CAAR Publishes Q4-22 Home Sales Report
The CAAR 2022 4th Quarter Homes Sales Report, a custom report prepared by Virginia REALTORS®, is
now available.
Economic Conditions
• Virginia’s job market slowed down recently. The state had about 2,200 fewer jobs in November, compared to October. Despite this dip, the overall job base in the state is now about 4,500 jobs above pre-pandemic levels, reflecting a robust job recovery over the last couple years.
• The unemployment rate remains very low but inched up for the first time in nearly two years. In November, the unemployment rate was 3% in Virginia, and in the CAAR region the unemployment rate was 2.6%. Both are up from a year ago.
• Mortgage rates have started to stabilize and trend downward. In the third week of January 2023, the average rate on a 30-year fixed mortgage was 6.15%, which is down from around 7% a few months ago.
Housing Market Conditions
• There were 917 homes sold in the CAAR market in the fourth quarter of 2022, which is a 25%reduction in sales from this time last year, or 311 fewer sales. The market has been slowing down in the CAAR footprint for the entirety of 2022.
• Home prices continue to rise through much of the area. At $400,000, the fourth quarter median sales price in the CAAR market climbed 8% from the fourth quarter last year, a gain of about$30,000.
• The supply of active listings is growing in the CAAR footprint. There were 740 active listings on the market at the end of the fourth quarter, 304 more listings than a year ago, a 70% jump.
If you have a question about today's market, contact a REALTOR® today using
mycaar.com for residential properties and
cvcmls.com for commercial properties. They have the expertise, tools, and local insight you need to make the best real estate decision.
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See how the Charlottesville Zoning Plan will make our city more affordable and livable – visit
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CAAR Installs 2023 President, Officers, & Directors
CAAR installed 2023 President S. Lisa Herndon during a hybrid (in-person/virtual) ceremony on Thursday, December 8, 2022 at the Hillsdale Conference Center. This event was a milestone in CAAR's history - S. Lisa Herndon is the first African American President of CAAR.
Herndon is a REALTOR® with Keller Williams Alliance – Charlottesville. She has been an active member in the Association since 2011 – volunteering on various master groups, committees, and councils since 2015. In addition, she is passionate about closing the wealth gap via homeownership, addressing the affordable housing crisis, as well as a supporter of local entrepreneurs to create economic stability.
In addition to Herndon’s installation, the following Officers and Directors were installed:
Officers
President-Elect, Anne Burroughs, Nest Realty Group
Treasurer, Josh White, Story House Real Estate
Immediate Past President, Pam Dent, Gayle Harvey Real Estate
Directors
Rives Bailey, Montague Miller & Co. – Westfield
Keith Davis, Nest Realty Group
Woody Fincham, Fincham & Associates, Inc
Georgia Lindsey, Nest Realty Group
Sharon Merrick, Howard Hanna Roy Wheeler Realty
Kyle Olson, Montague Miller & Co. – Westfield
Jessica Russo, Nest Realty Group
Errin Searcy, Story House Real Estate
Amanda Spigone, Keller Williams Alliance - Charlottesville
Candice van der Linde, RE/MAX Realty Specialists – Charlottesville
As part of the installation program, Immediate Past President Pam Dent restated the recipients of the prestigious President’s Award. This award is given by the President to a person or group who has shown loyalty and support in advancing the objectives of CAAR.
Dent presented a President’s Award to the CAAR Staff – Abby Tammen, CEO; Tiffany Vann, Director of Membership & Compliance; Ali DiGuardo, Director of Marketing & Communications; Teresa Kirkhart, Director of Education; Neil Williamson, Director of Public Affairs; Frank Podrebarac, Director of MLS & IT; Ashley Butler, Marketing & Communications Coordinator; Vivienne Smith, Office Manager; and Brent Woodyard, Director of Services & Sales with the Hillsdale Conference Center.
In addition, Dent presented a President’s Award to each Executive Committee member – Quinton Beckham, Anne Burroughs, and S. Lisa Herndon.
The installation event was sponsored by Virginia Housing, Embrace Home Loans, and Farm Credit of the Virginias.