Mar 201716

Median Sale Prices Rose in Many Parts of the Charlottesville Market in February 2017

Mar 201716

Median Sale Prices Rose in Many Parts of the Charlottesville Market in February 2017

Market Minute LogoA number of areas of the Charlottesville real estate market experienced an increase in median sale price in February, 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.

Charlottesville MM Feb2017

Median sale prices increased in many parts of the Charlottesville region when compared to the same month last year, with Nelson County experiencing a 65 percent increase. In Buckingham County, the median sale price rose by 19 percent, followed by the Greene County with a 13 percent increase. In Albemarle County, the median sale price increased by 10 percent, while in Fluvanna County and the City of Charlottesville it fell by 1 percent and 13 percent, respectively.

The number of homes sold varied in the Charlottesville region in February when compared to the previous year. Fluvanna County saw a 12 percent increase and the City of Charlottesville experienced no change from the previous year. In Albemarle County, the number of homes sold declined by 7 percent, followed by Nelson County with a 15 percent decrease. Other areas saw the number of homes sold decrease by 31 percent to 36 percent.

Active inventory decreased in the Charlottesville region in February. Fluvanna County saw a 32 percent decrease, followed by Greene County with a decrease of 27 percent. In the City of Charlottesville, active inventory fell by 25 percent, and it fell by 19 percent in Albemarle County. Buckingham County experienced an 11 percent drop in active inventory, while Nelson County saw an 8 percent decline.

In February, Albemarle County experienced a days on market (DOM) average of 87 days, closely followed by Buckingham County with a DOM average of 88 days. In Greene County, the DOM average was 90 days and the City of Charlottesville experienced a DOM average of 92 days. In Nelson County, the average DOM was 104 days, followed by Fluvanna County with a DOM average of 119 days.

“The United States economy continued to make gains in many areas in February, and at Long & Foster we saw positive indicators of growth in the real estate market as well, including in the Charlottesville area,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Sale prices of homes continued to rise for many in the Mid-Atlantic and Northeast regions and, with continued high demand for homes, we expect to see a busy spring season.”

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.