the market increased while demand slackened, the association's CEO, David Phillips, said.
"Inventory has increased dramatically," Phillips said, adding that an increase in supply has been accompanied by a decrease in demand.
The report concluded that, "The local residential real estate market has been in transition for the past six months and it appears to be settling in to a very healthy and sustainable segment of the economy."
While Phillips acknowledged there is certainly room for improvement in housing availability, he said buyers and sellers are achieving an "equilibrium" and are "finally on the same playing field."
According to Phillips, condominium sales will continue to increase, specifically in Charlottesville.