October 26, 2006
After five record breaking years, there is more evidence that the booming housing market is slowing down. Last month, home sales across Virginia were down 27 percent from this time last year. In Charlottesville, sales were down 11 percent from this time last year but on pace with 2004. Realtors say this makes for a better market.
"Buyers have some choices now. Before, they had to run out and buy the first house they saw. It was multiple offers and now they will have a little bit more of a chance to go out and look at things and make their decision," said Pat Sury, President of the Charlottesville Area Association of Realtors.
Agents say the amount of homes on the available to buyers has doubled since 2004 making it now a buyers market. Still, the median price of homes in the area has risen by an average of 9 percent.