Fall is finally upon us and the third quarter of 2017 has come and gone. We are excited to release the Q3 2017 Charlottesville Nest Report. Market trends remained relatively unchanged this past quarter compared to the rest of 2017. Depressed inventory levels continue to be the biggest factor impacting the market. Inventory levels declined year-over-year throughout our region leading to some of the lowest levels we’ve seen in recent years. Lack of homes for sale is not an isolated issue in our marketplace, though. We are seeing this trend throughout much of the country.
The lack of inventory is impacting our market in two primary ways: sales prices are rising and total sales are being constrained. Fewer homes for sale means buyers have fewer options to choose from and sellers have the ability to command a higher price. With fewer options available, potential buyers are not always finding a suitable home and are choosing not to buy. Quality homes in sought after areas however are selling much faster than in years past. These conditions are leading to multiple offer situations, making it increasingly important for buyers to be prepared to act quickly.
Continue reading for highlights of the third quarter performance and be sure to read the full Q3 2017 Charlottesville Nest Report here.
Charlottesville MSA
- Total sales decreased 3% year-over-year.
- Inventory levels declined 12% compared to the same time last year.
- Median sales price rose from $270,000 in Q3 2016 to $294,007 this past quarter.
City of Charlottesville
- Total sales dropped 26% year-over-year.
- Inventory levels decreased 19% compared to the same time last year.
- Average days on market dropped from 35 days in Q3 2016 to 26 days this past quarter.
Albemarle County
- Total sales increased 5% year-over-year, due primarily to new construction sales.
- Median sales price rose from $338,909 in Q3 2016 to $372,000 this past quarter.
- The number of contracts written was up 25% year-over-year.
Have questions? Contact your Nest broker today to learn more about the current market conditions and what it means for you.