CAAR Publishes 2017 Third Quarter Home Sales
Greater Charlottesville Area 2017 Third Quarter Highlights:
• Home sales declined -2.4% (997) compared to Q3 2016 (1,021).
• Greater Charlottesville median sales price rose to $296,300 (8.5%) compared to this time last year ($273,100).
• The median days on the market in the 3rd Quarter was 24, 5-days lower than in Q3 2016.
• New listings increased 2.0% (1,133) compared to this time last year (1,111), as pending sales also improved (8.9%).
• Inventory of homes for sale declined -13.2%, resulting in 4.2 months supply of inventory compared to 5.1 months supply in Q3 2016.
Every market is unique, yet the national sentiment has given rise to the notion that housing markets are stalling. Although desirous buyers are out on an increasing number of showings, there remains a limited number of desirable listings. And although mortgage rates have remained enticingly low, home prices have reached unaffordable levels for many new entrants into the housing pool while established owners are proving to be less interested in moving.
Closed Sales decreased 2.4 percent for Single-Family Detached homes and 2.1 percent for Single-Family Attached homes. Pending Sales increased 6.7 percent for Single-Family Detached homes and 15.9 percent for Single-Family Attached homes. Inventory decreased 13.2 percent for Single-Family Detached homes and 13.1 percent for Single-Family Attached homes.
“The Greater Charlottesville market continues to show higher median sales price, lower median days on the market, and extremely low supply of inventory,” said CAAR President Anthony McGhee. “Three out of six localities showed a higher median sales price compared to this time last year – most prominently in Nelson County (23.3%). In addition, Albemarle, Greene, and Nelson saw a 36% decrease or more in median days on the market.”
“While Albemarle and Nelson showed growth in total sales this quarter, the City of Charlottesville saw the largest decline (-25.8%),” said CAAR President-Elect Arleen Yobs. “At the end of this quarter, Fluvanna had the highest improvement in new listings (9.5%), whereas the City of Charlottesville had the lowest (-23.5%).”
Click here to see the full press release