We are Moving into a seller’s market.
We’ve just released the First Quarter 2016 Nest Market Report for the Charlottesville area. Declining inventory levels continue to be the pervasive trend, limiting total sales in most segments of the market. If inventory continues to remain limited, we may see significant price increases, which would swing the market in favor of sellers.
Here are some highlights:
Charlottesville MSA
- Total sales levels for 2016’s first quarter were down 2%, year-over-year.
- Inventory levels are down 7% compared to the end of Q1 2015.
- Quality homes continue to sell relatively quickly, averaging 100 days on the market.
Albemarle
- Albemarle sales trends saw a spike, with a 15% increase year-over-year.
- The average sales price of a single-family home dropped from $325,000 in Q1 2015 to $290,000 in Q1 2016.
- Inventory levels declined a dramatic 28%, as compared to the end of Q1 2015.
Charlottesville City
- Total sales in the city of Charlottesville declined slightly, with 5% year-over-year decrease.
- Inventory levels declined by 13%.
- Median sales prices jumped up to $279,000 this past quarter.
Nester Jim Duncan spoke with local news station, NBC 29, about the report, and how it differs from the CAAR Report:
NBC29 WVIR Charlottesville, VA News, Sports and Weather
For real estate market updates on Fluvanna County, Greene County, Louisa County, and Nelson County, you can view the full Charlottesville First Quarter 2016 Nest Market Report here. Have questions about the report, or ready to start your home search? Contact your Nest Broker today to start the conversation.