Positive trends are abound in the most recent installment of our quarterly market report for Charlottesville.
As a quick overview, sales in Q3 were up 10.6%. While median prices continued to slide a bit in just about every segment of the market, sales numbers crept upwards. It’s amazing that – almost without fail – if median prices fall, sales go up…and if median prices go up, sales go down. Why? Today’s buyers recognize value. If a market segment (price, housing type, geographic location, etc) becomes overpriced or if sellers don’t budge on their list prices, then buyer either sit on the sidelines or purchase in a spot where there is value.
A few more highlights:
- Albemarle home sales were up 14.6%
- Charlottesville City home sales were up 4.9%
- 16% of all sales in Q3 were distressed properties (either short sales or bank owned properties)
- Inventory levels are down almost across the board. Inventory in the City of Charlottesville is at it’s lowest level since October 2005.