Jan 201717

Number of Homes Sold Increases in Much of Charlottesville Market in December 2016

Jan 201717

Number of Homes Sold Increases in Much of Charlottesville Market in December 2016

Market Minute LogoMost of the Charlottesville real estate market experienced an increase 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.

Charlottesville MarketMinute Chart Dec2016

The number of homes sold rose in most parts of the Charlottesville region in December when compared to the previous year, with Buckingham County experiencing a jump of 250 percent over the previous year. In the City of Charlottesville, the number of homes sold increased by 19 percent, followed by Nelson County with a 13 percent increase. Albemarle County experienced a 7 percent increase in the number of homes sold, while in Fluvanna County, the number of homes sold rose by 3 percent. In Greene County, the number of units sold declined by 35 percent.

Median sale prices fell in many parts of the Charlottesville region when compared to the same month last year, though Albemarle County experienced a 15 percent increase. In Fluvanna County, the median sale price declined by 1 percent, followed by Greene County with an 8 percent decrease. In Nelson County, the median sale price decreased by 9 percent, while in other areas it fell by 18 percent to 77 percent.

Active inventory decreased in the Charlottesville region in December. The City of Charlottesville saw a 39 percent decrease, followed by Albemarle County with a decrease of 25 percent. In Fluvanna County, active inventory fell by 23 percent, and it fell by 16 percent in Greene County. Nelson County experienced an 8 percent drop in active inventory, while Buckingham County saw a 2 percent decline.

In Buckingham County, homes sold at a steady pace with a days on market (DOM) average of 40 days in December, followed by the City of Charlottesville with a DOM average of 66 days. Greene County saw a DOM average of 70 days, and in Albemarle County the DOM average was 79 days. In Fluvanna and Nelson counties, the DOM averages were 109 days and 170 days, respectively.

“The positive trends we’ve been seeing in the U.S. economy continued in December, and though the real estate market is in its typical winter slowdown we still saw some good things happening, including in the Charlottesville region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “We anticipate a strong 2017 real estate market where buyers will be able to take advantage of a number of factors like better FHA loan terms and mortgage rates ranging from 4-5 percent.”

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.