Parts of the Charlottesville real estate market experienced increases in median sale price in March, 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.

Median sale prices in the Charlottesville region varied when compared to the same month in 2015, with an 85 percent increase in Buckingham County and a 13 percent increase in the City of Charlottesville. Nelson County saw median sale prices increase by 4 percent, while prices declined by 4 percent in Albemarle County. The Fluvanna and Greene counties saw declines of 31 percent and 35 percent, respectively.

The number of homes sold declined in many areas of the Charlottesville region in March when compared to the previous year, though Buckingham County experienced a whopping 200 percent increase over the previous year. In Albemarle County, the number of homes sold increased by 10 percent. Other areas experienced declines of 11 percent to 25 percent.

Active inventory decreased in most the Charlottesville region. Buckingham County saw a 48 percent decrease, and the City of Charlottesville saw a decrease of 23 percent. In Albemarle County inventory fell by 18 percent, while it dropped by 11 percent in Nelson County and 4 percent in Greene County. In Fluvanna County, active inventory increased by 3 percent.

In the Greene County, homes sold at a steady pace with a days on market (DOM) average of 71 days, followed by a DOM of 82 days in the City of Charlottesville and 96 days in Albemarle County. Other parts of the Charlottesville region saw DOM averages ranging from 103 days to 138 days.

“The real estate market has been off to a good start this year and although low inventory has impacted many areas, homes are continuing to sell at a steady pace, including in the Charlottesville region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Across Long & Foster’s markets we’ve seen modest overall growth in sales in the first quarter of 2016 and we expect to see even more positive trends in the months ahead.”

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.