Median sale prices increased in parts of the Charlottesville real estate market 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 compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

 

In the Charlottesville region, the real estate market saw increases in median sale prices in a number of areas when compared to April 2014, including a 38 percent jump in Fluvanna County. The City of Charlottesville saw median sale prices rise by 16 percent, and Albemarle County experienced a 6 percent increase. In Buckingham County, the median sale price decreased by 18 percent, followed by Greene County with a decrease of 22 percent. The median sale price dropped by 30 percent in Nelson County.

The number of units sold in the Charlottesville region increased by 29 percent in Nelson County and thee was no change year-over-year in Buckingham County. Other areas of the region saw the number of homes sold decline by 6 percent to 36 percent.

Active inventory decreased throughout the entire Charlottesville region. Greene County saw a 24 percent decrease, and the City of Charlottesville saw a decrease of 22 percent. In Nelson County inventory fell by 15 percent, while it dropped by 12 percent in both Albemarle and Fluvanna counties. Inventory in Buckingham County decreased by 11 percent.

In the City of Charlottesville, homes are selling at a solid pace with a days on market (DOM) average of 90 days, followed by a DOM of 91 days in Greene County. Albemarle County experienced an average DOM of 122 days, while other parts of the region saw DOM averages ranging from 128 days to 196 days.

“April showed us that there are some great things happening in the Mid-Atlantic and Northeast real estate market, including in the Charlottesville region where we saw increases in median sale prices in some areas,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “The conditions of the real estate market in many areas of the country are providing excellent opportunities for both buyers and sellers, and we’re pleased to see a nice robust spring market.”

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.