Sep 201626

Much of Charlottesville Real Estate Market Saw Home Sales Rise in August 2016

Sep 201626

Much of Charlottesville Real Estate Market Saw Home Sales Rise in August 2016

Market Minute LogoA number of areas of the Charlottesville real estate market experienced an increase in the number of homes sold in August, 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 August 2016

The number of homes sold increased in many parts of the Charlottesville region in August when compared to the previous year, with Albemarle County experiencing a 36 percent increase over the previous year. In Buckingham County, the number of homes sold increased by 27 percent, followed by Fluvanna County with an 18 percent increase. In the City of Charlottesville, the number of homes sold rose by 4 percent, while in Greene and Nelson counties it fell by 9 percent and 19 percent, respectively.

Median sale prices varied in the Charlottesville region when compared to the same month last year, with a 48 percent increase in the City of Charlottesville. Both Fluvanna and Greene counties experienced a 2 percent increase, while the median sale price fell by 6 percent in Buckingham County. In Albemarle County, the median sale price decreased by 7 percent and in Nelson County it fell by 34 percent.

Active inventory decreased in the Charlottesville region in August. Buckingham County saw a 40 percent decrease, and the City of Charlottesville saw a decrease of 28 percent. In Albemarle County inventory fell by 20 percent, while it dropped by 15 percent in Nelson County. In Fluvanna County, active inventory declined by 14 percent and it declined by 12 percent in Greene County.

In Green County, homes sold at a steady pace with a days on market (DOM) average of 51 days in August, followed by a DOM average of 57 days in the City of Charlottesville and 58 days in Albemarle County. In Fluvanna County, the DOM average was 82 days, while other areas experienced DOM averages of 92 days to 158 days.

“The U.S. economy was lackluster in August, but consumer sentiment remained positive. At Long & Foster, we saw evidence of that optimism in many of our markets including in the Charlottesville region, where we saw rising home sales,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Although low inventory levels continue to be a source of frustration, many are still taking advantage of historically low mortgage rates, and we expect the housing market to remain steady this fall.”

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.