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CAAR Publishes 2017 Second Quarter Home Sales

CAAR 2017 2nd Quarter Market Report Infographic• 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.

National Outlook
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.

Greater Charlottesville
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%).”

Click here to read the full press release.

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.