Dec 201616

Number of Homes Sold Rose in Much of Charlottesville Market in November 2016

Dec 201616

Number of Homes Sold Rose in Much of Charlottesville Market in November 2016

Market Minute LogoMany areas of the Charlottesville real estate market experienced an increase in the number of homes sold in November, 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 Market Minute Chart Nov16

The number of homes sold rose in most parts of the Charlottesville region in November when compared to the previous year, with Nelson County experiencing a jump of 83 percent over the previous year. In Albemarle County, the number of homes sold increased by 40 percent, followed by Greene County with a 31 percent increase. The City of Charlottesville experienced a 9 percent increase in the number of homes sold, while in Fluvanna and Buckingham counties, the number of homes sold fell by 11 percent and 14 percent, respectively.

Median sale prices increased in a number of areas of the Charlottesville region when compared to the same month last year as well, with a 36 percent increase in Greene County. In Nelson County, the median sale price rose by 29 percent, followed by Fluvanna County with a 16 percent increase. In the City of Charlottesville, the median sale price increased by 13 percent, and in Albemarle County it fell by 12 percent. Buckingham County experienced a 26 percent decline in median sale price.

Active inventory decreased in the Charlottesville region in November. The City of Charlottesville saw a 34 percent decrease, followed by Albemarle County with a decrease of 26 percent. In Fluvanna County, active inventory fell by 20 percent, and it fell by 12 percent in Buckingham County. Nelson County experienced a 10 percent drop in active inventory, while Greene County saw a 3 percent decline.

In the City of Charlottesville, homes sold at a steady pace with a days on market (DOM) average of 61 days in November, followed by Fluvanna County with a DOM average of 63 days. Albemarle County saw a DOM average of 70 days, and in Greene County the DOM average was 81 days. In Nelson and Buckingham counties, the DOM averages were 176 days and 204 days, respectively.

“November was another good month for the United States economy, with consumer confidence hitting one of its highest numbers since 2007. In the Mid-Atlantic and Northeast housing market, we saw a number of positive trends as well, including in the Charlottesville region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Although inventory is still sparse, many people are choosing to buy a home, taking advantage of mortgage rates while they remain low.”

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.