Charlottesville Real Estate – CAAR 2016 First Quarter Market Report
Our Charlottesville Area Association of Realtors has just released the latest real estate market report showing stats for sales in our area, 2016 1st Quarter.
This report comes out Quarterly and gives us a good idea of the current Real Estate Market in the greater Charlottesville Area.
The specifics are pulled from our local MLS and you have likely been advised by your agent of specific trends in your area.
Remember to discuss specific market conditions with your Realtor.
Charlottesville Area 2016 First-Quarter Highlights:
- The 562 homes sold in the 1st Quarter in Greater Charlottesville marked a 14.0% increase from Q1 2015, marking the 6th straight quarter with year-over-year sales gains.
- The median sales price of $250,000 was 2.6% lower than Q1 2015, though the $315,204 average sales price marked a 3.0% gain.
- Despite a 16.4% increase in new listing activity during the quarter, inventory remains 6.6% lower than Q1 2015.
- The 1,789 active listings headed into the 2nd Quarter represent 7.7 months of supply, down from 9.0 months from Q1 2015.
- Half of the homes sold in the 1st Quarter were on the market 80 days or less, one week higher than the median DOM in Q1 2015.
(SEE FULL DETAILS BELOW)