CAAR 2019 3rd Quarter Home Sales Report Now Available
The CAAR 3rd 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. Report takeaways include:
• Job growth in the Charlottesville region was strong in the first part of 2019, a turnaround from slower economic growth at the end of last year.
• Very low unemployment suggests that businesses in the Charlottesville are continuing to find it challenging to attract and retain skilled workers.
• Interest rates remain very low, and it is likely that mortgage rates will either stabilize or head even lower before the end of the year.
Housing Market Conditions
• There were more home sales in the CAAR region in the 3rd quarter compared to last year. This is the first increase in sales for the region since the end of 2018. Fluvanna County had the largest gains, with 33 additional sales this quarter compared to a year ago.
• Home prices are climbing throughout the CAAR region. The 3rd quarter median sales price is up by$6,700 for the region. All jurisdictions in the CAAR footprint had both median sales price growth and sales transaction growth this quarter, the first time this has occurred since the spring of 2017.
• Homes are selling faster in the CAAR region. The average days on market in the 3rd quarter is down by 1 week (-7 days) from a year ago, a reflection of the tight supply of active listings on the market.
Download the full report today!
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