Overall August 2012 sales were flat for the Charlottesville MSA with 231 sales as compared to 233 in August 2011. However, the three-year sales trend continues to be positive. We’re seeing consumer confidence continue to be steady-to-strong. Even with the upcoming election, buyers and sellers seem to be more influenced by the historically low interest rates than the presidential race.
Here are a few more tidbits on the Charlottesville real estate market:
- Single family homes continue to lead the market. Single family home sales were up 7% (from 173 to 185) year-over-year
- Single family home Months of Inventory levels fell by 13% to 9.18 months. We’re getting closer to more balanced levels.
- Attached and condo home sales lagged a bit in August: total sales dipped from 60 to 46 (-23%)
- Inventory levels continue to fall across the board: Charlottesville area single family home inventory dropped 7% to 1699 units and attached/condo inventory fell 14% to 429 units.
- Albemarle County sales saw a slight increase from 110 to 115 units year-over-year. Inventory dropped by 8% and Months of Inventory in Albemarle fell by 12% to 9.09 months. Median prices fell by 4.09%: the median price of a home in Albemarle was $279,500.
- After a strong run over the last several months, Charlottesville City saw a slight drop in activity. Total Charlottesville real estate sales fell in August from 49 to 33 units (-32.65%). While total inventory dropped about 8%, Months of Inventory jumped from 6.44 months to 8.21 months.
- Fluvanna County real estate continues to show signs of strength. Days on Market (-30.08% to 93 days), total sales (+28.57%), inventory (-6.32%), and months of inventory (-27.19%) each showed vast signs of improvement in August. Median prices in Fluvanna fell 17.55% to $171,250. However, the drop in prices have undoubtedly spurred interest and activity in Fluvanna.
- All 6 areas of the Charlottesville MSA had more contracts written in August 2012 than August 2011. This is a positive sign for continued progress in the local real estate market this fall.