After a slow start to 2014, contracts written for Albemarle County homes are starting to catch up with 2013. The first 2 months of the year were off fairly significantly, but the last 3 months have been stronger.
We believe that the first 2 months of the year were much slower than expected because of the cold, snowy start to the year. Contracts for both Charlottesville and Albemarle reflect that. However, since March, contracts written in 2014 have outpaced 2013 numbers for both Albemarle and Charlottesville.
The number of contracts written in a period is a great predictor of future sales and closings.
The Charlottesville real estate market continues to show strong demand and activity. January and February contracts were off 19% (74 vs. 60). However, the numbers are 7% higher for 2014 contracts written in March, April, and May.
The Albemarle County market got off to an equally slow start in January and February, with contracts written off by 15% from 2013. Since then, there have been 523 contracts written, as compared to 522 in 2013. So, overall, total 2014 contracts written are still short from 2013.
We’ll keep an eye on Charlottesville market trends.