Feb 201717

Number of Homes Sold Increases in Areas of Charlottesville Market in January 2017

Feb 201717

Number of Homes Sold Increases in Areas of Charlottesville Market in January 2017

Market Minute LogoA number of areas of the Charlottesville real estate market experienced an increase in the number of homes sold in January, 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 Jan2017

The number of homes sold increased in numerous areas of the Charlottesville region in January when compared to the previous year, with both Buckingham and Greene counties seeing a 50 percent increase. In Albemarle County, the number of homes sold rose by 31 percent, followed by the City of Charlottesville with a 19 percent increase. Fluvanna County experienced no year-over-year change, and in Nelson County, the number of homes sold fell by 47 percent.

Median sale prices varied in the Charlottesville region when compared to the same month last year, with Albemarle County experiencing a 41 percent increase. In Greene County, the median sale price rose by 24 percent, followed by the City of Charlottesville with a 5 percent increase. In Fluvanna County, the median sale price increased by 4 percent, while in Nelson and Buckingham counties it fell by 21 percent and 40 percent, respectively.

Active inventory decreased in the Charlottesville region in January. Fluvanna County saw a 33 percent decrease, followed by the City of Charlottesville with a decrease of 27 percent. In Albemarle County, active inventory fell by 26 percent, and it fell by 20 percent in Greene County. Nelson County experienced a 9 percent drop in active inventory, while Buckingham County saw a 5 percent decline.

In the City of Charlottesville, homes sold at a steady pace with a days on market (DOM) average of 49 days in January, followed by Buckingham County with a DOM average of 76 days. Albemarle County saw a DOM average of 93 days, and in Greene County the DOM average was 95 days. In Fluvanna and Nelson counties, the DOM averages were 99 days and 218 days, respectively.

“Though we’re still in the real estate market’s slow winter season, the United States economy continued to see improvements in January, and we saw positive trends happening in housing too, including in the Charlottesville region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Low inventory continues to cause frustration for many, but is helping to push up sale prices for those selling homes. We’re looking forward to a healthy spring market.”

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.