The first quarter of 2018 is in the books and what a busy quarter it was. We are excited to release the Q1 2018 Charlottesville Nest Market Report. Typically, the first quarter is the least active quarter of the year, but we had quite a bit of activity this past quarter.
The storylines in our market remain essentially the same as last year—we continued to see modest growth in total sales in conjunction with increasing sales prices, but the lack of inventory is still the pervasive trend. Depressed inventory levels are benefitting sellers, as sales price continue to rise throughout our region. Homes are also selling at a faster pace so far this year due to the limited options available to buyers. The fact that we saw more new listings hit the market in the first quarter this year compared to previous years is a good sign that we will potentially see inventory levels start to rise.
Continue reading to see the highlights from this past quarter’s performance. Be sure to read the full report here for the complete rundown on the real estate market in the City of Charlottesville, Albemarle County, Fluvanna County, Greene County, Louisa County, and Nelson County.
Charlottesville MSA
- For the fifth year in a row, total sales increased in the first quarter from the previous year, totaling 703 this year.
- Total inventory levels declined 12% from the same time a year ago.
- We’ve seen more new listings for six straight months compared to the same month the previous year.
City of Charlottesville
- Total sales were nearly unchanged compared to Q1 2017 with 91 homes sold this past quarter.
- Median sales prices increased, but the average price per square foot was relatively unchanged, indicating larger homes sold in Q1 2018 compared to Q1 2017.
- Homes spent an average of 30 days on market being being sold this past quarter.
Albemarle County
- Total sales increased 9% year-over-year to achieve the highest sales total since before 2015.
- The median sales price declined 2%, but the average price per square foot rose 6.3% year-over-year.
- Contracts written increased more than 14%, indicating that the second quarter is poised for a stronger sales volume than last year’s record second quarter total.
Have questions? Be sure to contact your Nest Broker today to learn more and find out how your home fits in the Charlottesville market.