The number of homes on the market fell drastically across the Charlottesville region in May, but that didn’t stop buyers from snapping up properties. Units sold were up as much as 200 percent in Buckingham County and 37 percent in Charlottesville, while inventory dropped by double digits in the area.
Strong demand for falling supply drove prices up in some areas, according to Long & Foster Real Estate. Inventory in Albemarle County was down 33 percent from last year, but prices rose 5 percent. Prices in Charlottesville were also up 5 percent.
In a more balanced market, homes in the region reasonably sell within 45 to 60 days and close at around 94 percent of the asking price, said Larry “Boomer” Foster, president of Long & Foster Real Estate.
“Homes are not staying on the market if they’re priced correctly and you make sure they show well,” Foster said. “Properties at the entry- and mid-level price points are selling very quickly. There just isn’t enough inventory for buyers in that range.”
Mortgage interest rates are slowly increasing, as expected, but Foster said he doesn’t think that alone will dampen demand. He predicted a seller’s market at least through the end of the year, because of strong economic indicators, as long as consumer confidence remains solid. When it comes to buying or selling, consumers should rely on the advice of an experienced real estate agent to navigate a complex process.
“An experienced agent can help evaluate multiple offers and get you the most for your house,” Foster said. “There are many companies out there that say they will provide services at a discounted rate, but you generally get what you pay for.”
The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions for more than 500 local areas and neighborhoods and over 100 counties in eight states. The easy-to-read, easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, list to sold price ratio, days on market and more.
Information included in this report is based on data supplied by Charlottesville Area Association of Realtors, which are not responsible for its accuracy. The reports include residential real estate transactions within specific geographic regions, not just Long & Foster sales, and they 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.