Parts of the Charlottesville real estate market saw good things happening in September, 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.
In the Charlottesville region, the number of homes sold increased in a few areas when compared to September 2014. Buckingham County experienced a whopping 133 percent increase in the number of homes sold, followed by Fluvanna County with a 7 percent increase. The City of Charlottesville saw an increase of 2 percent, and Albemarle County experienced a 7 percent decline. Nelson County experienced a drop of 8 percent followed by Green County with a decline of 33 percent.
Median sale prices in the Charlottesville region varied when compared to the same month in 2014, increasing by 45 percent in Buckingham County and by 8 percent in the City of Charlottesville. Albemarle County saw a 1 percent increase. Other areas experienced decreases of 4 percent to 7 percent.
Active inventory decreased throughout the Charlottesville region. Greene County saw a 28 percent decrease, and Nelson County saw a decrease of 18 percent. In the City of Charlottesville inventory fell by 17 percent, while it dropped by 11 percent in Albemarle County and 9 percent in Buckingham County. Inventory in Fluvanna County fell by 5 percent.
In the City of Charlottesville, homes are selling at a solid pace with a days on market (DOM) average of 57 days, followed by a DOM of 62 days in Greene County. Albemarle County experienced an average DOM of 70 days, while other parts of the region saw DOM averages ranging from 73 days to 232 days.
“Though many are still concerned for economic growth in China, The United States economy is continuing to grow and the job market is steadily improving. The stability in the U.S. was also reflected in the real estate market, including locally,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster Companies. “In the Charlottesville region, we continued to see improvements in a number of areas, and we anticipate a healthy last few months of 2015.”
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.