Sales activity continues to plug along in a positive direction for the entire Charlottesville MSA. Overall, year-over-year sales in November were up 15.7% (from 165 to 191) from last November. The three-year sales trend also continues to be positive…more proof that consumers have increased confidence in housing. Post-election activity has been brisk in the Charlottesville region as sales and activity is higher than in year’s past. In addition, inventory levels continue to fall and Months of Inventory has kept on a path to lower levels. This decreased inventory and increased demand has translated into multiple offer situations in the marketplace…an oddity for the late fall real estate market in this region.
Contracts written in November 2012 were up in 4 of the 6 regions of the Charlottesville MSA. While Charlottesville City contracts were down from 36 to 30 in November, inventory is sparse. In fact, the 207 active homes for sale in the City is the lowest inventory level since there were 195 homes for sale in July 2005. Sales in Fluvanna County were up again (from 28 to 36) as that market continues to bounce back. To date, December sales activity has been strong and we expect that 2012 will finish on a positive note.
A few highlights:
– Overall year-over-year sales were up 15.7%
– The 3-year sales trend continues to be positive
– City of Charlottesville inventory is at its lowest point (207 available homes) since July 2005
– Months of Inventory for single family homes (9.97 months, down 29%) and attached/condos (8.59 months, down 11%) both improved over last November
– Contracts written were up in 4 of the 6 market areas
For more information, please contact your favorite Nest Associate.
View the entire November Charlottesville Market Report here.