Aug 201622

Parts of Charlottesville Real Estate Market Saw Median Sale Prices Rise in July 2016

Aug 201622

Parts of Charlottesville Real Estate Market Saw Median Sale Prices Rise in July 2016

Market Minute LogoA number of areas of the Charlottesville real estate market experienced an increase in median sale price in July, 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.

CharlottesvilleMM July2016 chart

Median sale prices increased in areas of the Charlottesville region when compared to the same month in 2015, with a 17 percent increase in Buckingham County. Fluvanna County experienced a 5 percent increase, while the median sale price rose by 2 percent in the City of Charlottesville. In Albemarle and Nelson counties, the median sale price decreased by 7 percent and 13 percent, respectively. Greene County experienced a 33 percent decline in median sale price in July.

The number of homes sold decreased in most parts of the Charlottesville region in July when compared to the previous year, though Fluvanna County experienced a 28 percent increase over the previous year. In Albemarle County, the number of homes sold decreased by 1 percent, followed by the City of Charlottesville with a 12 percent decrease. Other areas of the region saw the number of homes sold in July decline by 17 percent to 40 percent.

Active inventory decreased in most of the Charlottesville region in July. Buckingham County saw a 41 percent decrease, and the City of Charlottesville saw a decrease of 29 percent. In Albemarle County inventory fell by 15 percent, while it dropped by 13 percent in both Nelson and Fluvanna counties. In Greene County, active inventory increased by 2 percent.

In both Buckingham County and the City of Charlottesville, homes sold at a steady pace with a days on market (DOM) average of 46 days, followed by a DOM of 78 days in both Albemarle and Greene counties and 86 days in Fluvanna County. In the City of Charlottesville, the DOM average was 179 days.

“July brought both good and not-so-good news to the U.S. economy, with the job market remaining strong and retail sales staying flat for the month. Similarly in real estate, home sales slowed in many areas, while median sale prices increased, including in parts of the Charlottesville region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “As the summer comes to a close, we anticipate that the housing market will remain healthy heading into the autumn season.”

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.