May 201718

Home Sales Rose in Much of the Charlottesville Market in April 2017

May 201718

Home Sales Rose in Much of the Charlottesville Market in April 2017

Market Minute Logo 2017Most parts of the Charlottesville real estate market experienced an increase in the number of homes sold in April, according to the Long & Foster Market Minute reports. The Charlottesville market includes the City of Charlottesville and Albemarle, Buckingham, Nelson, Fluvanna and Greene counties. The Long & Foster Market Minute reports are based on data provided by Charlottesville Area Association of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.

Charlottesville MM April2017

The number of homes sold increased in most areas of the Charlottesville region in April when compared to the previous year. Nelson County saw a 65 percent increase in home sales and Greene County experienced a 63 percent increase. In Fluvanna County, the number of homes sold increased by 59 percent year-over-year, followed by Albemarle County with a 14 percent increase. In the City of Charlottesville, the number of homes sold rose by 2 percent, and in Buckingham County it remained the same compared to the previous year.

Median sale prices increased in many parts of the Charlottesville region in April when compared to the same month last year as well. Fluvanna County experienced a 20 percent increase in median sale price, followed by both the City of Charlottesville and Nelson County with a 19 percent increase. In Albemarle County, the median sale price rose by 1 percent. Greene County experienced a 5 percent decrease in median sale price, while Buckingham County saw a decline of 61 percent.

Active inventory decreased in most of the Charlottesville region in April. Fluvanna County saw a 33 percent decrease, followed by Greene County with a decrease of 22 percent. In Albemarle County, active inventory fell by 17 percent, and it fell by 16 percent in the City of Charlottesville. Nelson County experienced a 9 percent drop in active inventory, while Buckingham County experienced a 42 percent increase.

In April, the City of Charlottesville experienced a days on market (DOM) average of 40 days, followed by Albemarle County with a DOM average of 58 days. In Fluvanna County, the DOM average was 70 days and Greene County experienced a DOM average of 99 days. In Buckingham County, the average DOM was 125 days, followed by Nelson County with a DOM average of 188 days.

“April was a solid month at Long & Foster and, despite the lacking inventory that most areas are experiencing, we saw numerous positive indicators of growth in the real estate market, including in the Charlottesville region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Market conditions are creating a lot of competition for homes, but we know our family of experienced, professional agents can help homebuyers succeed in finding not only a place to live, but a home they’ll love.”

The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions and presented at the county level. The easy-to-read and easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. Featuring reports for more than 500 local areas and neighborhoods in addition to more than 100 counties in eight states, The Long & Foster Market Minute is offered to buyers and sellers as they aim to make well-informed real estate decisions.

The Long & Foster Market Minute reports are available at www.LongandFoster.com, and you can subscribe to free updates for the reports in which you’re interested. Information included in this report is based on data supplied by CAAR, which is not responsible for its accuracy. The reports do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of CAAR or Long & Foster Real Estate.