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CAAR Publishes 2017 First Quarter Home Sales

Q12017 Market Report InfographicThe Charlottesville Area 2017 First Quarter Highlights:

  • Home sales climbed 3.5% (595) over Q1 2016 (575), led by an increase of 6.8% in attached home sales.
  • Greater Charlottesville median sales price rose to $270,000 (8.0%) compared to this time last year ($250,000).
  • The median days on the market in the 1st Quarter was 28, 32-days lower than in Q1 2016. • New listings improved 4.2% (1,712) compared to this time last year (1,643), while inventory of homes for sale marked a 15.8% decline.
  • Pending sales was 14.1% (1,060) higher compared to Q1 2016 (929), driven by a high demand in detached homes (16.5%). 
National Outlook
Residential real estate for the first quarter of 2017 is off to a good start, despite uncertain circumstances when the year began. Aside from new national leadership in Washington, D.C., and the policy shifts that can occur during such transitions, there was also the matter of continuous low housing supply, steadily rising mortgage rates, and ever-increasing home prices. Nevertheless, sales have held their own in year-over-year comparisons and should improve during the busiest months of the real estate sales cycle.

Greater Charlottesville
Closed Sales increased 2.5 percent for Single-Family Detached homes and 6.8 percent for Single-Family Attached homes. Pending Sales increased 16.5 percent for Single-Family Detached homes and 6.6 percent for Single-Family Attached homes. Inventory decreased 16.2 percent for Single-Family Detached homes and 14.2 percent for Single-Family Attached homes.

“Our market reflects the same state and national trends; low inventory and rising home prices,” said CAAR President Anthony McGhee. “The median sales price for Albemarle and Greene jumped more than 25% compared to this time last year – a significant change. While the increase in home sales price is good for sellers, buyers are still challenged with substantial low inventory, especially in Fluvanna and Greene where they saw a decline of 36% or more homes for sale.”

“The ‘spring market’ for our area came early,” said CAAR President-Elect Arleen Yobs. “Agents are extremely busy trying to secure what few houses are available for the number of buyers entering the market. This is evident in this quarter’s statistics for median days on the market and pending sales. While all six counties saw a decrease of more than 20% in median days on the market, pending sales are up dramatically (50%) for Louisa and Fluvanna.”

Fair Housing FlyerApril is Fair Housing Month

The Charlottesville Area Association of REALTORS® (CAAR) is committed to highlighting the Fair Housing Act by continuing to address discrimination in our community, to support programs that will educate the public about the right to equal housing opportunities, and to plan partnerships efforts with other organizations to help assure every one of their right to fair housing.

About CAAR

The Charlottesville Area Association of REALTORS® serves more than 1,000 real estate professionals and affiliate members throughout the City of Charlottesville and the counties of Albemarle, Fluvanna, Greene, Louisa, and Nelson. Widely recognized as the leading voice for real estate in Central Virginia since 1925, CAAR members bring professionalism and high ethical standards to every business transaction. The Association advocates for the protection of private property rights and provides tools and technology for members to achieve expertise in serving the needs of customers and clients. The CAAR membership is committed to enriching the region’s neighborhoods by engaging in a variety of educational programs as well as community service events each year.

Vision - The REALTOR® is indispensable to every real estate decision.

Mission - To support our REALTOR® members to be professional, ethical and successful.