Mar 201621

Areas of Charlottesville Real Estate Market Saw Positive Trends in February 2016

Mar 201621

Areas of Charlottesville Real Estate Market Saw Positive Trends in February 2016

Market Minute LogoMany areas of the Charlottesville real estate market experienced increases in the number of homes sold, median sale price or both in February, 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 Feb2016

The number of homes sold varied in the Charlottesville region in February when compared to the previous year, though some areas saw significant increases. In Buckingham County, the number of homes sold jumped by 120 percent, and in Greene County it rose by 45 percent. The City of Charlottesville experienced a 38 percent, while in Albemarle County it declined by 6 percent. Nelson County saw the number of homes sold decrease by 25 percent and in Fluvanna County it fell by 32 percent.

Median sale prices in the Charlottesville region rose by double digits in a number of areas when compared to the same month in 2015, with a 35 percent increase in Buckingham County and a 33 percent increase in Fluvanna County. Greene County saw median sale prices increase by 11 percent, while prices declined by 1 percent in Albemarle County. The City of Charlottesville and Nelson County saw declines of 7 percent and 16 percent, respectively.

Active inventory decreased throughout the Charlottesville region. Buckingham County saw a 33 percent decrease, and Greene County saw a decrease of 30 percent. In the City of Charlottesville inventory fell by 25 percent, while it dropped by 21 percent in Albemarle County and 13 percent in Nelson County. In Fluvanna County, active inventory droped by 8 percent.

In the Fluvanna County, homes sold at a steady pace with a days on market (DOM) average of 90 days, followed by a DOM of 111 days in the City of Charlottesville and 123 days in Albemarle County. Other parts of the Charlottesville region saw DOM averages ranging from 145 days to 173 days.

“The United States economy saw positive growth in the number of jobs added in February, which is good news for the housing market,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “We also saw some favorable improvements happening within our market areas last month as well, including in the Charlottesville region. Though many places are feeling the squeeze of low inventory, we anticipate an upturn in the spring will help alleviate demand.”

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, Inc.