CAAR Office Closed - Fri., July 3rd
As we celebrate our freedom, let us not forget to thank all those who sacrificed to make July 4th possible. The CAAR office will be closed on
Fri., July 3rd in observation of Independence Day. We wish you a happy and safe weekend!
CAAR Operating at Level 2 Business Continuity Plan
The Charlottesville Area Association of REALTORS® (CAAR) continues to be committed to the safety and well being of all our members, staff, and guests. We continue to monitor the COVID-19 pandemic and all communication from the Centers for Disease Control (CDC), government agencies, local health officials as well as our State and National REALTOR® association partners to keep tabs on this ever-changing situation.
Effective
8:30 a.m. on
Thurs., June 11, 2020, CAAR is moving to Level 2 of our continuity of business operations.
Level 2:
• Modified building access days/hours.
• CAAR sponsored events/classes to be hosted on a case-by-case basis.
• Staff and volunteer travel to be determined on a case-by-case basis.
• Staff working remotely; available in the office by appointment only.
• Hillsdale Conference Center open for rentals or appointments.
The CAAR Leadership Team will continue to evaluate the situation and adjust our response accordingly. As an organization, we are dedicated to our members’ well-being and success. CAAR’s professional
Staff is available to you by e-mail and phone.
CAAR 2020 1st Quarter Home Sales Report Now Available
The CAAR 2020 1st Quarter Home Sales Report, a custom report prepared by Virginia REALTORS®, is
now available. In addition to providing housing metrics, this report provides you and your viewers/listeners/readers 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 has been very strong leading into this challenging time. The region’s strong economy and strong housing demand will be important to the future health of the Charlottesville area’s housing market.
• Like the rest of Virginia and the nation, the Charlottesville region will be experiencing the economic impacts of COVID-19 this spring.
• Permits for new residential construction had been strong over the past six months, including in February 2020, the most recent month for which data is available.
• Consumers’ confidence in the economy has been declining somewhat for several months. Expectations about future economic conditions have become pessimistic in the early spring.
• Mortgage rates are still low, but there has been substantial volatility and growing uncertainty in the mortgage market.
Housing Market Conditions
• Sales activity continues to expand compared to last year in the CAAR housing market. There were 837 sales in the region in the 1st quarter, 10% more than a year ago.
• At $302,000, the 1st quarter median sales price in the CAAR housing market was about $26,000 higher than last year, a 10% increase.
• The inventory in the CAAR housing market continues to shrink. There were 1,392 active listings on the market at the end of the 1st quarter, 11% fewer than a year ago.