Most of the Charlottesville real estate market experienced favorable movement in the number of homes sold in December, 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.
The number of homes sold increased in most of the Charlottesville region in December when compared to the previous year. In Nelson County, the number of homes sold increased by 28 percent, followed by Greene County with an increase of 12 percent. In Albemarle County, the number of homes sold rose by 11 percent and the City of Charlottesville experienced a 9 percent increase. In Fluvanna County, home sales increased by 3 percent, while they declined by 90 percent in Buckingham County.
Median sale prices in the Charlottesville region varied when compared to the same month in 2014, increasing by 144 percent in Buckingham County and by 20 percent in the City of Charlottesville. Fluvanna County saw median sale prices increase by 13 percent, followed by no year-over-year change in Greene County. Albemarle and Nelson counties saw declines of 5 percent and 19 percent, respectively.
Active inventory decreased throughout the Charlottesville region. Greene County saw a 35 percent decrease, and both Albemarle and Nelson counties saw a decrease of 22 percent. In the City of Charlottesville inventory fell by 21 percent, while it dropped by 19 percent in Buckingham County and 8 percent in Fluvanna County.
In the City of Charlottesville, homes sold at a steady pace with a days on market (DOM) average of 87 days, followed by a DOM of 92 days in Fluvanna County and 96 days in Albemarle County. Other parts of the region saw DOM averages ranging from 102 days to 244 days.
“In December, the recent economic trends we’ve been seeing in the United States’ economy continued as more jobs were added and wages increased. Additionally, according to the Associated Press, new home sales jumped almost 15 percent in 2015,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “We saw additional positive trends happening within Long & Foster’s footprint, including in much of the Charlottesville region where we saw increased home sales. We look forward to what the 2016 market brings us.”
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, Inc.