The City of Charlottesville real estate market continues to lead the way in home sales in our local real estate market. After suffering through months of slow sales and falling prices, the City is making a strong comeback. Overall, April 2012 sales and real estate numbers were unspectacular: the overall market saw sales relatively flat.
From the Nest Report:
After a very strong first quarter, sales numbers leveled off a bit in April. Overall, total sales in Central Virginia in April totaled 213, down slightly from last April’s count of 220. Median prices across the region fell slightly: from $255,000 in April 2011 to $245,000 in April 2012. While those numbers are not spectacular, inventory levels continue to drop. Total year-over-year inventory fell from 2714 units to 2530 units (a reduction of almost 7%). Months of inventory in Central Virginia also fell from 12.33 months in April 2011 to 11.87 months in April 2012. This reduction of inventory is becoming a trend not only in the Charlottesville region, but also throughout many parts of the country. It’s vital that inventory levels continue to fall in order for the housing recovery to continue.
The City of Charlottesville continued to steal the show in April. Total year-over-year sales were up 38.71% in the City. In addition, months of inventory fell 39.21% from last April to 7.41 months. Lastly, contracts written in the City were up 34% from April 2011. Albemarle County overall sales and statistics were relatively flat from April 2011: median prices were down 5.84%, sales were off 2%, but inventory levels also fell ever-so-slightly.