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CAAR REAL ESTATE WEEKLY NEWS & VIEWS

M C L EAN F AULCONER I NC. Farm, Estate and Residential Brokers Farm, Estate and Residential Brokers 503 Faulconer Drive ∙ Charlottesville ∙ VA ∙ 22903

Local Real Estate News Piedmont Housing Alliance Announces Friendship Court Phase 1 Redevelopment Receives $2 Million

Following a year full of funding milestones for the Friendship Court redevelopment, Governor Ralph Northam announced on January 23 that the Friendship Court community is one of twenty-five affordable housing and homelessness reduction projects to receive a portion of $12 million in funding.

The purpose of the funding is to increase access to affordable housing, reduce homelessness, and provide permanent supportive housing options for Virginians with intellectual and developmental disabilities.

We are excited and grateful to be among the 25 communities to receive the funding.

What’s Happening Around Town? Hope’s Legacy Equine Rescue’s Family Fun Day March 21, 2020

Hold Your Horses! Do you have a horse or donkey lover in your household?

Then join us for Hope’s Legacy Equine Rescue’s FREE Family Fun Day! Saturday March 21st, from 10 a.m. to 12 Noon, our Rescue will be open to visitors who have RSVP’d.

Come meet our horses and donkeys and learn more about equine rescue.

ROSEMONT DRIVE Sophisticated, brick home built by Phil Speasmaker. Timeless design. Set on a private 6.3 acre lot with a spectacular white oak tree and mountain view. Bright, open spaces define the large kitchen/ living areas. Gracious foyer with long elegant windows and reverse staircase. Sunken living room with wet bar, family room has a large fireplace. Master suite includes a large sitting room, study alcove, 2 full baths and 3 closets. The large, beautiful pond is shared with 5 other owners. Set in one of the most lovely neighborhoods. $1,465,000

Open to all ages; we’re planning fun activities for the whole family!

This event is free but we do appreciate donations! Please RSVP online at www.hopeslegacy.com/events so we can provide you with farm directions and weather updates. (Group limited to 20 people.) MEN ON BOATS opens at Live Arts March 6, 2020

This rollicking comedy is history as you’ve never seen it before—without a single man in sight. Join a rag-tag team of explorers as they tell the story of the “discovery” of the Grand Canyon.

According to the playwright, the characters in MEN ON BOATS were historically cisgender white males, but the cast should be comprised entirely

CALL SHARON Over 25 years of Real Estate experience. email: callsharon.today@yahoo.com cell: 434.981.7200

WWW.MCLEANFAULCONER.COM

of people who are not. In short, the characters will be played by racially diverse, female-identifying, trans-identifying, gender-fluid, and/or non-gender-conforming actors.

MEN ON BOATS is the Live Arts Mentor/Apprentice Program show for Season 29. In an effort to develop future theater artists both onstage and off, Live Arts pairs teenage apprentices with experienced theater professionals on the production team of a mainstage show. Learn more about the Mentor/ Apprentice Program on our website, or contact Education Director and Mentor/Apprentice Program Facilitator Miller Susen at miller@livearts.org. The Story

In 1869, 10 explorers set off in four boats to explore and chart the rivers that ran through what would come to be known as the Grand Canyon. MEN ON BOATS is the true(ish) history of this expedition, when the one-armed Civil War captain John Wesley Powell led a crew of oddball volunteers as they braved almost 1,000 miles of rapids, rocks, drops, and mile-high canyon walls.

This contemporary retelling of an old ripping yarn is replete with comedy and shows us that people, places, and things aren’t always what they seem. Ticket Information: $26 for adults and $22 for students and seniors. Tickets may be purchased at livearts.org or by calling the Live Arts Box Office at 434-977-4177 x 123.

PAY-WHAT-YOU-CANWEDNESDAYS: Each Wednesday, Pay-What-You-Can Tickets are available at the Box Office, 12-4 p.m. and 7-8 p.m., in person, while tickets remain. About Live Arts: Live Arts, a nonprofit 501(c)(3) organization, is located in Downtown Charlottesville. Founded in 1990, Live Arts has been forging volunteer-driven community theater for more than 29 years. Live Arts is supported in part by a grant from the Virginia Commission for the Arts and the National Endowment for the Arts, and by the financial support of hundreds of theater lovers in our community.

Got News? Send your newsworthy submisssions to editor@caarrew.com

CAAR REAL ESTATE WEEKLY WWW.CAAR.COM CHARLOTTESVILLE | AMHERST | MADISON | CULPEPER | ORANGE MONTAGUEMILLER.COM | 800.793.5393 | Serving Central Virginia for over seven decades. YOUR PLACE. OUR PURPOSE. $120,000 | montaguemiller.com/mls=598714 Kyle Olson | 540.649.4131 1701 3rd St | Waynesboro One Story Cape Cod Style 2 BR home with relaxing covered front porch. This charming home features large bedrooms, ample sized closets, and a nice sized KitchenDining combo area. Convenient location for commuting. Charming home in Forest Lakes community! This home features an extensive open yard, large family room with fireplace, & cabinet-lined kitchen. Second level offers 4 bedrooms including a large master suite.

$335,000 | montaguemiller.com/mls=59771 New Leaf Team | 434.260.8980 2072 Timber Pointe Rd | Charlottesville South Fork Farms 15 minutes south on Rt 29. Large Colonial on 4.32 acres. 4 BR, 2.5 BA. Hardwood floors throughout the first floor, large kitchen w/breakfast nook, family room with fireplace, dining room & formal LR. $411,950 | montaguemiller.com/mls=598376 Doug Burke | 434.951.7122 2401 Southside Dr | North Garden OK 2448 Abington Dr | Charlottesville $275,000 | montaguemiller.com/MLS=598702 Carol Costanzo | 434.962.1419 Great light filled 2nd floor corner condo in Riverbend. The “Potomac” model features a unique flowing floor plan with 2 large master suites, each with en suite full bath. Community Pool, Fitness Center and Clubhouse. $215,000 | montaguemiller.com/mls=595698 Trish Owens | 434.825.5393 300 Riverbend Dr | Charlottesville

This Brick Front Townhome is walking distance to Hollymead Town Center. Beautiful LIGHT-FILLED with 2-car garage attached. Kitchen has an ISLAND & breakfast nook. OPEN CONCEPT LIVING on first floor. OK 222 Old Lynchburg Rd | Charlottesville $275,000 | montaguemiller.com/MLS=595427 Carter Montague | 434.962.3419 Attractive cape-cod style home in a great location in Fry’s Spring. 4 BR, 2 BA home with off street parking. Excellent proximity to UVA. Walkable to shops, restaurants, Fry’s Spring Beach Club and Wegmans. Country home on 7 acres with mountain views. Great Room with vaulted ceilings, first floor master, reclaimed heart pine floors, new country kitchen and 2 fireplaces. Additional carport will house your RV and boat. Private setting. $575,000 | montaguemiller.com/mls=587366 Anita Dunbar | 434.981.1421 Renovated 4 BR home in spatial Preddy Creek. No HOA fee, but a very will maintained subdivision with pride of ownership. New roof, carpet, paint & granite counters. granite counters upgrades. Large private back yard. 84 Birch Way | Barboursville $344,900 | montaguemiller.com/mls=591830 Brad Conner | 434.953.8124 Incredible value in Old Trail. Light filled, energy efficient Peak Construction home w/mountain views. Charm and quality finishes throughout- shiplap, extensive trimwork, quartz, marble and granite! Master suite & finished basement. $650,000 | montaguemiller.com/mls=597845 Laurel Smith | 808.280.6431 760 Golf View Dr | Crozet 3425 Loch Brae Ln | Charlottesville Market Report Key Takeaways Economic Conditions • The Charlottesville area economy is strong, with steady job growth in the first half of 2019. • Low unemployment in the region has made it challenging for local businesses to find workers to fill vacant positions. • Permits for new residential construction leveled off at the end of 2019, with the pace of new construction still lagging behind what is needed to meet pent-up demand. • Consumer confidence remains strong, though there are some indications of growing uncertainty about the future economic conditions. • Interest rates have remained relatively unchanged for the past few weeks and are expected to remain low into 2020. Housing Market Conditions • Housing market conditions were strong overall in the CAAR footprint in the 4th quarter. There were more sales transactions, the median sales price climbed by $18,000, and the sold volume surged up nearly $58 million compared to last year. • Homes sold about 5 days faster, on average, in the region, a reflection of the shrinking inventory of active listings, which declined 3% in the 4th quarter compared to a year ago. Key Trends Dashboard, CAAR • 1,846 | More jobs in the CAAR footprint between Jun-2018 and Jun-2019 • 2.2% | Is the Nov-2019 unemployment rate in the CAAR footprint, which is up slightly from Oct-2019 • 174.4 | Is the present situation consumer confidence index level for the South Atlantic region economy in Dec-2019, which is up from one year prior • 102.9 | Is the consumer expectations index level for the South Atlantic region economy in Dec-2019, which is down from one year prior • 72 | More home sales in the CAAR footprint in Q4-2019 compared to last year • $18,270 | Increase in median sales price in the CAAR region in Q4-2019 compared to a year ago • $58 | Million dollars more in total sold volume in the CAAR footprint in Q4-2019 compared to last year • -5 | Days faster average days on market for the CAAR footprint in Q4- 2019 compared to a year ago • 3.5 | Months of supply in the CAAR footprint in Q4-2019, which is down from a year ago Economic Overview The Charlottesville area economy has been performing well, with strong job growth through the first half of 2019 (the latest data available). Between June 2018 and June 2019, the region added 1,846 net new jobs, continuing several months of strong job growth.

The biggest gains in the region have been in the Health Care & Social Assistance and Educational Services sectors, which added 1,400 jobs and 842 jobs, respectively, between June 2018 and June 2019. There were also gains in the Administrative Support (+292 jobs), Arts, Entertainment & Recreation (+188 jobs), Manufacturing (+119 jobs), and Professional & Technical Services (+73 jobs) sectors. Both the Retail Trade and Construction sectors experienced relatively large job losses in June.

The unemployment rate in the Charlottesville region was 2.2% in November 2019, lower than the statewide unemployment rate. The tight labor market continues to make it difficult for businesses to find workers to fill vacant positions.

New residential construction activity in the Charlottesville Metropolitan Statistical Area (MSA)1 remained steady in the second half of 2019. In November 2019, there were 100 permits issued for new residential housing units, which is up 14.9% over the number issued in November 2018.

Through November, there have been a total of 1,091 permits issued for new residential construction in the region. About 60% of those permits were for single-family homes, and 40% were for units in multifamily buildings (both rental and condominium). While consumer confidence remains strong, data suggest some uncertainties about future economic conditions among residents of the South Atlantic region of the U.S., which includes Virginia. The measure of confidence in current economic conditions continues to rise and was 174.4 in December. The measure of consumers’ confidence in future economic conditions fell to 102.9 in December. A level above 100 is positive, but this metric has been hovering slightly above and below 100 for the last few months.

In the 1st week of January 2020, the 30-year fixed-rate interest rate was 3.72, virtually unchanged from a month ago and three-quarters of a point lower than last January. This long period of low interest rates will likely continue into 2020, which helps create favorable housing market conditions.

The national housing market continues to perform fairly well. Growth in wages and continued low mortgage rates have been factors in the market performance. Existing home sales have generally been on a slow upward trend since the spring of 2019. New home sales declined slightly through the spring and summer but rebounded in the last quarter of 2019. Housing Market Overview

For the 2nd quarter in a row, there were more sales transactions in the CAAR housing market compared to last year. Albemarle and Fluvanna Counties drove much of the sales growth this quarter. Home prices are rising throughout much of the region; the median sales price in the CAAR footprint climbed more than $18,000 in the 4th quarter compared to last year, the strongest growth in over a year. The additional sales transactions and boost in prices led to a $57.6 million surge in sold dollar volume across the region. Homes sold about 5 days faster, on average, in the 4th quarter compared to last year, and the inventory of active listings continues to trend down at a moderate pace (-3%). Strong regional job growth and very low unemployment and mortgage interest rates continue to fuel much of the activity in the CAAR housing market. These trends likely will not change in the coming months. Sales

Sales activity continues to expand in the CAAR regional housing market. There were 1,041 sales in the 4th quarter, a 7% gain from a year ago, representing 72 additional sales transactions. Most of the additional sales occurred in Albemarle County (+60 sales) and Fluvanna County (+23 sales). Both Greene County and Louisa County had a reduction in sales compared to last year, down 15% (-13 sales) and 9% (-17 sales), respectively. The 4th quarter is the first drop in sales for Greene County since the spring of 2018. Sales Prices

Median sales prices continue to trend up in the CAAR housing market. At $308,170, the 4th quarter median sales price rose 6% from a year ago, an increase of over $18,000. Most of the region’s local markets experienced sales price growth in the 4th quarter. Greene County led all jurisdictions in the area with 13% median sales price growth compared to last year, a $32,000 jump. The City of Charlottesville also had relatively strong price growth in the 4th quarter, climbing 7%, a gain of nearly $24,000. Albemarle County was the only jurisdiction to have a drop in the median sales price, falling 7% from the 4th quarter of last year, a drop of nearly $26,000. Sales prices have been trending up in the CAAR footprint consistently for several years, largely due to shrinking inventories of active listings and strong buyer activity in the market. Sold Volume

The additional sales transactions and rising home prices in the 4th quarter led to a strong gain in the sold dollar volume in the CAAR region. There was approximately $408 million in sold volume in the 4th quarter, which is about $58 million more than the 4th quarter of last year. This represents the largest sold volume gain for the region in 2 years. Albemarle County led all jurisdictions in sold volume growth, surging up 29% in the 4th quarter compared to last year, a $49 million increase. Fluvanna County also had strong gains, up 30% from last year, an $8 million jump. Nelson County had the largest decline in sold volume, falling 7% from a year ago, a $2 million reduction. The housing market growth that has occurred broadly in much of the region over the past several years is reflected by the sold dollar volume, which has now climbed in 18 out of the past 20 quarters compared to the prior year. Days on Market

The average days on market continues to trend downward in the CAAR housing market. Homes that sold in the 4th quarter were on the market 64 days, on average, which is 5 days less than a year ago. The low supply of active listings continues to push this metric down. Albemarle County, which accounts for most of the sales activity in the CAAR footprint in any given quarter, is pulling CAAR Homes Sales Report 4th Quarter 2019

FEBRUAR Y 26 - MARCH 3, 2020 ISSUE 2908 A DREAM HOME IS GREAT, BUT THE RIGHT ONE IS BETTER. Let an agent who knows guide you. 133 BLUE RIDGE DR $424,900$325,000 ALBEMARLE COUNTY 3859 PRESIDENTS ROAD NOW $269,900

#COMINGSOON IN TURTLE CREEK

Bev Nash 434-981-5560 • Renovated 3 bedroom, 2 bath, home • One level luxury living • 1350+/- sf on 1.4 acres • Vaulted ceilings, ceramic tile floors • New kitchen and bathrooms • Rear deck, high end appliances

707 Rosewood Dr. $262,000

NEW CONSTRUCTION

Dan Corbin 434-531-6155 • New 3 Bd, 2 Ba, One Level, 1550 sq ft • Beautiful Cul de sac location, Wooded View • No HOA, Well & Septic = No Water Bills • Many Upgrades, 2 Car Garage, Quality Local Builder • Fluvanna Co, Near Schools, Hi Speed Internet • Still time to pick colors. Ready Feb 2020 • MLS 598132

Cabin on the Tye $327,000 Ruth Guss 434-960-0414 • 4 Bedroom, 3 Full Baths, 3,300+ Sq. Ft. • Beautiful Solid Oak Floors on Main Level • Granite Counter Tops & Stainless Appliances • New Master Bath with Tiled Shower • Side Screen Porch, Circular Paved Driveway • Stone Robinson Elementary School District

COMING SOON IN LAKE REYNOVIA

2 UNITS AVAILABLE

REAL ESTATE NEWS Shannon G. Hudson 540.661.2083 • Classic home in a classy neighborhood • 5 bedrooms w/3 masters, 4.5 baths • Landscaped w/brick courtyard & fountain • Partial basement w/1 car garage • Sunroom, FP, built in bookshelves

7102 Blackwells Hollow Rd MLS 589947 2 BED 2 BATH W/SOLARIUM COMING SOON 117-3: $170,000 102-3: $163,000

$360,000 Fluvanna County Candice van der Linde 434-981-8730 • 3 bed 2 full bath one level single family home. • Screened porch addition for year round enjoyment. • Private yard. • Split bedroom design with gleaming hardwoods & tons of natural light. • Large garage w workshop space & Extended driveway • Offered at $347k

Pat Burns 434-465-4444 • 3 bedrooms • 3 full baths • Massive decking • Beautiful stone fireplace • Mountain Views • Over 5 acres • 3248 SF • $465,000

MLS# 598510 TURTLE CREEK

Dan Corbin 434-531-6155 • Log Home on 29 acres near Crabtree Falls • 2 bedroom, 2 bath, Fireplace, Furnished • 400+ ft. on the Beautiful Tye River • Perfect Full Time, Weekend or Vacation Rental Home • Call agent about MLS 595601 Enjoy Nelson Co.!

Lori Click 434-326-7593 • 3 bedrooms, 2 full baths, 1,730 Fin. Sq. Ft. • 19 +/- Acres, open & ready to be fenced for animals • Quality brick home with “good bones” • Needs cosmetic TLC • Brick, detached 2 car garage with electric opener • In-ground pool, just needs a new liner MLS #594708

434.985.0021 410 West Main Street Charlottesville, VA 22902 Downtown

CAAR REAL ESTATE WEEKLY WWW.CAAR.COM 434.974.1500 943 Glenwood Station Ln Suite 203 Charlottesville VA 22901 Candice van der Linde 434-981-8730 • 2 UNITS AVAILABLE • 2 Bed 2 Bath w/Solarium • Superiorly well maintained • Tenants until Spring 2020 • Keep as an investment or owner occupy • May work out a deal for cash buyers obtaining both units • 117-3: $170,000 - 102-3: $163,000! Superiorly well maintained Tenants until Spring 2020 Option to keep as an investment or owner occupy May work out a deal for cash buyers obtaining both units

CAAR REAL ESTATE WEEKLY WWW.CAAR.COM the average days on market down for the region. At 56 days, the average days on market in Albemarle County is 9 days less than last year. While homes are selling faster in Albemarle County, the average days on market has been trending up in several local markets in the region. The City of Charlottesville and Fluvanna County have had rising average days on market for the past several quarters, which could be an early signal of changing market conditions, or possibly a mismatch between the homes available and the types and/or prices of homes sought after by buyers.

Inventory

The inventory of active listings continues to decline at a moderate pace in the CAAR region. There were about 1,316 active listings at the end of the 4th quarter, which is 45 fewer listings than a year ago, a 3% drop. For the 2nd quarter in a row, Nelson County had the largest inventory decrease, with 38 fewer active listings on the market compared to a year prior. After nearly 2 years of expanding inventory, the City of Charlottesville had a reduction of active listings in the 4th quarter, with 8 fewer listings compared to a year ago. Greene County continues to have the most consistent supply growth, with 17 more active listings than a year ago, the 6th increase in the past 7 quarters. The tight inventory in the CAAR footprint reflects similar trends occurring throughout the State and beyond, which are putting upward pressure on home prices and causing affordability challenges in many local markets. There was approximately 3.5 months of supply at the end of the 4th quarter in the CAAR regional housing market, down from 3.7 months last year. About VR

The Virginia REALTORS® (VR) association is the largest professional trade association in Virginia, representing nearly 34,000 REALTORS® engaged in the residential and commercial real estate business. The Virginia REALTORS® association serves as the advocate for homeownership and private property rights and represents the interests of real estate professionals and property owners in the Commonwealth of Virginia. About CAAR

The Charlottesville Area Association of REALTORS® (CAAR) represents more than 1,300 real estate professionals in Charlottesville and Albemarle and the sur rounding areas of Fluvanna, Greene, Lou isa, and Nelson counties. If you have a question about today’s market, contact a REALTOR® today using mycaar. com for residential properties and cvcmls.com for commercial properties. NOTE: The term REALTOR® is a reg istered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.

1 The Charlottesville MSA includes Charlottesville City, Albemarle County, Buckingham County, Fluvanna County, Greene County, and Nelson County

VOL. 28 NO. 26 n JUNE 26 - JULY 2, 2019 WWW.CAAR.COM A PUBLICATION OF THE CHARLOTTESVILLE AREA ASSOCIATION OF REALTORS®

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A PUBLICATION OF THE CHARLOTTESVILLE AREA ASSOCIATION OF REALTORS® Charlottesville, Albemarle, Fluvanna, Greene, Louisa, Madison, Nelson, Orange, Augusta Celebrating the Fourth: Honoring Patriots, Celebrating Freedom

BY KEN WILSON

VOL. 28 NO. 20 n MAY 15 - MAY 21, 2019 WWW.CAAR.COM A PUBLICATION OF THE CHARLOTTESVILLE AREA ASSOCIATION OF REALTORS®

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A PUBLICATION OF THE CHARLOTTESVILLE AREA ASSOCIATION OF REALTORS® Charlottesville, Albemarle, Fluvanna, Greene, Louisa, Madison, Nelson, Orange, Augusta

We’ve Got Central Virginia COVERED!

VOL. 28 NO. 1 n JANUARY 2- JANUARY 8, 2019 WWW.CAAR.COM A PUBLICATION OF THE CHARLOTTESVILLE AREA ASSOCIATION OF REALTORS®

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A PUBLICATION OF THE CHARLOTTESVILLE AREA ASSOCIATION OF REALTORS® Charlottesville, Albemarle, Fluvanna, Greene, Louisa, Madison, Nelson, Orange, Augusta

ALSO: Quick Fixes for the Nearly Perfect Home

24 HOURS • 52 WEEKS • 365 DAYS PER YEAR

Real Estate Weekly CA AR

Snow Sports:

Slipping and Sliding at Wintergreen and Massanutten BY KEN WILSON

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Nelson County: Spectacular Scenery and Affordable Home Prices VOL. 28 NO. 11 n MARCH 13 - MARCH 19, 2019 WWW.CAAR.COM A PUBLICATION OF THE CHARLOTTESVILLE AREA ASSOCIATION OF REALTORS®

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A PUBLICATION OF THE CHARLOTTESVILLE AREA ASSOCIATION OF REALTORS® Charlottesville, Albemarle, Fluvanna, Greene, Louisa, Madison, Nelson, Orange, Augusta

Meet a Remarkable Lineup of Authors at the 25th Annual Virginia FESTIVAL OF THE BOOK BY KEN WILSON

Knowledge, experience and professional expertise! Working to help Buyers and Sellers meet their real estate needs. Call or text Cheryl at 434.531.3829

Introducing Park Lane from the Upper $400’s 26 Farmhouse Inspired Homes Across from Crozet Park Tour our Newest Model Homes in Belvedere and Old Trail Village Tour our Newest Model Homes in Belvedere and Old Trail VillageTour our Newest Model Homes in Belvedere and Old Trail Village

Tour our New Model Home In Westlake at Foothill Crossing OPEN DAILY 12-5 | 434- 218-2352 | Parklane@craigbuilders.com | craigbuilders.com/modelhomes Currituck Model in Belvedere | 905 Belvedere Blvd, Charlottesville, VA 22901 Villa Model in Old Trail Village | 406 Astel St, Crozet, VA 22932 MODEL HOMES OPEN DAILY 12-5 | 434-973-3362 | craigbuilders.com Currituck Model in Belvedere | 905 Belvedere Blvd, Charlottesville, VA 22901 Villa Model in Old Trail Village | 406 Astel St, Crozet, VA 22932 MODEL HOMES OPEN DAILY 12-5 | 434-973-3362 | craigbuilders.com Currituck Model in Belvedere | 905 Belvedere Blvd, Charlottesville, VA 22901 Villa Model in Old Trail Village | 406 Astel St, Crozet, VA 22932 MODEL HOMES OPEN DAILY 12-5 | 434-973-3362 | craigbuilders.com