2012 Year End Charlottesville Real Estate Market Report

YearEnd_2012_NestReport_CharlottesvilleMSA.pdf

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.

2012 Year End Charlottesville Real Estate Market Report

 

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.

Check out our report and let your favorite Charlottesville Nest real estate agent know if you have any questions. Stay tuned for more analysis next week…

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