Portions of the Charlottesville real estate market experienced favorable movement in median sale prices in October, 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.
Median sale prices in the Charlottesville region varied when compared to the same month in 2014, increasing by a staggering 253 percent in Buckingham County and by 27 percent in Greene County. The City of Charlottesville saw median sale prices increase by 12 percent, followed by Albemarle County with an 8 percent increase. In Nelson and Fluvanna counties, median sale prices decreased by 11 percent and 31 percent, respectively.
In the Charlottesville region, the number of homes sold increased in a few areas when compared to October 2014. Nelson County experienced a 35 percent increase in the number of homes sold, followed by Greene County with a 31 percent increase. In Buckingham County there was no change year-over-year, and Albemarle County experienced a 7 percent decline. Fluvanna County experienced a drop of 9 percent followed by the City of Charlottesville with a decline of 19 percent.
Active inventory decreased throughout the Charlottesville region. Greene County saw a 22 percent decrease, and Nelson County saw a decrease of 16 percent. In the City of Charlottesville inventory fell by 15 percent, while it dropped by 11 percent in Albemarle County and 7 percent in Fluvanna County. Inventory in Buckingham County fell by 6 percent.
In Albemarle County, homes are selling at a steady pace with a days on market (DOM) average of 87 days, followed by a DOM of 95 days in the City of Charlottesville. Other parts of the region saw DOM averages ranging from 113 days to 236 days.
“Consumer confidence increased once again in October and the labor market’s performing well ”“ both of which are good news for the economy,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “At Long & Foster, business remained steady, including in the Charlottesville region where we saw improvements in median sale prices in a number of areas. We predict to see continued stability in housing as 2015 comes to a close.”
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.