CAAR 2019 4th Quarter Home Sales Report Now Available
The CAAR 2019 4th Quarter Home Sales Report, a custom report prepared by Virginia REALTORS®, is
now available. In addition to providing housing metrics, this report provides you with an in-depth look into local, state, and national economic conditions including unemployment rate comparisons, job change by industry, monthly permits for new residential construction, and more. It's a great way to understand the real estate market in a holistic way.
Economic Conditions
• The Charlottesville area economy is strong, with steady job growth in the first half of 2019.
• Low unemployment in the region has made it challenging for local businesses to find workers to fill vacant positions.
• Permits for new residential construction leveled off at the end of 2019, with the pace of new construction still lagging behind what is needed to meet pent-up demand.
• Consumer confidence remains strong, though there are some indications of growing uncertainty about the future economic conditions.
• Interest rates have remained relatively unchanged for the past few weeks and are expected to remain low into 2020.
Housing Market Conditions
• Housing market conditions were strong overall in the CAAR footprint in the 4th quarter. There were more sales transactions, the median sales price climbed by $18,000, and the sold volume surged up nearly $58 million compared to last year.
• Homes sold about 5 days faster, on average, in the region, a reflection of the shrinking inventory of active listings, which declined 3% in the 4th quarter compared to a year ago.
Download the report today! CAAR Members Continue Home Ownership & Property Rights
Discussions with Key Legislators
Over 15 members of the Charlottesville Area Association of REALTORS® (CAAR) attended a CAAR Day on the Hill on Thursday, January 16, 2020 in Richmond, Virginia.
The CAAR Day on the Hill gave members the opportunity to represent their industry, Association and clients, and influence Virginia housing policy in-person. They met with key legislators and their staff including Creigh Deeds, Rob Bell, Sally Hudson, Emmet Hanger, and Chris Runion.
During these important meetings, CAAR members asked Senate and House members for their support on the Virginia REALTORS® 2020 Legislative Agenda and other bills affecting home ownership and property rights.
On Thursday, January 23, 2020, Congressman Denver Riggleman spoke to the local REALTOR® community. Congressman Riggleman reflected on his first year in Washington and discussed Federal legislation that has impacted home ownership and the real estate industry.
Watch the NBC29 coverage of the event.