Median sale prices increased in parts of the Charlottesville real estate market in May, 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 when compared to May 2014, including a 31 percent jump in Nelson County. Buckingham County saw median sale prices rise by 23 percent, and Greene County experienced a 19 percent increase. In Fluvanna County, the median sale price increased by 17 percent, followed by Albemarle County with an increase of 2 percent. The median sale price increased by 1 percent in the City of Charlottesville.
The number of units sold in the Charlottesville region varied when compared to the same month in 2014, increasing by 50 percent in Buckingham County and by 37 percent in Nelson County. Greene County saw a 12 percent increase, while Fluvanna County reported no change year-over-year. Both Albemarle County and the City of Charlottesville saw decreases of 6 percent.
Active inventory decreased in most of the Charlottesville region. Greene County saw a 27 percent decrease, and the City of Charlottesville saw a decrease of 25 percent. In Albemarle County inventory fell by 14 percent, while it dropped by 11 percent in both Nelson and Fluvanna counties. Inventory in Buckingham County rose by 16 percent.
In the City of Charlottesville, homes are selling at a solid pace with a days on market (DOM) average of 45 days, followed by a DOM of 59 days in Buckingham County. Greene County experienced an average DOM of 65 days, while other parts of the region saw DOM averages ranging from 81 days to 196 days.
“Across the Mid-Atlantic and Northeast, real estate did well during the month of May including in the Charlottesville region where we saw improvements in median sale prices,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “The markets this year have been much healthier overall and we saw higher than predicted retail sales, a year-over-year boost in customer confidence, and a slight uptick in new jobs. We’re confident these positive trends will continue through the summer.”
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.
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