First Quarter Starts Strong
Overall, it was a successful first quarter for new construction sales this year. We witnessed an increase in total sales and the number of contracts written compared to Q1 2014. New construction was an integral part of the overall sales activity in the Charlottesville MSA (Metropolitan Statistical Area) this quarter, accounting for 16% of total sales, which is the highest percentage we’ve seen in Q1 since 2011.
Here are some key takeaways from the overall Charlottesville MSA new construction market this past quarter.
1. Total new construction sales rose 22% year-over-year, reaching a five year high for Q1.
2. Albemarle County accounted for 58% of total sales with the Crozet area being the most sought after area.
3. Even though detached home sales rose and attached home sales remained relatively flat, both median and average sales prices declined year-over-year indicating that prices may be plateauing.
4. The dispersion of sales across the five price categories remained consistent compared to Q1 2014, which also indicates that sales price may be leveling out.
At Nest, we aim to provide our clients with data and insight to make confident and informed real estate decisions. We invite you to take a look at the full Q1 2015 New Construction Report here to get an in-depth look at how our market performed this past quarter. Have questions about this report or want to know more about the new construction market? That’s what we are here for so don’t hesitate to reach out and connect with a Nest broker today.