Greater Charlottesville Area 2018 First Quarter Highlights:
• Home sales climbed 13.7% (691) compared to Q1 2017 (608), led by an increase (28.3%) in attached homes.
• Greater Charlottesville median sales price rose to $309,145 (13.8%) compared to this time last year ($271,629).
• The median days on the market in the 1 st Quarter was 70, 11-days lower than in Q1 2017.
• Pending sales increased 8.8% (1,134) compared to this time last year (1,042), as new listings declined slightly (1.7%).
• Inventory of homes for sale declined -13.9%, resulting in 3.5 months supply of inventory compared to 4.3 months supply in Q1 2017.
National Outlook New residential real estate activity has been relatively slow in the first quarter of 2018, yet housing is proving its resiliency in a consistently improving economy. Some markets have had increases in signed contracts, but the vast majority of the nation continues to experience fewer closed sales and lower inventory compared to last year at this time. Despite there being fewer homes for sale, buyer demand has remained strong enough to keep prices on the rise, which should continue for the foreseeable future.
Greater Charlottesville Closed Sales increased 9.1 percent for Single-Family Detached homes and 28.3 percent for Single-Family Attached homes. Pending Sales increased 1.0 percent for Single-Family Detached homes and 35.1 percent for Single-Family Attached homes. Inventory decreased 13.3 percent for Single-Family Detached homes and 16.3 percent for Single-Family Attached homes.
"The Greater Charlottesville market continues to show higher median sales price, lower median days on the market, and extremely low supply of inventory," said CAAR President Arleen Yobs. "While many of these trends match what most of the country is seeing, our market's closed sales continue to show substantial growth year-over-year."
"The homes for sale in the Greater Charlottesville market are moving rapidly, which can have a direct impact on the sales price," said President-Elect Tele Jenifer. "Four out of six localities showed a higher median sales price compared to this time last year – most prominently in the City of Charlottesville (14.1%) and Fluvanna County (17.8%)."
See outlooks for Fluvanna, Greene, Louisa and Nelson counties and read the complete report here.
Press release published April 17, 2018 by Charlottesville Area Association of REALTORS®
If a career in real estate appeals to you, now is a great time to look into its endless potential for personal and professional growth.
The market continues to improve and as it does, REALTORS® at Montague Miller & Co begin to hear from men and women who are considering real estate as their career and many of the best agents came to real estate as a second career. Consider this -The National Association of REALTORS® reports that the average age of Brokers is 59. It is obvious that the leadership of the industry is "greying". With that in mind, why not consider real estate as your primary career. There is room at the top and this seems to be a good time to begin.
Barbara McMurry, Director of Education for Montague Miller Real Estate Academy, feels: "It is important when beginning in real estate to affiliate with a great teaching firm. A mentor and coach with experience in all markets will make a big difference to you."
If you are considering a career in real estate, make the most of your real estate education by learning from the Best in the Business at Montague Miller Real Estate Academy where you will:
Montague Miller's Top Notch Instructors include Barbara McMurry, one of the best real estate instructors in the country and has been recognized by the Charlottesville Area Association of REALTORS® & the Virginia Association of REALTORS®.
Rives Bailey, Montague Miller's President & Managing Broker, and Pat Sury, Vice President of Relocation & Business Development, have been realtors for over 25 years and teach with Barbara as Pre-Licensure Instructors.
Beginning Tuesday May 8th, Montague Miller & Co is offering Principles of Real Estate on Tuesdays and Thursdays from 5:30-9:30 p.m. for 4 weeks in May.
Learn more about your Academy instructors and sign up here: http://www.montaguemiller.com/montague-miller-real-estate-academy
As real estate educators since 1948, our firm performs to the high standards of professional practice outlined in the REALTORs® Code of Ethics - the customer/client is first!