Charlottesville Area Association of REALTORS® Publishes 2018 First Quarter Home Sales

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®