CAAR Publishes 2018 Second Quarter Home Sales
Greater Charlottesville Area 2018 Second Quarter Highlights:
• Home sales climbed 7.5% (1,290) compared to Q2 2017 (1,200), led by an increase (23.6%) in attached homes.
• Greater Charlottesville median sales price rose slightly to $314,500 (1.6%) compared to this time last year ($309,500).
• The median days on the market in the 2nd Quarter was 45, 10-days lower than in Q2 2017.
• New listings increased 7.5% (1,691) compared to Q2 2017 (1,573), as pending sales also improved by 12.8% (1,238) compared to this time last year (1,098).
• Inventory of homes for sale declined -8.6%, resulting in 4.0 months supply of inventory compared to 4.8 months supply in Q2 2017.
Inventory continues to be lower in year-over-year comparisons, and home prices are predicted to rise than not, but sales and new listings are forecast to finish the summer on an upswing. The housing supply outlook in several markets is beginning to show an increase in new construction and builders are moving away from overstocked rental units to new developments for sale.
The median sales price increased 2.1 percent to $348,200 for detached homes and 6.5 percent to $256,741 for attached homes. Median days on market decreased 15.5 percent for detached homes and 29.8 percent for attached homes.
“The Greater Charlottesville market continues to deliver strong numbers year-over-year for the second quarter,” said CAAR President Arleen Yobs. “While the median sales price increased slightly compared to this time last year, we showed a significant growth in both closed sales and pending sales, which bodes well as we move into the third quarter.”
“Buyers entering the market are reacting quickly to the limited inventory of homes for sale,” said President-Elect Tele Jenifer. “That is evident considering five out of six localities showed a 12% drop or more in median days on the market.”
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