Median sale prices increased in some parts of the Charlottesville real estate market in August, 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.
In the Charlottesville region, the number of homes sold increased significantly in a few areas when compared to August 2014. Buckingham County experienced a whopping 200 percent increase in the number of homes sold, followed by Nelson County with a 118 percent increase. Greene County saw an increase of 6 percent, and Albemarle County experienced a 13 percent decline. The City of Charlottesville experienced a drop of 28 percent.
Median sale prices in the Charlottesville region varied when compared to the same month in 2014, increasing by 30 percent in Nelson County and by 23 percent in Greene County. Albemarle County saw a 1 percent increase. Other areas experienced decreases of 11 percent to 26 percent.
Active inventory decreased throughout the Charlottesville region. Greene County saw a 30 percent decrease, and the City of Charlottesville saw a decrease of 21 percent. In Albemarle County inventory fell by 19 percent, while it dropped by 15 percent in Nelson County and 10 percent in Fluvanna County. Inventory in Buckingham County fell by 4 percent.
In the City of Charlottesville, homes are selling at a solid pace with a days on market (DOM) average of 61 days, followed by a DOM of 74 days in Fluvanna County. Albemarle County experienced an average DOM of 83 days, while other parts of the region saw DOM averages ranging from 130 days to 237 days.
“Despite concerns about the global economy and the stability of China’s economy and its worldwide impact, consumers in the United States remained confident in the month of August. Consumer spending continued to increase in the U.S., and this was reflected in the real estate industry, including in our local markets,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Areas of the Charlottesville region continued to see improvements in a number of areas, and we’re looking forward to a strong fall 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, Inc.