Charlottesville Real Estate 2013: A Year in Review
With 2013 winding to a close, it’s a great time to reflect on the past year and look forward to the next. The Realtors at Frank Hardy, Inc. are confident that 2014 is going to be a great year for Charlottesville luxury real estate, and we can't wait to help you with your real estate needs in the New Year.
In order to prepare for 2014, we are taking a look back at the strides made this year and what it means for the future of Charlottesville real estate.
With slow and steady market improvements in 2013, according to experts, 2014 will bring an even better housing market than the previous year.
New housing starts in Virginia were up in 2013, rising 13% in 2012, and the housing market has continued to improve throughout 2013. According to The Virginia Association of Realtors, 90,894 homes were sold in Virginia in 2012, which was an 8.2% increase from the previous year.
In the third quarter of 2013, the Charlottesville sales trend continued to move in a favorable direction. According to a report by the Charlottesville Area Association of Realtors (CAAR), overall sales saw increases in the third quarter of 2013 – up 25.9% from Q3 2012. This is the highest third quarter sales since 2007!
The number of days homes were on the market has also dropped, with half of Charlottesville area homes sold in Q3 of this year on the market for 46 days or less. This is 24 days less than the median in Q3 2012.
In regards to sales in the Charlottesville area, there have been considerable improvements in Q3 2013, with 175 more homes sold than Q3 2012. With 799 new pending sales in Q3, this quarter has experienced a 10.7% increase since last year – making it the 10th consecutive quarter that has seen year-over-year gains in new contracts.
There were also 1,180 new listings this quarter, which is 1.2% more than were added last year at the same time. This is the fourth quarter in a row where listing activity has increased compared to the year before.
Ultimately, there is no time like the present to consider buying in Charlottesville. The top Realtors at Frank Hardy, Inc. have experience in Virginia luxury real estate, and are passionate about helping you find your Charlottesville dream home. With the market improving in 2014, make a resolution to start your real estate search in Charlottesville and call Frank Hardy, Inc. today.