The number of units sold increased in some parts of the Charlottesville real estate market in June, 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 compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
The number of units sold in the Charlottesville region varied when compared to the same month in 2014, increasing by 40 percent in Greene County and by 28 percent in the City of Charlottesville. Fluvanna County saw a no change in the number of homes sold, while Albemarle County reported a 3 percent dip. Other areas experienced decreases of 27 percent to 33 percent.
In the Charlottesville region, median sale prices varied when compared to June 2014, including an 8 percent increase in Fluvanna County. The City of Charlottesville saw no change in median sale price, and Albemarle County experienced a 9 percent decrease. In Greene County, the median sale price decreased by 12 percent, followed by Nelson County with a decrease of 18 percent. The median sale price decreased by 35 percent in Buckingham County.
Active inventory decreased in most of the Charlottesville region. Greene County saw a 33 percent decrease, and the City of Charlottesville saw a decrease of 26 percent. In Albemarle County inventory fell by 17 percent, while it dropped by 14 percent in Fluvanna County and 12 percent in Nelson County. Inventory in Buckingham County rose by 18 percent.
In the City of Charlottesville, homes are selling at a solid pace with a days on market (DOM) average of 48 days, followed by a DOM of 80 days in Albemarle County. Fluvanna County experienced an average DOM of 92 days, while other parts of the region saw DOM averages ranging from 103 days to 170 days.
“The United States’ economy has been doing well this year, and as of June, consumer confidence has remained up 16 percent over last year. This positivity has shown in the real estate market, including in the Charlottesville region, where we saw low inventory,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Many industry experts are predicting rising interest rates in the fall, and I’m optimistic that the second half of 2015 will bring more improvements.”
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.
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