The Charlottesville real estate market finished out 2012 on a positive note. For the first time in years, the local market showed strong signs of life and positive news across just about every segment of the market.
We’ll take a quick look at some overall highlights here, but will continue with some more analysis over the next week or so.
- Overall, total sales in the Charlottesville MSA increased to 2676 homes in 2012. This represents a 15% increase from the 2326 homes that sold in 2011.
- The median price in the Charlottesville MSA edged up by 2% to $249,000. This is the first annual increase in median prices since 2007.
- Total sales in Charlottesville City increased by 23%. Single family home sales in the City were up 30.9% over 2011 levels.
- At year’s end, there were 122 detached homes for sale in the City of Charlottesville. This is off from a high of 285 in May 2007 and represents the lowest levels since April 2005.
- Sales in Albemarle County were up 14% in 2012. Median prices increased by 4% to $292,000.
- There were a total of 891 homes for sale in Albemarle County in December 2012, the lowest level since February 2006.
- The 2059 homes for sale in the Charlottesville MSA in December 2012 represents the lowest level since February 2006 when there were 1891 homes on the market.
So, 2012 was a good year for Charlottesville real estate. Sales were up. Values were up. Inventory was down. On the surface, you can’t ask for much more than that.