CAAR Publishes 2017 Second Quarter Home Sales
• Home sales climbed 3.9% (1,176) over Q2 2016 (1,132), led by an increase of 10.8% in attached home sales.
• Greater Charlottesville median sales price rose to $308,500 (4.3%) compared to this time last year ($295,900).
• The median days on the market in the 2nd Quarter was 13, 8-days lower than in Q2 2016.
• New listings (1,729) remained steady compared to this time last year (1,703), while pending sales dropped slightly (-0.5%).
• Inventory of homes for sale declined -29.7%, resulting in 5.4 months supply of inventory compared to 8.2 months supply in Q2 2016.
While job creation has increased and mortgage rates remain low, there has been a general slowdown in sales across the country. There continues to be a strong demand for home buying, emphasized by higher prices and multiple offers on homes for sale in many submarkets. Low inventory is the main cause for these month-after-month and year-after-year trends.
Closed Sales increased 2.0 percent for Single-Family Detached homes and 10.8 percent for Single-Family Attached homes. Pending Sales increased 1.0 percent for Single-Family Detached homes but decreased 5.8 percent for Single-Family Attached homes. Inventory decreased 30.9 percent for Single-Family Detached homes and 24.5 percent for Single-Family Attached homes.
“The Greater Charlottesville area continues to move at a rapid pace,” said CAAR President Anthony McGhee. “Five out of six localities showed a higher median sales price this quarter compared to last year – most prominently in Nelson County (28.7%). In addition, all six localities showed a decline in median days on the market – Greene, City of Charlottesville, and Fluvanna saw a 38% decrease or more.”
“While four out of six localities had higher closed sales this quarter compared to last year, especially in Fluvanna and Nelson, buyers continue to be challenged with low inventory in our area,” said CAAR President-Elect Arleen Yobs. “At the end of this quarter, the City of Charlottesville had the highest improvement in new listings (11.4%), whereas Greene had the lowest (-24%).”
to read the full press release.