2016 continues to fly by as the third quarter has already come to a close. With that, we have released the Charlottesville Q3 2016 Nest Report where we take a look at how the market performed this past quarter and what lies ahead. We continued to see steady growth this past quarter despite the continued trend of limited inventory. Sales prices have continued to increase as a result of the lack of inventory, but buyer demand remains exceptionally strong. Continue reading for the highlights and be sure to check out the full report here for all the details.
Charlottesville MSA
- Our marketplace continues to show signs of steady growth with total sales increasing 8% year-over-year this past quarter.
- Condo sales increased significantly this past quarter rising 37% from 62 to 85 units with all sales being existing units.
- All property type categories experienced a year-over-year increase with condos experiencing the largest increase at 18%.
Albemarle County
- Albemarle County posted modest year-over-year gains with total sales increasing 2% this past quarter.
- Median sales prices increased by approximately $20,000 and were $60,000 higher than the City of Charlottesville and almost $70,000 higher than the MSA’s median sales price.
- Affordable inventory remains a challenge as the average list price of a single family home in Q3 2016 measured over $515,000.
City of Charlottesville
- The city remains an exceptionally active market with strong buyer demand as sales are up significantly despite limited inventory levels.
- The strong performance of this past quarter builds upon the strength of low interest rates and strong demand for the close-in city lifestyle.
- The 17% year-over-year increase in the number of contracts written is a strong indication that the fourth quarter will be strong as well.
Be sure to read the Q3 2016 Nest Report in it’s entirety to learn more. Have questions? Contact your Nest Broker today to find out what this report means for you.