CAAR Q2 Report Shows Growth for the Charlottesville, VA Real Estate Market
CAAR President John Ince is confident in the current Charlottesville, Virginia real estate market, which has shown growth in nearly every market segment in Q2. 865 homes were sold in the greater Charlottesville area in Q2-2014, a 5% growth from last year. There has also been a significant decrease in the number of days a property is on the market, with an 11% decrease in number of days since the start of the year (112 vs. 126). This is favorable news for the Charlottesville, VA real estate market.
Another highlight from the recent report shows that new listing activity in Q2 has increased by 10.4% compared to the same quarter last year. There were also 8.8% more homes sold in Q2-2014 than the 5 year Q2 average.
Out of the six jurisdictions, four saw gains in median sales price, including Greene, which led the region in price gains, and Charlottesville, which had the second highest growth. Fluvanna and Albemarle also showed gains.
This Q2 CAAR report was much anticipated, especially because of the extended winter that influenced the first quarter 2014 numbers. With considerable increases in the median sales price and the total number of sales compared to Q2-2013, the Charlottesville, Virginia real estate market is showing encouraging growth and this benefits both sellers and buyers.
If you are looking to sell your Charlottesville, VA home, it is an exceptional time to put your house on the market, and if you are looking for Charlottesville, VA real estate, now is the time to buy.
While sellers are certainly happy with the increased sales prices and fewer days on the market, buyers are most definitely benefiting as well, especially in the luxury market, with a better inventory available. There are more high-end properties on the market, giving you more properties to choose from that are sure to meet your Charlottesville, VA real estate needs.