Jun 201623

Much of Charlottesville Real Estate Market Saw Median Sale Prices Rise in May 2016

Jun 201623

Much of Charlottesville Real Estate Market Saw Median Sale Prices Rise in May 2016

Market Minute LogoMany areas of the Charlottesville real estate market experienced an increase in median sale price 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 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 May2016

Median sale prices increased in many parts of the Charlottesville region when compared to the same month in 2015, with a 7 percent increase in the City of Charlottesville. Albemarle, Buckingham and Greene counties each saw a 6 percent increase in median sale price, followed by Nelson County with a 1 percent increase. In Fluvanna County, the median sale price fell by 11 percent.

The number of homes sold varied in the Charlottesville region in May when compared to the previous year, with Fluvanna County experiencing a 38 percent increase over the previous year. In Greene County, the number of homes sold increased by 17 percent, followed by Albemarle County with a 6 percent increase. Buckingham County experienced no change compared to the previous year and the City of Charlottesville and Nelson County experienced declines of 8 percent and 36 percent, respectively.

Active inventory decreased in the Charlottesville region. Buckingham County saw a 55 percent decrease, and the City of Charlottesville saw a decrease of 22 percent. In Albemarle County inventory fell by 18 percent, while it dropped by 16 percent in Greene County and 14 percent in Nelson County. In Fluvanna County, active inventory declined by 9 percent.

In the City of Charlottesville, homes sold at a steady pace with a days on market (DOM) average of 43 days, followed by a DOM of 64 days in Albemarle County and 76 days in Fluvanna County. Other parts of the Charlottesville region saw DOM averages ranging from 152 days to 319 days.

“May was a good month for the real estate industry overall this year, as well as in the Charlottesville region. Mortgage rates remain at historic lows and consumer confidence hit its highest since June 2015 last month,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “These developments, along with other positive economic news, indicate the strength of the real estate market, which we expect to continue to do well throughout 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.

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.